CHICAGO, June 24, 2022 /PRNewswire/ — According to an investigative report ‘IAM IoT Market by component (solutions and services), security type (network security, endpoint security, application security, and cloud security), deployment mode, organization size, vertical, and region: global forecast to 2027′, published by MarketsandMarkets™, the global IoT IAM market size is expected to grow from $5.6 billion in 2022 to $14.0 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 20.1% over the forecast period. The global IoT IAM market is gaining traction due to the increase in the frequency of cyber security breaches and cyber attacks.
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The BFSI vertical is expected to lead the IoT IAM market in 2022.
IoT has changed how the banking and financial services industry works. Since the banking industry deals with the transfer, collection and analysis of massive data, IoT has a great influence on it, which benefits both banking services and customers. IoT helps a bank in all facets, from increasing revenue to improving customer services. The BFSI industry always prefers IAM products and services that could protect the industry’s employees, customers, assets, offices, branches, and operations; therefore, this vertical holds a significant percentage of the total IoT IAM market. As the BFSI industry introduces new financial products and services to upgrade, banks need a multi-layered security approach to deliver an authenticated and authorized experience to customers.
The Network Security segment is expected to grow with the fastest growth rate during the forecast period.
Network security protects your network and data from breaches, outages, and other threats. It is made up of multiple elements, such as software, hardware, and security devices, that work together to provide layers of complete network security. Companies choose IAM solutions as they improve protection and user experience and facilitate better business results. IAM is a framework of policies, processes, and technologies that make it easier for companies to manage digital identities and control user access to critical corporate information. The increased use of smartphones, laptops, and mobile devices creates network complexity within businesses, requiring these devices to be secured.
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Pacific Asia likely to emerge as the fastest growing segment during the forecast period.
The growth of the IoT IAM market in the Pacific Asia it is strongly driven by the rapid digitization of businesses across the region. The region includes emerging economies such as India, Japan, PorcelainY Australia. Factors such as the continued growth of the mobile workforce, the increasing complexity of business, the unregulated nature of the Internet, and the growth in BYOD and IoT application adoption create strong security requirements to protect business applications and devices.
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The main providers covered in the IAM IoT Market include AWS (USA)Such (France), IBM (US), Microsoft (US), Broadcom (US), Open Text (Canada), Cisco Systems (USA), Ericsson (Sweden), Google (US), Micro Focus (UK), Ping Identity (US), Oracle (US), Entrust (US), HID Global (US) , DigiCert (USA), Okta (USA), SailPoint (USA), DellEMC (US), Optiv Security (US), CyberArk (US), ForgeRock (US), One Identity (US), Verimatrix (France), KaaIoT (US), Identity Fusion (US), Keyfactor (US), GlobalSign (US), Blue Ridge (US), Sectigo (US) ) and FusionAuth (US).
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Identity and access management Market by Component (Solutions, Services), Solution (Data Directory, Identity Lifecycle Management), Deployment Mode, Organization Size, Vertical, and Region: Global Forecast to 2027
IoT security Market by type (network security, endpoint security, application security, and cloud security), component (solutions and services), application area, deployment mode (on-premises and cloud), organization size, and region (2022 – 2026)
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