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Pharmacy benefit management market
IoT IAM MARKET REPORT OVERVIEW
The global IoT IAM market size was USD 4260.5 million in 2021 and the market is projected to touch USD 11430 million by 2028, exhibiting a CAGR of 15% during the forecast period.
The IoT IAM market is experiencing transformative changes driven by the dynamic landscape of IoT ecosystems and technological advancements. With the proliferation of connected devices, organizations recognize the critical importance of securing access to IoT endpoints. This heightened awareness has spurred a focused effort on developing advanced IoT IAM solutions, leveraging sophisticated authentication and authorization mechanisms to ensure secure and efficient management of IoT device identities.
Additionally, regulatory shifts and evolving legal considerations play a pivotal role in shaping the IoT IAM market. Governments and regulatory bodies are reevaluating their policies on data privacy and security, recognizing the unique challenges posed by the increasing interconnectedness of IoT devices. This regulatory evolution introduces complexities that influence market dynamics, guiding the strategies of key players as they navigate compliance requirements and seize opportunities in the rapidly evolving landscape of IoT IAM solutions.
COVID-19 Impact: Market Growth Restrained by Pandemic due to Lockdown Restrictions
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
The COVID-19 pandemic has cast a predominantly negative impact on the IoT IAM market. The disruptions caused by the global health crisis, including supply chain challenges, economic uncertainties, and widespread remote work scenarios, have hampered the growth of the IoT IAM market. Organizations faced delays in IoT project implementations, budget constraints, and increased concerns about cybersecurity threats amidst the surge in remote connectivity. The negative repercussions of the pandemic have introduced hurdles for the IoT IAM market, impeding its anticipated growth and posing challenges for both vendors and adopters in navigating the complex landscape shaped by the ongoing global crisis.
LATEST TRENDS
"Emergence of Zero Trust Security to Reshape the Market"
A notable trend in the IoT IAM market is the increasing adoption of Zero Trust Security principles. With the rising complexity and scale of IoT ecosystems, organizations are embracing the concept of Zero Trust, which involves continuous verification of identity and authorization for every device, user, and application within the IoT network. This approach mitigates the risk of unauthorized access and potential security breaches, providing a robust security framework in the face of evolving cyber threats. The trend towards Zero Trust Security reflects a proactive response to the unique challenges posed by the expanding landscape of interconnected IoT devices.
IoT IAM MARKET SEGMENTATION
By Type
Based on type the global market can be categorised into Private Deployment Model, Public Deployment Model, & Hybrid Deployment Model.
- Private Deployment Model: In this, organizations maintain exclusive control over their infrastructure, hosting IoT IAM solutions on-premises or through dedicated cloud environments.
- Public Deployment: It involves utilizing third-party cloud services for IoT IAM, offering scalability and cost-effectiveness but with potential security considerations.
- Hybrid Deployment Model: It combines elements of both private and public deployment, allowing organizations to leverage the flexibility of cloud services while retaining critical components on-premises.
By Application
Based on application the global market can be categorised into Retail And Consumer Goods, Public Sector, Public Utilities, Healthcare, Energy, Oil & Gas, Manufacturing, & Other.
- Retail and Consumer Goods: Here, IAM facilitates secure and personalized customer experiences.
- Public Sector: It leverages IAM for citizen services, data protection, and secure access to government systems.
- Public Utilities: These benefit from IAM in ensuring secure connections for smart infrastructure.
- Healthcare: Here, IAM plays a crucial role in safeguarding sensitive patient data and ensuring authorized access.
- Energy, Oil & Gas: These sectors utilize IAM for secure management of IoT devices in critical infrastructure.
- Manufacturing: It ensures secure access to industrial IoT devices, optimizing production processes.
- Other: This category encompasses diverse applications beyond the primary sectors, illustrating the versatility of IoT IAM solutions across various industries to address specific security and access management needs.
DRIVING FACTORS
"Proliferation of Connected Devices to Fuel the Market Growth"
A significant driving factor for the IoT IAM market growth is the exponential growth in the number of connected devices. With the widespread adoption of IoT across industries, the increasing volume of interconnected devices underscores the critical need for robust IAM solutions. These solutions ensure secure authentication, authorization, and management of identities within complex IoT ecosystems. As the number of connected devices continues to surge, the demand for effective IoT IAM tools grows, positioning the market for sustained expansion.
"Growing Emphasis on Data Privacy to Drive Demand in the Market"
The heightened emphasis on data privacy and security serves as a driving force for the IoT IAM market. As organizations become increasingly aware of the potential risks associated with IoT deployments, ensuring the protection of sensitive data becomes a top priority. IAM solutions play a pivotal role in safeguarding IoT ecosystems by managing and controlling access to devices and data. The growing recognition of the importance of data privacy fuels the adoption of IoT IAM solutions, positioning them as integral components in the overall cybersecurity strategy of organizations leveraging IoT technologies.
RESTRAINING FACTORS
"Interoperability Challenges to Impede the Market Expansion"
A significant restraining factor for the IoT IAM market is the challenge of interoperability. The diverse array of devices, protocols, and platforms within IoT ecosystems creates complexities for seamless integration of IAM solutions. Ensuring compatibility and effective communication among different devices and systems poses a hurdle, hindering the swift implementation of comprehensive IAM strategies. Addressing interoperability challenges becomes essential for market players to unlock the full potential of IoT IAM solutions and facilitate their widespread adoption across the intricate and varied landscape of connected devices.
IoT IAM MARKET REGIONAL INSIGHTS
"North America Leads the Market with Advanced Technological Sector"
The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.
North America emerges as the most dominant region in the IoT IAM market share, propelled by its technological leadership and early adoption of IoT solutions. The region's robust cybersecurity infrastructure, coupled with a high level of awareness regarding the significance of IAM in securing connected devices, positions North America at the forefront. The presence of key industry players, a mature technological ecosystem, and stringent regulatory frameworks further contribute to the region's dominance. With a strong emphasis on data protection and privacy, North American organizations are keenly investing in advanced IAM solutions to secure their expanding IoT landscapes, solidifying the region's leadership in the global market share.
KEY INDUSTRY PLAYERS
"Key Industry Players Shaping the Market through Innovation and Market Expansion"
The IoT IAM market is significantly influenced by key industry players who play a pivotal role in driving innovation and setting industry standards. Leading companies bring forth cutting-edge technologies, advanced authentication methods, and comprehensive IAM solutions that cater to the evolving needs of organizations in the IoT landscape. These industry titans not only contribute to technological advancements but also influence market trends, strategies, and the overall competitive landscape. Their impact extends beyond product offerings to include strategic partnerships, collaborations, and thought leadership, shaping the direction of the IoT IAM market and driving its continual growth and development.
List of Market Players Profiled
- AMAZON WEB SERVICES (U.S.)
- Broadcom (U.S.)
- LOGMEIN (U.S.)
- GEMALTO (Netherlands)
- MICRO FOCUS INTERNATIONAL (U.K.)
- COVISINT (U.S.)
- FORGEROCK (U.S.)
INDUSTRIAL DEVELOPMENT
May 2022: Decentralized Identity (DID) integration has been one of the several latest innovations in the market. DIDs are leveraged for secure, self-sovereign identities for devices, enabling them to control their data and access permissions, improving privacy and security.
REPORT COVERAGE
The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.
The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 4260.5 Million in 2021 |
Market Size Value By |
US$ 11430 Million by 2028 |
Growth Rate |
CAGR of 15% from 2021 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the IoT IAM market expected to touch by 2028?
The IoT IAM market is expected to reach USD 11430 million by 2028.
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What CAGR is the IoT IAM market expected to exhibit by 2028?
The IoT IAM market is expected to exhibit a CAGR of 15% by 2028.
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Which are the driving factors of the IoT IAM market?
Growing Emphasis on Data Privacy, and Proliferation of Connected Devices are some of the driving factors of the IoT IAM market.
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What are the IoT IAM market segments?
The IoT IAM market segmentation that you should be aware of include: Based on type the market is classified as Private Deployment Model, Public Deployment Model, & Hybrid Deployment Model. Based on application the market is classified as Retail And Consumer Goods, Public Sector, Public Utilities, Health Care, Energy, Oil & Gas, Manufacturing, & Other.