The IoT Identity Access Management (IAM) market is expected to explode in the coming years, with Research and Markets projecting the market size to go from $1.1 billion in 2016 to $4.97 billion by 2021. That represents a CAGR of 35.2 percent from 2016 to 2021.
In a press release highlighting the new research, Research and Markets said the IoT IAM market is being driven in part by the growing number of companies that are adopting Bring Your Own Device policies. That, in turn, is resulting in an increase in cybersecurity breaches and attacks at the same time that there is huge growth in IoT. The market growth could be hurt if there isn’t an increase in security, expertise and awareness. The research group said the cost associated with the IoT IAM market could also restrict growth.
“Organizations are continuously deploying IoT IAM solutions for the management of identities and policies associated with devices and users across the globe. Thus, the managed services segment is expected to grow at the highest CAGR during the forecast period. However, the professional services segment is expected to have the largest market size in 2016,” Research and Markets said in the press release.
According to Research and Markets, among the areas of the IoT IAM market expected to see the most growth is the authentication segment, which is projected to have the highest CAGR from 2016 to 2021. Authentication is the main process for verifying the user and device to ensure the applications are accessible. Provisioning is expected to have the largest market size in 2016 given it deals with access resources and is used to manage identities and policies, Research and Markets said.