The IoT IAM market has been anticipated to grow at a noteworthy speed in the foreseeable years. The rapid market growth has been owing to the increased deployment of IoT IAM solutions in numerous industry verticals. These industry segments include BFSI (banking financial services and insurance), automotive, telecom & IT, consumer packaged goods and retail, public sector & utilities, healthcare, energy, oil and gas, manufacturing, education, and travel and hospitality.
The BFSI vertical has been predicted to hold a noticeable share in the IoT IAM market due to an upsurge in online banking dealings across businesses through mobile web and devices. In addition to this, the implementation of IoT services has also been predicted to serve as a revenue generator in the IoT IAM market in the following years.
The gas, oil, and energy industry have been expected to expand at a noteworthy speed in the forthcoming years. These industries are likely to implement the IoT technologies for the business-critical application that are generally measured as the primary targets for cybercriminals.
The cloud-based solutions across IAM systems have been predicted to create novel growth avenues in the market. Further, the medium and small-sized businesses that are intending to reduce their cost of operation are providing access to the required resources to their workers at different locations. These factors are anticipated to contribute to expansion opportunities in the IoT IAM market.
North America to Lead in IoT IAM Market
Among other regional areas, the North America region has been estimated to emerge as the potential region across the IoT IAM market owing to increased adoption of the solutions. Further, the presence of various market vendors in the region is also fueling growth impetuses in the regional market.
Asia Pacific has also been anticipated to provide potential growth opportunities for the market vendors in order to capitalize on regional countries due to the increasing adoption of the advanced IoT IAM solutions against cyber threats.