Seattle, WA -- (SBWIRE) -- 02/14/2017 -- According to a new market research report "IoT IAM Market by Solution, Service (Professional and Managed Service), Security Type (Network Security, Endpoint Security, Application Security, and Cloud Security), Deployment Mode, Organization Size, Vertical, and Region - Global Forecast to 2021", published by MarketsandMarkets, the IoT IAM market size is estimated to grow from USD 1.10 Billion in 2016 to USD 4.97 Billion by 2021, at an estimated Compound Annual Growth Rate (CAGR) of 35.2%.

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IoT IAM helps organizations easily manage the identities of the connected networking devices and business-critical IoT applications. With rapid advancements in technology, businesses have increased the usage of advanced digital solutions, connected devices, and IT systems. The major forces driving the IoT IAM market are the rise in adoption of BYOD and IoT trend that result in increased frequency of cybersecurity breaches and cyberattacks, putting the company's and individual's critical data at risk. Therefore, enterprises are deploying advanced IAM solutions to secure networks and endpoints from cyber threats.

Provisioning solution segment to play a key role in the IoT IAM market

Provisioning solution is expected to have the largest market share and dominate the IoT IAM market from 2016 to 2021, as more and more companies are adopting provisioning solutions to manage and control the identities and accesses of IoT applications and network resources. The authentication solution is expected to play a key role in changing the IoT IAM landscape and is projected to grow at the highest growth rate during the forecast period. The reason being, the organizations have increased their spending on authentication solutions to manage the access control of devices.

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Energy, oil, and gas vertical is expected to grow at the highest rate in the IoT IAM market

The BFSI vertical is expected to contribute the largest market share in the IoT IAM market, due to early adoption of IoT and increase in online banking transactions for businesses via web and mobile devices. The energy, oil, and gas vertical is expected to grow at the highest CAGR from 2016 to 2021 in the IoT IAM market, as these industries have adopted IoT technologies for business-critical applications, which are considered the prime targets for cyber criminals.

North America is expected to contribute the largest market share, whereas APAC is expected to grow at the highest rate

North America is expected to have the largest market share and dominate the IoT IAM market from 2016 to 2021, due to the presence of a large number of IoT IAM vendors across this region. On the other hand, APAC offers potential growth opportunities in the IoT IAM market, as there is a wide presence of small and medium enterprises in the region that are turning towards advanced IAM solutions for IoT security to defend against advanced cyber threats.

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The major vendors in the IoT IAM market include Amazon Web Services (U.S.), CA Technologies (U.S.), LogMeIn, Inc. (U.S.), Gemalto NV (Netherlands), Micro Focus International Plc (U.K.), Covisint Corporation (U.S.), ForgeRock, Inc. (U.S.), Ping Identity (U.S.), Certified Security Solutions (U.S.), and GlobalSign (U.S.).

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