loT IAM is an information security solution that manages identities and access policies within enterprises. The solution provides a single platform to manage all the identities associated with lot devices and user access to devices. The platform comprises various robust security technologies, such as provisioning, authentication, and authorization of loT devices. The platform also provides a secure access gateway to loT devices that help reduce the security concerns, such as unauthorized access, data breaches, and cyberattacks.

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The major factors driving the growth of the loT IAM market are the rise in the adoption of the enterprise mobility management or Bring-your-own-Device (BYOD) trend, the increase in the frequency of cybersecurity breaches and cyberattacks, and the increasing integration of IAM and loT devices. Also, the loT IAM market includes continued emphasis and investments in digital transformation projects across industry sectors and geographical regions and the growing popularity of next-generation wireless technologies, such as 5G, LPWAN, and Gigabit LTE fuelling the growth of the market. IoT for IAM offers several benefits, including Increased security, scalability, efficient device management, and improved user experience.

However, factors such as cost and budget concerns of loT IAM solutions and personalized expectations of customers are expected to limit the market growth. These factors will, however, have an impact only for a brief period. Furthermore, this market has significant new opportunities in the form of high adoption rates in SMEs and economic developments in emerging regions.

The IAM market constantly evolves, with new developments and acquisitions happening frequently. Here are some of the recent acquisitions and developments in the IAM market:

• In February 2022, Auth0 announced a new security feature designed to detect and reset stolen passwords faster. Auth0 found that the capability to detect breached passwords, a technique referred to as ‘breach detection efficacy,’ increased by a minimum of 250% when using Credential Guard compared to an automated detection solution alone.
• In December 2021, Okta announced its acquisition of Auth0 for USD 6.5 billion. This acquisition brings together two leading IAM companies and expands Okta’s customer identity and developer-centric solutions capabilities.
• In November 2021, Broadcom announced its acquisition of iC Consult, a German-based consulting firm specializing in IAM and cybersecurity services. This acquisition strengthens Broadcom’s IAM portfolio and expands its global reach.
• In October 2021, Ping Identity announced its acquisition of Singular Key, a company specializing in identity data management. This acquisition enhances Ping Identity’s ability to provide data-centric security solutions to its customers.

While the Zero Trust security framework is gaining momentum, emphasizing identity as the new perimeter, IAM solutions are essential in implementing Zero Trust frameworks and controlling resource access. Biometric authentication, such as facial recognition and fingerprint scanning, is becoming more prevalent in IAM solutions. As more organizations move to the cloud, IAM solutions are evolving to support cloud-based architectures and multi-cloud environments.

IoT IAM is an emerging technology that has the potential to transform the way we manage identities and access for IoT devices. It offers numerous benefits, including increased security, scalability, efficient device management, and improved user experience. However, it also comes with potential risks, such as device vulnerabilities, data privacy, lack of standards, and user error. With the surging deployment of IoT devices, IoT IAM will become increasingly important to ensure the security and privacy of these devices and the data they collect.