ABI Research projects that revenues from IoT identity and management are heading to hit the $21.5 billion benchmark by 2022, driven by IoT platform services together with security, cryptography, digital certificate management and data exchange services.
According to predictions put forward by the advisory firm in its report “Thing Identity and Management Services”, IDoT (Identity of Things) services will realise robust growth over the next five years driven primarily by the industrial, manufacturing, and automotive industries.
Dimitrios Pavlakis, industry analyst at ABI Research, said: “Through ‘smarter gateways’, cloud services, and application programming interface (API)-focused solutions, thing identity and management services are steadily finding their way in a wider spectrum of IoT verticals.”
Although some industries are not so up-to-date in terms of security, vendors in the IoT market are finally making investment moves in encryption and device certificate management. Some of the leading verticals that are eating up over 60% of the total global revenues include aftermarket telematics, fleet management, OEM telematics, metering, home security, and automation.
Elsewhere, a BCC Research report projected that the value of the global IoT networking solutions market is anticipated to reach $1 trillion by 2022 at a CAGR of 21.6%. The report titled “Internet of Things (IoT) Networks: Technologies and Global Markets to 2022” highlighted that the Asia Pacific’s IoT networking solutions market is anticipated to grow at a CAGR of 27.6% through 2022, followed by Europe with a CAGR of 23.8% and market share of 31.3%.