MIDDLETON, Massachusetts, July 20, 2021 /PRNewswire/ -- Quadrant Knowledge Solutions announced today that it has named Device Authority, a leading provider of device-centric IoT IAM platform KeyScaler, as a 2021 leader in the SPARK Matrix analysis of the global IoT Identity and Access Management (IoT IAM) market.
Quadrant Knowledge Solutions SPARK Matrix evaluation examined Device Authority and ten other vendors by evaluating the company's product portfolios, technology strategies, market presence, and customer value proposition. Quadrant Knowledge Solutions' SPARK Matrix provides a snapshot of key market participants and a visual representation of their positioning, along with strategic insights on how each vendor participant ranks related to its competitors along several axis representing a range of performance parameters coinciding with technology excellence and customer impact.
IoT Identity & Access Management (IoT IAM) market consists of vendors that offer a scalable solution for deploying and managing security keys and certificates to enable device identity and integrity to be cryptographically proven and validated throughout its lifecycle. Securing IoT devices require a purpose-built device-centric IAM solution as traditional employee-centric IAM or customer IAM (CIAM) solutions are not capable of addressing IoT-specific challenges. A purpose-built IoT IAM solution capabilities, include massive scalability & availability to handle a wide variety and volume of IoT devices, secure device registration & provisioning, end-to-end data encryption, device authentication, compliance management, and centralized policy management.
Driven by the impact of Covid-19, the global economy, along with industries, is facing significant challenges and negative growth. While Covid-19 has impacted the market for overall digital transformation projects and associated IoT security solution, the overall growth outlook looks promising for IoT IAM market. Despite the economic recession and negative impact on technology investments, the IoT IAM market is expected to continue its growth momentum in 2020, and during the forecasted years of 2020-2025. However, the forecasted growth rate for the year 2020 is significantly lower than our last year forecast for the same year. Quadrant analysts believe that from the year 2021 onwards, the technology investments will rise again mainly driven by the pent-up demand and economic recovery for the key industrial, energy, automotive, healthcare, connected cities and infrastructure market.
The primary drivers for the IoT IAM market growth include continued emphasis and investments on digital transformation projects across industry sectors and geographical regions; increasing frequency of IoT-specific cybersecurity attacks, including DDoS, malware, spoofing, data breach, and others; growing confidence of purpose-built IoT IAM solutions with multiple successful demonstrations through pilot projects as well as full-scale deployments; continued investments by IAM leaders to their product strategy, marketing messaging, and technology innovation budgets to provide scalable IoT IAM solution; increasing partnership with IoT analytics and edge analytics platforms; growing popularity of next-generation of wireless technologies, such as LP-WAN, 5G, and Gigabit LTE; and such others. From a long-term trend perspective, IoT IAM market is expected to evolve towards an integrated IoT security solution to include the integrated solution for root-of-trust, device-centric identity and access management, end-to-end data security, comprehensive device visibility and granular access control, and such others.
The IoT IAM research by Quadrant Knowledge Solutions highlights that IoT IAM market is currently in the nascent stage with the presence of numerous traditional employee-centric IAM vendors as well as specialized IoT IAM providers. While a majority of these vendors often provide core functionalities for providing IAM solutions specific to IoT applications, the breadth and depth of these capabilities may differ significantly by different vendors offerings. Users should look for comprehensive device-centric IoT IAM solutions to support massive scalability requirements of IoT devices in the enterprise and industrial environment.
According to Divya Baranawal, Research Director at Quadrant Knowledge Solutions, "Device Authority's robust and compelling IoT IAM solution, KeyScaler offers device-bound data security for IoT devices. KeyScaler offers comprehensive IoT security solution that delivers Security Lifecycle Management & Orchestration, including secure device registration and provisioning, end-to-end data encryption, automated certificate lifecycle management, automated password management, tokenized authentication, secure updates of software and firmware on IoT devices, network access control functionality, and such others. KeyScaler offers robust IoT security through a unified trust model by combining device and data trust, and operationalizing trust at scale." Divya further adds, "Device Authority, with strong overall ratings across the parameters of technology excellence and customer impact, is positioned amongst the 2021 technology leader in the global IoT Identity & Access Management (IoT IAM) market.".
"We are delighted to be recognized by Quadrant Knowledge Solutions as a leader in the SPARK Matrix for the third year running, and especially pleased to see our positioning has moved higher in the top quadrant," said Darron Antill, CEO at Device Authority. "As an innovative leader in IoT security we have developed technology which solves the challenges of automating security lifecycle management at IoT scale, while managing risk and delivering compelling ROI Customers have deployed our KeyScaler platform in various industries including Healthcare, Industrial, Automotive and Retail, and are able to retrofit existing devices already deployed in the field today, in addition to designing security into new products or devices. Today's announcement recognizes the investment we have made to ensure our product is future proofing for regulations and compliance, interoperable with leading IoT and security ecosystem partners such as Microsoft, and leverages existing security investments in the Enterprise. It also comes at a time when US President Biden's recent Executive Order to modernize cybersecurity within federal government highlights the increased importance of a Software Bill of Materials (SBOM). It's now even more imperative that the ecosystem works together to support and encourage best practice in Identity and Access Management cybersecurity across the board, including IoT devices and applications," he added.
Device Authority is a global leader in identity and access management (IAM) for the Internet of Things (IoT) and focuses on medical/healthcare, industrial, automotive, and smart connected devices. Our KeyScaler platform provides trust for IoT devices and the IoT ecosystem to address the challenges of securing the Internet of Things. KeyScaler uses breakthrough technology, including Dynamic Device Key Generation (DDKG) and PKI Signature+ that delivers simplicity and trust to IoT devices. This solution delivers automated device provisioning, authentication, credential management, policy-based end-to-end data security/encryption and secure updates.
With offices in San Ramon, California, and Reading, UK, Device Authority partners with the leading IoT ecosystem providers, including AWS, DigiCert, Entrust, HID Global, Microsoft, PTC, Thales, Venafi, Wipro and more. Keep updated by visiting www.deviceauthority.com, following @DeviceAuthority and subscribing to our BrightTALK channel.
About Quadrant Knowledge Solutions
Quadrant Knowledge Solutions is a global advisory and consulting firm focused on helping clients in achieving business transformation goals with Strategic Business and Growth advisory services. At Quadrant Knowledge Solutions, our vision is to become an integral part of our client's business as a strategic knowledge partner. Our research and consulting deliverables are designed to provide comprehensive information and strategic insights for helping clients formulate growth strategies to survive and thrive in ever-changing business environments. For more available research, please visit https://quadrant-solutions.com/market-research/