IoT Security Market to Surpass USD 2,221.0 million by 2027 | IoT Security Market Growth Analysis and Industry Forecast
Research Reports
Apr 07, 2022
Market Overview
According to the latest updates, the global IoT security market size in 2019 is witnessed at USD 2,221.0 million and is expected to exhibit a CAGR of 32.3% along with the market size of USD 20,776.1 million during the forecast period 2020-2027.
IoT security is one type of technology used to reduce the cyber threats regarding connected devices and IoT networks. This technology includes the addition of internet connectivity to a system of interrelated computing devices like digital machines, mechanical machines, people, and objects. This system interconnectivity through the internet leads to rising in many malicious attacks like viruses, hacks, and attacks on devices. Detecting, resisting, and recovering from the various malicious attacks on the IoT devices are the different features provided by IoT security.
The rise in the number of ransomware attacks on several IoT devices is propelling the demand for the market. The growing number of IoT security regulations across various developing countries and the rise in malware & phishing threats among different enterprises are fueling the market growth. The increasing adoption of cloud-based technologies in various organizations and enterprises is fostering the market growth. Developing advanced internet services like 3G and 4G and the growing use of cell phones are accelerating the amount of computer media which leads to rising telecommunications weakness due to loss of data or computer hackers are bolstering the need for IoT security.
The IoT Security Market opportunities are rising the requirement of IoT security solutions and adoption of these solutions in various developing economies are boosting the market growth.
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Market Segmentation
The IoT security market is sectioned into various forms based on type, technology, solution, and vertical.
Type Segmentation: The IoT security market types are classified into four segments network security, endpoint security, solution security, and cloud security.
Technology Segmentation: Based on the technology, the IoT security market is trifurcated into facial recognition, iris recognition, and fingerprint identification.
Solution Segmentation: By solution, the IoT security market is partitioned into various forms such as identity access management, management, device authentication, secure communication, security analytics, trusted identification, and data encryption & tokenization.
Vertical Segmentation: The IoT security market by vertical is categorized into a few forms like healthcare, retail, manufacturing, transportation, energy & utilities, IT & telecommunication, and BFSI.
Regional Analysis
Based on the recent study, the global IoT security market based on the region is divided into five major regions such as Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa. Out of these regions, North America is dominating the largest market share due to the adoption of IoT security services and solutions by a huge number of businesses for protecting their IoT devices like sensors.
The IoT security market industry players are PTC (US), Infineon Technologies (Germany), IBM Corporation (US), Trustwave Holdings (US), Intel Corporation (US), and others.
Industry News
As per the latest research, the IoT security market forecast states that this service is expected to reach its peak position in the market for its various beneficial features, rising investments, innovative product launches, and more. SecureX, a cloud-native platform introduced by Cisco which streamlines security as well as addressing complexity. It improves the visibility, the delivery of security analytics, and the automation of processes to faster response times and detection systems.
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IoT Security Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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