June 10th, 2022
IoT Security Market
IoT Security Market is anticipated to witness a healthy CAGR of 22% over the forecast period. The market growth is attributed to the accelerating incidences of data breaches and development of smart cities.
Evolving need for IoT security systems with multiple variants of attack, growing incidences of ransomware attacks, and rising automation across several industry verticals will stimulate the IoT security market. Further, with the growing reliance on connected devices, the need to safeguard devices has increased. Innovations in 4G and 5G technologies and growing deployment of IoT security systems to secure digital identities will further expand the market size. However, insufficient knowledge about the benefits of IoT security solutions and the high cost of these systems will restrain the IoT Security Market size.
By component, the services segment is forecast to expand at a faster CAGR over the forecast period, owing to the evolving need for technical proficiency in IoT devices.
By application, Insect Control segment will lead the overall IoT security market over the forecast period, owing to the growing concern towards cleanliness and hygiene.
By region, Asia-Pacific will emerge as the fastest growing nation primarily attributed to the economic expansion and growing disbursement on IoT. Further, increasing adoption of advanced technologies such as AI and IoT is anticipated to fuel the global IoT security market growth.
Leading players operating in the market include IBM, Intel Corporation, Cisco Systems Inc., Infineon Technologies AG, Thales Group, Allot, NortonLifeLock Inc., Fortinet, Inc., Mocana, and SecuriThings, among others.
In 2020, Cisco introduced a latest Cloud-Native Platform, SecureX, to facilitate the security of the devices. Cisco SecureX enhances the overall security portfolio and mechanizes workflows to speed up threat detection and response.
In 2020, IBM adopted cloud security startup Spanugo to enhance its compliance. Spanugo’s technology has the ability to demonstrate cybersecurity compliance in real time when a company is audited.
IoT Security Market Segmentation:
IoT Security Market by Component
IoT Security Market by Type
· Endpoint Security
· Network Security
· Cloud Security
· Application Security
IoT Security Market by Solution
· Data Encryption & Tokenization
· Identity & Access Management
· Device Authentication & Management
· Intrusion Detection System & Intrusion Prevention System
· Public Key Infrastructure Lifecycle Management
· Secure Communications
· Security Analytics
· Distributed Denial of Service Protection
IoT Security Market by Service
· Managed Services
· Professional Services
o Consulting Services
o Integration Services
o Support & Maintenance Services
IoT Security Market by Application Area
· Smart Energy & Utilities
· Smart Manufacturing
· Smart Home & Consumer Electronics
· Connected Logistics & Transportation
· Smart Government & Defense
· Connected Healthcare
· Smart Retail
IoT Security Market by Region:
· Asia Pacific
o Rest of APAC
· North America
o United States of America
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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