IoT Security Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “IoT Security Market Analysis by Type (Network Security, Endpoint Security, Solution Security, and Cloud Security), Solution (Identity Access Management, Device Authentication and Management, Secure Communication, Security Analytics, Trusted Identification, Data Encryption and Tokenization, and Others), Technology, Vertical (Retail, Manufacturing, Healthcare, Transportation, Energy amp; Utilities, IT and Telecommunication, BFSI, and Others) - Forecast 2030” valuation is poised to reach USD 41.2 Billion by 2030, registering an 21.1% CAGR throughout the forecast period (2021–2030).
IoT Security Market Report Scope:
The growing IoT deployments will offer robust opportunities for the market over the forecast period. As part of their digital transformation ambitions, businesses are embracing the IoT. Enterprises are connecting and deploying an increasing number and diversity of IoT devices to the corporate networks in order to achieve transformational goals. According to GSMA Intelligence's 2019 prediction, the total IoT connections will reach 25.2 billion by 2025. Because IoT devices are interconnected, if one is hacked, a hacker can gain access to several other gadgets on the network. As a result, comprehensive IoT security solutions are required.
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Drivers
Increase in Phishing Threats and Malware to Boost Market Growth
Malware, such as viruses and trojans, continues to hold a special position in the arsenals of cybercriminals. Malware is used frequently by cybercriminals to obtain control of devices or machines in order to make money. This is usually done to execute fraudulent transactions/malicious activities directly on the system. Furthermore, because of the importance of data in these businesses, industries such as healthcare, BFSI, and government are particularly exposed to such assaults. As a result, the rise in malware phishing threats propels the IoT security market forward.
Budget Constraints to act as Market Restraint
Budget constraints amid organizations coupled with costly IoT security solutions may act as market restraints over the forecast period.
Lack of Awareness to act as Market Challenge
The lack of awareness and significant rise in new varieties of IoT threats may act as market challenges over the forecast period.
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IoT Security Market Segments
The global IoT security market is bifurcated based on vertical, technology, solution, and type.
By type, network security will lead the market over the forecast period.
By solution, the IoT security market is segmented into Identity Access Management, Device Authentication and Management, Secure Communication, Security Analytics, Trusted Identification, Data Encryption and Tokenization, and Others.
By technology, the IoT security market is segmented into fingerprint identification, iris recognition, and facial recognition.
By vertical, energy and utilities will dominate the market over the forecast period.
IoT Security Market Regional Analysis
North America to Command IoT Security Market
Because of the expanding adoption of various advanced technologies like machine learning, IoT sensors, and increasing penetration of 5G technologies, among various verticals such as manufacturing, energy, logistics, and transportation, North America dominates the IoT security market. Furthermore, the market is driven by a higher concentration of prominent IoT security providers such as Google, Microsoft, IBM, and others, as well as severe government requirements in developing nations.
APAC to Have Admirable Growth in IoT Security Market
Major economies in APAC, like Japan, Singapore, China, Australia, and India provide considerable development prospects for IoT security suppliers. During the forecast period, this region is likely to increase at the fastest rate. The primary reasons driving the IoT security market growth in this region are expanding government initiatives, growing demand for virtualized environments, rapid computing, analytics, digitalization, security, and high-volume networking, and rising overall internet speed and responsiveness. Because of the smart city initiatives being created in the region, Asia-Pacific is a prominent region for IoT adoption. In Asia-Pacific, enormous industrialization and an increase in mobile device users predict that the region will experience significant growth. During the projection period, Asia-Pacific is likely to grow rapidly.
The increasing implementation of technologies like AI and ML is driving the higher market growth in Asia-Pacific. Furthermore, the region's market expansion is predicted to be supported by increasing internet and mobile infrastructure development, rising IoT penetration, and increased cybersecurity risks during the forecast period. During the forecast period, the region is expected to increase at the fastest rate. China, India, Japan, and other countries are establishing themselves as manufacturing centres, with China currently dominating the market. Leading manufacturers in this area are investing in IoT systems to improve the efficiency of their business, which is expected to fuel the IoT security market over the research period.
IoT Security Market Competitive Analysis
Dominant Key Players on IoT Security Market Covered are:
- PTC (US)
- Symantec Corporation (US)
- Infineon Technologies (Germany)
- Trustwave Holdings (US)
- Check Point Security Software Technologies Ltd. (US)
- IBM Corporation (US)
- Cisco Systems Inc. (US)
- Gemalto NV (Netherlands)
- ATT Inc. (US)
- Trend Micro
- Inc. (Japan)
- DigiCert (US)
- Intel Corporation (US)
- General Electric (US)
- Verizon (US)
- Sophos Group (UK)
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