Increasing IoT Security focus and privacy concerns to boost the IoT Security Market at a CAGR of 17.6%Published Date: Apr 2017
According to a new market research study titled ‘IoT Security Market to 2025 – Global Analysis and Forecasts by Type, Solution and Application’, the global IoT Security market was valued at US$ 7.3 Bn in 2016 and is estimated to reach US$ 30.9 Bn by 2025. The report highlights the trends prevalent in the global IoT Security market and the factors driving the market along with those that act as deterrents to its growth.
A robust IoT solution approach should focus not only securing the infrastructure and devices, which forms the base of IoT system, but also should develop the accurate level of data privacy and building trust with regulators and customers. The most successful and trusted IoT tech companies and solutions provider would be those that equally focuses on protecting privacy, improving security, and building trust. Privacy of user’s identity, payment details and other documents of high importance is at stake with the connection of everyday essential objects with the internet. Thus, IoT security plays the most critical role in implementation of IoT and gaining the customer’s trust. The above mentioned reasons are going to drive the market of IoT security along with the implementation of IoT.
IoT creates immense opportunities to benefit the multiple business segments and society, with rise in the use of network-connected devices, systems, and services. Nevertheless, IoT security has not grown with the same pace of revolution and deployment, thus creating extensive economic and safety risks. As there is increase in integrated network connections into critical infrastructure, important processes that are performed digitally are becoming more vulnerable to cyber threats. Increasing dependence on network-connected technologies has grown faster than the means to secure it.
The global IoT Security market has been segmented on the basis of type into network security, endpoint security, cloud security, application security and others. Furthermore, this market is also bifurcated on the basis of solutions into threat analysis, Identity Access Management, Data Loss Protection, Encryption, Dispatch & Incident Response, Distributed Denial of Service Protection and Others. IoT Security finds its applications in many industry verticals and consequently the market has been segmented on the basis of applications into Smart Home, Connected Car, Information & Communication Technology, Smart Factories, BFSI, Smart Retail, Smart Transportation, Smart Healthcare, Wearable and Others. Geographically, the global IoT Security market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA) and South America (SAM).
The North America (NA) and Europe (EU) in total holds more than 70% of the total market, while the regions such as Asia Pacific (APAC) is exhibiting a high growth rate in the coming years due to various factors such as the massive shift in technology advances, market demand, interconnections, and applications. The key players profiled in the report are IBM Corporation, Cisco Systems, Inc., Intel Corporation, ARM Holdings, Infineon Technologies, NXP Semiconductor, INSIDE Secure, Gemalto NV, Symantec Corporation and Trend Micro, Inc. among others.
The report segments the global IoT Security market as follows:
Global IoT Security Market – By Type
- Network Security
- End-point Security
- Cloud Security
- Application Security
Global IoT Security Market – By Solution
- Threat Analysis
- Identity Access Management
- Data Loss Protection
- Dispatch and Incident Response
- Distributed Denial of Service Protection
Global IoT Security Market – By Application
- Smart Home
- Connected Car
- Information & Communication Technology
- Smart Factories
- Smart Retail
- Smart Healthcare
- Smart Transportation
Global IoT Security Market – By Geography
- Rest of Europe
Asia Pacific (APAC)
- Rest of APAC
Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
South America (SAM)
- Rest of SAM