The global IoT security market Size is expected to reach at US$ 30.9 billion by 2025, registering at a CAGR of 17.6% during 2017–2025, according to a new research study conducted by The Insight Partners.
Rising Trend of Smart Cities to Drive IoT Security Market Growth During 2017–2025
The smart city concept is fully based upon the Internet of Things (IoT). Every device, system, and user is interconnected in a smart city. Even the government is connected with other aspects of a smart city, thus increasing the risk and compromising the safety of critically important data. When everything is connected through the internet, the risk of a breach that could lead to the malfunctioning of systems increases significantly. A network breach can even compromise some valuable or sensitive government data. Thus, the concept of safety and security in IoT plays a vital role in developing smart cities. Additionally, a breach in the government of any economy can pose a tremendous disaster both economically and financially. Thus, with the implementation of smart cities, security should be the priority of development. The IoT security market is likely to hold a strong demand in the future with the implementation of smart cities. Therefore, the idea of smart city will drive the IoT security market growth during the forecast period.
Furthermore, the most successful and trusted IoT tech companies and solution providers would be those that equally focus on protecting privacy, improving security, and building trust. These three aspects are the major drivers of the IoT security market. A robust IoT solution approach should focus not only on protecting the infrastructure and devices that strengthen the IoT system but also develop an accurate level of data privacy and build trust with regulators and customers. With the role that IoT devices are anticipated to perform, it is essential for IoT suppliers, providers, or users to ensure security. According to Kaspersky's research, cyberattacks against IoT devices increased by 100% in the first six months of 2021. More than 1.5 billion IoT threats have been detected by the organization, up from 639 million in the previous half-year, which is more than double the amount. These terrifying vulnerabilities discovered on IoT devices have pushed IoT security to the top of the priority list of issues that must be addressed. The increasing severity and ransomware attacks are enforcing IoT security market vendors to develop security solutions for IoT ransomware. With the rise of IoT devices, the risk of infiltration by other parties or hackers is also set to increase, which can leave a fatal or critical mark upon its users. Thus, IoT security plays the most critical role in the implementation of IoT and gaining the customer’s trust. The above-mentioned reasons are going to drive the IoT security market along with the implementation of IoT.
The IoT security market is segmented on the basis of type, solution, application, and geography. IoT security market analysis, by type, is segmented into network security, endpoint security, application security, cloud security, and others. Based on solution, the market is segmented into threat analysis, identity access management, data loss protection, encryption, dispatch and incident response, distributed denial of service protection, and others. By application, the market is segmented into smart home, connected car, information and communication technology, smart factories, BFSI, smart retail, smart healthcare, smart transportation, wearable, and others. On the basis of geography, the IoT security market size is primarily segregated into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). According to the market forecast analysis, North America held the largest market share in 2016. North America has been an extremely open and competitive market with regard to the adoption of IoT security solutions across major industry verticals and is expected to contribute the highest in the overall revenue generation worldwide. Further, growing numbers of cyber security threats have given rise to essential requirements for implementing IoT security solutions for enterprises, different industries, and governments. Due to the threat of losing data and the impact of potential IoT threats, the IoT security market is expected to foresee a decent growth in IoT security market share over the coming year.
According to the IoT security market analysis, Cisco Systems, Inc.; IBM Corporation; Infineon Technologies AG; Intel Corporations; Symantec Corporation; ARM Holdings; NXP Semiconductors NV; INSIDE Secure S.A.; Gemalto N.V.; Trend Micro Inc.; Synopsys Inc; ESCRYPT – Embedded Security GmBH; Microchip Technologies Inc.; and Palo Alto Networks Inc. are a few key players operating in the IoT security market. In addition, several other important IoT security market players were studied and analyzed during the course of this study to get a holistic view of the global and regional market share and its ecosystem.
Report : Global Internet of Things (IoT) Security Market Size and Share – by Type (Network, Endpoint, Cloud, Application Security, and Others), Solution (Threat Analysis, Identity Access Management, Data Loss Protection, Encryption, Dispatch & Incident Response, Distributed Denial of Service Protection, and Others), Application (Smart Home, Connected Car, Information & Communication Technology, Smart Factories, BFSI, Smart Retail, Smart Healthcare, Smart Transportation, Wearable, and Others), and Regional Forecast (2017–2025)