IoT Security Market 2020 Size, Trends, Potential Growth Global Key Factors and Forecast 2027

The market report analyses the market while considering various aspects of the market such as market size, market status, market trends, and forecast. The report also offers brief information on the competitors and specific growth opportunities while covering the key drivers of the market. The report has been categorized based on the different segments, including component, type, solution, service, application area, and regions.

Leading Players in the IoT Security Market:

The IoT Security Market is fairly fragmented, and a number of global and regional players operating in the market are:

Cisco Systems Inc.
IBM
Intel Corporation
Infineon Technologies AG
NortonLifeLock Inc.
Thales Group
Allot
Fortinet, Inc.
Mocana
SecuriThings

IoT Security Market drivers:

Some of the major factors driving the growth of the global IoT Security Market include the increasing number of ransomware attacks on IoT devices and the rising data risk in IoT networks globally. The hackers are targeting IoT devices and taking advantage of known vulnerabilities, such as those regarding the default password, username, and static code backdoor. Thereby, the rising vulnerability of critical systems is promoting the government of several countries to opt for IoT-enabled security. Moreover, the growing requirement for IoT security solutions with multiplying variants of attacks is supporting market growth.

The cybercriminals are using the multi-layered cyber-attacks to monitor the intelligence and commercial aspects of enterprises, individuals, and countries. This factor has promoted huge companies to integrate their security solutions to reduce the cost and improve the safety of their facility. Hence, the rising requirement for integrated security solutions will propel the market demand during the forecast period. Additionally, the growing usage of 3G and 4G long-term evolution and wireless networks and technologies are increasing the risk regarding cyber-attacks. Real-time information and transaction-related information, which is essential to users, is basically exchanged through these cellular networks, which in turn, is fuelling the need for IoT security. The emerging trend of Bring Your Own Device (BYOD) is growing concerns regarding data security. On the other edge of the spectrum, the lack of consumer awareness regarding the remarkable benefits and availability of IoT security solutions will hinder the growth of the market during the forecast period. On the other hand, the high cost of installation is another factor that will hamper market growth.

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IoT Security Market Segmentation:

According to the report published by GMI Research, titled “IoT Security Market,” the industry is predicted to witness the highest CAGR during the forecast period. The segmentation of the market is as follows:

By Component:

Services
Solutions

By Type:

Endpoint Security
Network Security
Cloud Security
Application Security
Others

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
Others

By Service:

Managed Services
Professional Services

Consulting Services
Integration Services
Support & Maintenance Services

By Application Area:

Smart Energy & Utilities
Smart Manufacturing
Smart Home & Consumer Electronics
Connected Logistics & Transportation
Smart Government & Defense
Connected Healthcare
Smart Retail
Others

By Region:

North America

United States of America
Canada

Asia Pacific

China
Japan
India
Rest of APAC

Europe

United Kingdom
Germany
France
Spain
Rest of Europe

Brazil
South Africa
Saudi Arabia
UAE
Rest of the world (remaining countries of the LAMEA region)

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About GMI Research

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