Internet of Things (IOT) Security is the area concerned with the security and safeguarding of the connected devices and networks in the internet of things. The global IOT security is expected to rise with a CAGR of about 38% during the forecast period 2016-2023. Due to the increasing number of incidents of data hacks, cyber-attacks, theft of confidential data such as passwords, bank credentials etc. have led to the increased demand for IoT Security software. According to Phys.Org (science, research and technology churnalism website), over 20 billion electronics devices are expected to be upgraded to IOT technology by the end of 2020North America has the highest market share for IOT security market. Most of the major market players are headquartered in U.S. and there is awareness about the advantages of Internet of things among the residents. Asia Pacific is the fastest growing region in the global IOT security market. One of the driving factors is increasing Internet penetration. In Asia around half of the global internet user present which was around 1.89 billion in March 2017. Out of which China is having highest internet user base which was around 670 million internet users in 2017. Hence, the largest internet user base in Asia Pacific is contributing towards the growth of Asia Pacific IOT security market.
The global IOT security market is greatly influenced by the presence of leading companies such IBM (U.S) , AT&T(U.S.), Gemalto (Netherlands), Cisco Systems( U.S.), PTC(U.S.). Products launches, Joint ventures, mergers and Acquisitions are some of the crucial strategies adopted by the key market players to gain competitive advantage.
Global IOT security market report covers segmentation analysis on the basis of security, solutions and application. Report further covers segments of security which includes network security, applicationsecurity, cloud security and endpoint security. Among these segments, cloud security is witnessing substantial growth and is expected to grow at a CAGR of over 25% during the forecast period and reach revenue worth $13 billion by 2022. The identity access management (IAM), is the most advantageous solution segment as it facilitates advanced authentication over other solution segments and enhances enterprise mobility. Whereas, applications of IOT security include smart manufacturing, connected healthcare, consumer wearable, connected vehicles, smart government and defense, smart energy and utilities etc.