Global IoT Security market is expected to grow at a robust pace of around 17% until 2025 due to the growing demand for cloud-based services for authentication process and increasing number of malware attacks on IoT devices. Increasing expenditure by the major vendors operating in the industry on Internet of Things and enhancements is anticipated to positively impact the growth of market over the next few years. However, absence of standardization for IoT devices and lack of awareness of security risks is negatively impacting the market growth.
The global IoT security market is segmented based on component, deployment, enterprise, security type, application, and region. Based on component, the market can be categorized into Solutions and services. The Solutions segment is expected to dominate the market over the next few years due rise in the adoption of this IoT security solutions among various enterprises.
Based on application, the market can be fragmented into smart manufacturing, smart energy & utilities, connected logistics, connected healthcare, smart retail, connected healthcare, smart home & consumer electronics, smart transportation and smart government & defense segments. Among these application segments, the smart manufacturing segment accounted for the largest market share in 2019 owing to increasing number of IoT devices coupled with rising security and privacy requirements of such devices. Based on deployment, the market is categorized into Cloud and On-premises segments, with the Cloud segment accounting for a majority market share in 2019.
Regionally, the global IoT security market is dominated by North America, followed by Europe, APAC, MEA and South America, and same market trend is expected to continue in the coming years. North America is the largest contributing region in the global IoT security market with more than one-third of the global market share in 2019 owing to the rise in cyber-attacks and boom in the region’s IoT sector are making IoT more crucial than ever and are anticipated to fuel the IoT security market in the US, Canada and Mexico during the forecast period. However, backed by growth of IoT connectivity in China, Japan, India, and Australia coupled with increasing internet penetration and rising number of cyber-attacks in Asia-Pacific, the region is anticipated to witness fastest growth in the global IoT security market during forecast period.
The major players operating in the IoT Security market are Broadcom Corporation, Cisco Systems Inc., Fortinet Inc., Gemalto NV, IBM Corporation, Infineon Technologies AG, Intel Corporation, Palo Alto Networks Inc, SecuriThings, Inc, Trend Micro Incorporated, Symantec Corporation, TrustWave Holdings, Inc and others.
Years considered for this report:
- Historical Years: 2015-2018
- Base Year: 2019
- Estimated Year: 2020
- Forecast Period: 2021–2025
Objective of the Study:
- To analyze and estimate the market size of global IoT security market from 2015 to 2019.
- To estimate and forecast the market size of global IoT security market from 2020 to 2025.
- To classify and forecast global IoT security market based component, deployment, enterprise, security type, application, and regional distribution.
- To identify dominant region or segment in the global IoT security market.
- To identify drivers and challenges for global IoT security market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global IoT security market.
- To identify and analyze the profile of leading players operating in global IoT security market.
- To identify key sustainable strategies adopted by market players in global IoT security market.
Key Target Audience:
- IoT security companies and other stakeholders
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to IoT security
- Market research and consulting firms
Market, By Component:
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as IoT security providers, partners, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global IoT security market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Large Enterprise
- Network Security
- End-point Security
- Application Security
- Cloud Security
- Others (Email Security, Content Security and Web Security)
- Smart Manufacturing
- Smart Energy & Utilities
- Connected Logistics
- Smart Home & Consumer Electronics
- Connected Healthcare
- Smart Government & Defense
- Smart Transportation
- Smart Retail
- North America
- United States
- United Kingdom
Middle East & Africa
- South Africa
- Saudi Arabia
- Company Profiles: Detailed analysis of the major companies present in global IoT security market.