Increasing ransomware attacks on the IoT devices marketsizeto drive the overall IoT security market during the forecast period
The global Internet of Things (IoT) security market size is expected to grow from USD 12.5 billion in 2020 to USD 36.6 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 23.9% during the forecast period. Major factors driving the growthof the IoT security market are the increasing number of ransomware attacks on IoT devices across the globe, growing IoT security regulations, and rising security concerns over critical infrastructures.However, the new variants of IoT threats, lack of awareness, costly IoT security solutions, and budget constraints among SMEs for IoT security may limit the market growth.
The cloud security segment to grow atthe highest CAGR during the forecast period
Cloud security addresses both physical and virtual security across the service models of software, platforms, and infrastructures. Various cloud application security solutions include risk assessment, application governance, identity access management, encryption, malware detection and protection, and Security Information and Event Management (SIEM). Cloud security is one of the most important aspects of IoT security, as IoT data is saved in Virtual Machines (VMs) and susceptible to cyber-attacks.
Identity and access management segment to hold the largest share of IoT security solutions during the forecast period
Identity and access management refers to a business process framework. This framework consists of policies and technologies, which help organizations control the appropriate accesses of all employees to technology resources. The identity access management solution plays a vital role in managing enterprises’ electronic or digital identities. These solutions can be quickly and cost-effectively integrated with identity access management policies across on-premises, cloud, and hybrid environments.
Asia Pacific (APAC)to grow at the highest growth rate during the forecast period
APAC has witnessed the advanced and dynamic adoption of new technologies, and is expected to record the highest CAGR during the forecast period. The increasing government initiatives; growing requirements for quick computing, virtualized environments, analytics, security, digitalization, and high-volume networking; and rising overall internet speed and responsiveness are the major factors driving the IoT security market growth in this region..
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the IoT security market.
The following list provides the breakup of primary respondents’ profile:
- By company type: Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
- By designation: C-Level Executives: 35%,Director Level: 25%, and Others: 40%
- By region: NorthAmerica: 45%, Europe: 20%, APAC: 30%, and RoW: 5%
The major vendors in the global IoT security market includeInternational Business Machines Corporation (IBM), Cisco Systems Inc. (Cisco), Infineon Technologies AG (Infineon), Intel Corporation (Intel), Symantec Corporation (Symantec), Gemalto NV (Gemalto), Allot (Allot), Fortinet, Inc. (Fortinet), Zingbox(Zingbox), Mocana(Mocana), SecuriThings(SecuriThings), CENTRI Technology (CENTRI), Armis, Inc., (Armis), ForgeRock (ForgeRock), and NewSky Security (NewSky).
The report includes an in-depth competitive analysis of the key players in the IoT security market, along with their company profiles, recent developments, and key market strategies.The report segments the global IoT securitymarket by component, type, solution,services,application area, and region.
Key Benefits of Buying the Report:
- The report wouldprovide the market leaders/new entrants in the IoT security market with information about the closest approximations of the revenue numbers for the overall IoT security market and its subsegments.
- The report would also help stakeholders understand theircompetitors better and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- It also helps stakeholders understand the pulse of the market and provides them with informationaboutkey market drivers, restraints, challenges, and opportunities.