The global IoT security market exhibited strong growth during 2015-2020. The Internet of Things (IoT) security is a technological solution used for safeguarding networks and connected mechanical or digital devices. The security solutions aim to eradicate vulnerabilities and equip devices to identify, resist and recover from cyber-attacks. These security solutions offer identity access management, data encryption and tokenization, intrusion prevention system and security analytics through antimalware, antivirus and firewalls. Owing to this, these solutions find extensive application across several industries, including energy and utilities, manufacturing, automotive, transportation, etc.

The rising threat of cyber terrorism, along with the rapid adoption of IoT technologies across industries, is one of the key factors driving the growth of the market. The construction of smart cities and increasing automation in various industry verticals are creating an imminent need for enhanced and effective security solutions to safeguard highly sensitive personal and organizational data from malware injection. This, in confluence with the emergence of several new trends, such as Bring Your Own Device (BYOD), especially in the corporate organizational setups, is significantly favoring the market growth. Organizations are thus increasingly encouraging the deployment of IoT security solutions to manage communications and digital identities of their employees across on-premises, cloud and hybrid environments. Other factors, including advancements in 4G and 5G technologies and proliferation of social media platforms resulting in the rising number of identity and data thefts, are projected to drive the market further. Looking forward, IMARC Group expects the global IoT security market to grow at a CAGR of around 25% during the forecast period (2021-2026).

Breakup by Component:

Solutions
Services

Based on the component, IoT security solutions currently account for the highest market share.

Breakup by Security Type:

Network Security
Endpoint Security
Application Security
Cloud Security
Others

Based on the security type, network security segment currently accounts for majority of the market share.

Breakup by Vertical:

Energy and Utilities
Manufacturing
Automotive
Transport
Consumer Electronics
Healthcare
Others

Based on the vertical, energy and utilities segment currently account for the highest market share.

Breakup by Region:

Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
North America
United States
Canada
Middle East and Africa
Turkey
Saudi Arabia
Iran
United Arab Emirates
Others
Latin America
Brazil
Mexico
Argentina
Columbia
Chile
Peru
Others

Based on the geography, Asia Pacific currently represents the biggest market for IoT security.

Competitive Landscape:

The report has also analyzed the competitive landscape of the market with some of the key players being Allot, Armis, CENTRI, Cisco, Forgerock, Fortinet, Gemalto, IBM, Infineon, Intel, Mocana Corporation, Newsky, Securithings, Symantec, Zingbox, etc.

Key questions answered in this report:

How has the global IoT security market performed so far and how will it perform in the coming years?
What are the key regional markets in the global IoT security industry?
What has been the impact of COVID-19 on the global IoT security industry?
What is the breakup of the market based on the component?
What is the breakup of the market based on the security type?
What is the breakup of the market based on the vertical?
What are the various stages in the value chain of the global IoT security industry?
What are the key driving factors and challenges in the global IoT security market?
What is the structure of the global IoT security industry and who are the key players?
What is the degree of competition in the global IoT security market?