BANGALORE, India, March 10, 2020 /PRNewswire/ -- IoT security is the technical field concerned with mitigating cyber threats that are affecting connected devices and the Internet of Things networks. This interconnection of systems via the internet has increased numerous malicious attacks on computers. The primary objective of IoT security is to provide IoT devices with various features to track, resist, and recover from such attacks.
The global market size of IoT security was estimated at USD 8,472.19 Million in 2018 and is projected to reach USD 73,918.82 Million by 2026, rising at a CAGR of 31.20 percent between 2019 and 2026.
The surge in need for an IoT security solution and the adoption of IoT security solutions by many developing countries are expected to present significant opportunities for future market expansion.
The global IoT security market is segmented into component, deployment model, organization size, product type, security type, industry vertical, and region. In terms of component, it is bifurcated into solution and service. Based on the deployment model, the market is segmented into on-premise and cloud. By organization size, it is divided into large enterprises and small- and medium-sized enterprises (SMEs). In terms of product type, the market is classified into device authentication & management, identity access & management, intrusion detection system & intrusion prevention system, data encryption & tokenization, and others.
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TRENDS INFLUENCING THE IOT SECURITY MARKET SIZE
- Mobile device penetration is growing rapidly because of increased BYOD acceptance among organizations. The range of software, apps, and features that are available on mobile devices contributes to large amounts of data being stored on computers and transferred to smartphones. Some data stored on mobile devices contain sensitive information such as usernames, credit card numbers, passwords, and so on. This rise in mobile device reliance encourages companies to incorporate innovative cybersecurity solutions such as Identity Access Management (IAM), Asset Management, Unified Threat Management (UTM), and Monitoring & Analytics. This, in turn, is expected to propel the market for IoT security.
- Increasing numbers of data breaches, and growing smart cities, are some of the factors driving the market.
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REGION WISE IOT SECURITY MARKET SHARE ANALYSIS
- The United States(US) and Canada have made substantial investments in R&D activities, thereby leading to the growth of innovative technologies. The US and Canada are the early adopters of trend-setting innovations, such as IoT, Big Data, and Mobility, which created huge opportunities for IoT security vendors. This dominance of US and Canada have made North America the leader in the IoT security market.
- Due to the tremendous growth in IoT data and the increasing demand for advanced analytics, Asia-Pacific is projected to be the fastest-growing market during the forecast period.
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Key Market Segments:
By Component:
- Solution
- Services.
By Deployment Mode:
- On-Premise
- Cloud.
By Organization Size
- Large Enterprises
- Small & Medium Enterprises.
By Product Type
- Device Authentication & Management
- Identity Access & Management
- Intrusion Detection System & Intrusion Prevention System
- Data Encryption & Tokenization
- Others.
By Security Type
- Network Security
- Endpoint Security
- Application Security
- Cloud Security
- Others.
By Industry Vertical
- Manufacturing
- Retail & ECommerce
- Government & Defense
- Transportation & Logistics
- Energy & Utilities
- Healthcare
- Others.
By Region
- North America
- Europe
- APAC
- LAMEA
Key Market Players
- IBM Corporation
- Intel Corporation
- Infineon Technologies AG
- Cisco Systems Inc
- Broadcom
- Gemalto NV
- Fortinet Inc
- SecuriThings
- Palo Alto Networks Inc
- Trend Micro Incorporated
- Others.
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SIMILAR REPORTS
1. Internet of Things (IoT) Market
The global IoT market size was USD 164 Billion in 2018 and is expected to grow between 2018 and 2025, with a CAGR of 38.62%.
The IoT market is strategically segmented into type and application. Based on type the market is segmented into perception technology, network technology, application technology. Based on application, the market is classified as Artificial Intelligence, Connectivity, Networking, Sensing/Sensors, and Databases.
This report analyzes the global market competition landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales channels, distributors, and Porter's Five Forces Analysis.
View Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-3D175/global-iot-market
2. IoT Security Software Market
IoT Security Software market is segmented by Type and Application. Based on type, the IoT Security Software market is segmented by, Network Security, Endpoint Security, Application Security, Cloud Security and Others. And by application, the IoT Security Software market is segmented into Building and Home Automation, Supply Chain Management, Patient Information Management, Energy and Utilities Management, Customer Information Security, and Others.
This report focuses on the status of global IoT Security Software, future projections, opportunities for growth, key markets, and key players. The aims of the study are to present the growth of IoT Security Software in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
View Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-2J238/iot-security-software-market
3. IoT Security Solution Market
IoT Security Solution market is segmented by Type and Application. Based on type, the IoT Security Solution market is segmented into Network Security, Endpoint Security, Application Security, and Cloud Security. And by application, the IoT Security Solution market is segmented into Healthcare, Information Technology (IT), Telecom, Banking, Financial Services, And Insurance (BFSI), Automotive, and Others.
This report focuses on the status of global IoT Security solutions, future projections, opportunities for growth, key industry, and key players. The aim of the study is to address the development of IoT Security Solution in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
View Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-4X196/iot-security-solution-market
4. IoT Security Services Market
IoT Security Services market is segmented by Type and Application. Based on type, the IoT Security Services market is segmented into Professional and Managed. And based on the application the IoT Security Services market is segmented into Healthcare, Information Technology (IT), Telecom, Banking, Financial Services, And Insurance (BFSI), Automotive, and Others.
This report focuses on the status of global IoT security services, future forecasts, opportunities for growth, key markets, and key players. The objective of this study is to present the creation of IoT Security Services in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
View Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-0H208/iot-security-services-market
5. IoT Security Platform Market
IoT Security Platform market is segmented by Type and Application. Based on type the IoT Security Platform market is segmented into Network Security, Endpoint Security, Application Security, Cloud Security, and Others. And based on the application the IoT Security Platform market is segmented into Healthcare, Information Technology (IT), Telecom, Banking, Financial Services, And Insurance (BFSI), Automotive, and Others.
This report focuses on the status of the global IoT Security Platform, future outlook, the potential for growth, key market, and key players. The aims of the study are to address the creation of the IoT Security Framework in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
View Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-1T242/iot-security-platform-market
6. IoT Security Solution for Identity and Access Management (IAM) Market
IoT Security Solution for Identity and Access Management (IAM) market is segmented by Type and Application. Based on type, the IoT Security Solution for Identity and Access Management (IAM) market is segmented into Software Platforms and services. And based on the application, the IoT Security Solution for Identity and Access Management (IAM) market is segmented into Healthcare, Information Technology (IT), Telecom, Banking, Financial Services, And Insurance (BFSI), Automotive, and Others.
This report focuses on the status, future outlook, growth opportunity, key industry, and key players of the global IoT Security Solution for Identity and Access Management (IAM). The objectives of the study are to present the development of the IoT Security Solution for Identity and Access Management (IAM) in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
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