IoT Security Market (Component - Solution, and Services; Deployment - On-premise, and Cloud; Security Type - Application Security, Network Security, Cloud Security, Endpoint Security, and Other; End User - IT and Telecom, Manufacturing, BFSI, Transportation and Logistics, Energy and Utilities, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

A recent report published by Infinium Global Research on IoT security market provides in-depth analysis of segments and sub-segments in the global as well as regional IoT security market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional IoT security market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global IoT security market. According to the report, the global IoT security market is projected to grow at a CAGR of 22.2% over the forecast period of 2020-2026.

Market Insight

IoT is growing fast across various industry verticals along with increases in the number of interconnected devices and a variety of IoT applications. There are many challenges with IoT technologies to overcome and security is the most significant of them. There are millions of connected devices and billions of sensors and their numbers are growing and all of them need secure and reliable connectivity. Hence, well-designed IoT security architectures required. Managed IoT security solutions provide security to each layer of the IoT ecosystem.

Growing security concerns for critical infrastructure are driving the growth of the IoT security market. The IoT is expected to contribute to the creation of new customer value by connecting various devices to a network and enabling data gathering and analysis. The increasingly connected devices will create technical problems such as attacks with a broader scope. Hence, IoT security is one of the key requirements for critical infrastructure. Furthermore, a growing number of IoT security regulations provides a growing demand for the market. A number of industry bodies are developing security standards for IoT. This practice is designed to support those efforts and relevant published cybersecurity standards. For example, the EU General Data Protection Regulation requires personal data to be processed securely. However, expensive IoT security solutions are affecting the growth of the market. Moreover, growing data risks in IoT networks provides a significant growth opportunity for the IoT security market. Besides the gigantic importance and wide applications of IoT although the existing core network security is mature enough still, some security concerns exist which are more harmful in the context of IoT, like Denial of Service and Distributed denial of service must be presented at this layer

The Asia Pacific dominated the IoT security market. The emerging markets are already matching the pace in adopting new technologies like IoT, 5G, AI, and cloud to drive new business models. Furthermore, government initiatives introduced various policies and initiatives to leverage the benefits of IoT disruptive technologies in various sectors is driving the growth of the market in this region. Additionally, the development of smart city technologies is again contributing to the growth of the IoT security market in the Asia Pacific region. The Government of India has Many start-ups in India are also using these technologies to create new and innovative business models. The tech-savvy consumers along with growing smartphone and mobile internet penetration are driving IoT applications in the Indian market.

Segment Covered

The report on the global IoT security market covers segments such as component, deployment, security type, and end user. On the basis of component, the sub-markets include solution, and services. On the basis of deployment, the sub-markets include on-premise, and cloud. On the basis of security type, the sub-markets include application security, network security, cloud security, endpoint security, and other. On the basis of end user, the sub-markets include it and telecom, manufacturing, BFSI, transportation and logistics, energy and utilities, and others.

Companies Profiled:

The report provides profiles of the companies in the market such as Cisco Systems, IBM Corporation, Infineon Technologies AG, Siemens AG, Digi International, Intel Corporation, Gemalto, Fortinet, ZingBox Inc., Forgerock, and Mocana.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the IoT security market. Moreover, the study highlights current market trends and provides forecasts from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.