The global IoT security market reached a value of US$ 10.2 Billion in 2019. 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 market to reach a value of US$ 40.7 Billion by 2025, registering a CAGR of around 26% during 2020-2025
Breakup by Component:
Based on the component, IoT security solutions currently account for the highest market share.
Breakup by Security Type:
Based on the security type, network security segment currently accounts for majority of the market share.
Breakup by Vertical:
Based on the vertical, energy and utilities segment currently account for the highest market share.
Breakup by Region:
Based on the geography, Asia Pacific currently represents the biggest market for IoT security.
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:
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