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Press Release:

Global IoT Security Market to Grow at 29.75% During 2022-2027, Bolstered by Increasing Threat of Cyber Terrorism

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IoT Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global IoT security market reached a value of US$ 3.04 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 14.15 Billion by 2027, exhibiting a CAGR of 29.75% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor. 

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.  

 

 
 

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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.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global IoT security market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on component, security type and vertical.

Breakup by Component:

 

 
 

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  • 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, cloud 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:

 

 
 

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  • 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
    • Colombia
    • Chile
    • Peru
    • Others
       

Based on the geography, North America 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 Ltd., Armis Inc., CENTRI Technology, Cisco Systems, Inc. ForgeRock Inc., Fortinet, Inc., Gemalto NV, International Business Machines (IBM) Corporation, Infineon Technologies AG, Intel Corporation, Mocana Corporation, Newsky Internet Limited, SecuriThings, NortonLifeLock Inc. (Symantec Corporation), and ZingBox Inc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Billion
Segment Coverage Component, Security Type, Vertical, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico, Argentina, Colombia, Chile, Peru, Turkey, Saudi Arabia, Iran, United Arab Emirates
Companies Covered Allot Ltd., Armis Inc., CENTRI Technology, Cisco Systems, Inc. ForgeRock Inc., Fortinet, Inc., Gemalto NV, International Business Machines (IBM) Corporation, Infineon Technologies AG, Intel Corporation, Mocana Corporation, Newsky Internet Limited, SecuriThings, NortonLifeLock Inc. (Symantec Corporation), and ZingBox Inc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

1   Preface
2   Scope and Methodology 
    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction
    4.1    Overview
    4.2    Key Industry Trends
5   Global IoT Security Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6   Market Breakup by Component
    6.1    Solutions
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Services
        6.2.1 Market Trends
        6.2.2 Market Forecast
7   Market Breakup by Security Type
    7.1    Network Security
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Endpoint Security
        7.2.1 Market Trends
        7.2.2 Market Forecast
    7.3    Application Security
        7.3.1 Market Trends
        7.3.2 Market Forecast
    7.4    Cloud Security
        7.4.1 Market Trends
        7.4.2 Market Forecast
    7.5    Others
        7.5.1 Market Trends
        7.5.2 Market Forecast
8   Market Breakup by Vertical
    8.1    Energy and Utilities
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Manufacturing
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    Automotive
        8.3.1 Market Trends
        8.3.2 Market Forecast
    8.4    Transport
        8.4.1 Market Trends
        8.4.2 Market Forecast
    8.5    Consumer Electronics
        8.5.1 Market Trends
        8.5.2 Market Forecast
    8.6    Healthcare
        8.6.1 Market Trends
        8.6.2 Market Forecast
    8.7    Others
        8.7.1 Market Trends
        8.7.2 Market Forecast
9   Market Breakup by Region
    9.1    Asia Pacific
        9.11 China
           9.1.1.1 Market Trends
           9.1.1.2 Market Forecast
        9.1.2 Japan
           9.1.2.1 Market Trends
           9.1.2.2 Market Forecast
        9.1.3 India
           9.1.3.1 Market Trends
           9.1.3.2 Market Forecast
        9.1.4 South Korea
           9.1.4.1 Market Trends
           9.1.4.2 Market Forecast
        9.1.5 Australia
           9.1.5.1 Market Trends
           9.1.5.2 Market Forecast
        9.1.6 Indonesia
           9.1.6.1 Market Trends
           9.1.6.2 Market Forecast
        9.1.7 Others
           9.1.7.1 Market Trends
           9.1.7.2 Market Forecast
      9.2    Europe
        9.2.1 Germany
           9.2.1.1 Market Trends
           9.2.1.2 Market Forecast
        9.2.2 France
           9.2.2.1 Market Trends
           9.2.2.2 Market Forecast
        9.2.3 United Kingdom
           9.2.3.1 Market Trends
           9.2.3.2 Market Forecast
        9.2.4 Italy
           9.2.4.1 Market Trends
           9.2.4.2 Market Forecast
        9.2.5 Spain
           9.2.5.1 Market Trends
           9.2.5.2 Market Forecast
        9.2.6 Russia
           9.2.6.1 Market Trends
           9.2.6.2 Market Forecast
        9.2.7 Others
           9.2.7.1 Market Trends
           9.2.7.2 Market Forecast
   9.3    North America
        9.3.1 United States
           9.3.1.1 Market Trends
           9.3.1.2 Market Forecast
        9.3.2 Canada
           9.3.2.1 Market Trends
           9.3.2.2 Market Forecast
    9.4    Latin America
        9.4.1 Brazil
           9.4.1.1 Market Trends
           9.4.1.2 Market Forecast
        9.4.2 Mexico
           9.4.2.1 Market Trends
           9.4.2.2 Market Forecast
        9.4.3 Argentina
           9.4.3.1 Market Trends
           9.4.3.2 Market Forecast
        9.4.4 Colombia
           9.4.4.1 Market Trends
           9.4.4.2 Market Forecast
        9.4.5 Chile
           9.4.5.1 Market Trends
           9.4.5.2 Market Forecast
        9.4.6 Peru
           9.4.6.1 Market Trends
           9.4.6.2 Market Forecast
        9.4.7 Others
           9.4.7.1 Market Trends
           9.4.7.2 Market Forecast
    9.5    Middle East and Africa
        9.5.1 Turkey
           9.5.1.1 Market Trends
           9.5.1.2 Market Forecast
        9.5.2 Saudi Arabia
           9.5.2.1 Market Trends
           9.5.2.2 Market Forecast
        9.5.3 Iran
           9.5.3.1 Market Trends
           9.5.3.2 Market Forecast
        9.5.4 United Arab Emirates
           9.5.4.1 Market Trends
           9.5.4.2 Market Forecast
        9.5.5 Others
           9.5.5.1 Market Trends
           9.5.5.2 Market Forecast
10  SWOT Analysis
    10.1    Overview
    10.2    Strengths
    10.3    Weaknesses
    10.4    Opportunities
    10.5    Threats
11  Value Chain Analysis
12  Porters Five Forces Analysis
    12.1    Overview
    12.2    Bargaining Power of Buyers
    12.3    Bargaining Power of Suppliers
    12.4    Degree of Competition
    12.5    Threat of New Entrants
    12.6    Threat of Substitutes
13  Price Analysis
14  Competitive Landscape
    14.1    Market Structure
    14.2    Key Players
    14.3    Profiles of Key Players
        14.3.1    Allot Ltd.
           14.3.1.1 Company Overview
           14.3.1.2 Product Portfolio 
           14.3.1.3 Financials
           14.3.1.4 SWOT Analysis
        14.3.2    Armis Inc.
           14.3.2.1 Company Overview
           14.3.2.2 Product Portfolio 
        14.3.3    CENTRI Technology
           14.3.3.1 Company Overview
           14.3.3.2 Product Portfolio 
        14.3.4    Cisco Systems, Inc.
           14.3.4.1 Company Overview
           14.3.4.2 Product Portfolio 
           14.3.4.3 Financials
           14.3.4.4 SWOT Analysis
        14.3.5    ForgeRock Inc.
           14.3.5.1 Company Overview
           14.3.5.2 Product Portfolio 
        14.3.6    Fortinet, Inc.
           14.3.6.1 Company Overview
           14.3.6.2 Product Portfolio 
           14.3.6.3 Financials
           14.3.6.4 SWOT Analysis
        14.3.7    Gemalto NV
           14.3.7.1 Company Overview
           14.3.7.2 Product Portfolio 
           14.3.7.3 SWOT Analysis
        14.3.8    International Business Machines (IBM) Corporation
           14.3.8.1 Company Overview
           14.3.8.2 Product Portfolio 
           14.3.8.3 Financials
           14.3.8.4 SWOT Analysis
        14.3.9    Infineon Technologies AG
           14.3.9.1 Company Overview
           14.3.9.2 Product Portfolio 
           14.3.9.3 Financials
           14.3.9.4 SWOT Analysis
        14.3.10    Intel Corporation
           14.3.10.1 Company Overview
           14.3.10.2 Product Portfolio 
           14.3.10.3 Financials
           14.3.10.4 SWOT Analysis
        14.3.11    Mocana Corporation
           14.3.11.1 Company Overview
           14.3.11.2 Product Portfolio 
        14.3.12    Newsky Internet Limited
           14.3.12.1 Company Overview
           14.3.12.2 Product Portfolio 
        14.3.13    SecuriThings
           14.3.13.1 Company Overview
           14.3.13.2 Product Portfolio 
        14.3.14    NortonLifeLock Inc. (Symantec Corporation)
           14.3.14.1 Company Overview
           14.3.14.2 Product Portfolio
        14.3.15    ZingBox Inc.
           14.3.15.1 Company Overview
           14.3.15.2 Product Portfolio 

List of Figures

Figure 1: Global: IoT Security Market: Major Drivers and Challenges
Figure 2: Global: IoT Security Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: IoT Security Market: Breakup by Component (in %), 2021
Figure 4: Global: IoT Security Market: Breakup by Security Type (in %), 2021
Figure 5: Global: IoT Security Market: Breakup by Vertical (in %), 2021
Figure 6: Global: IoT Security Market: Breakup by Region (in %), 2021
Figure 7: Global: IoT Security Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 8: Global: IoT Security (Solutions) Market: Sales Value (in Million US$), 2016 & 2021
Figure 9: Global: IoT Security (Solutions) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 10: Global: IoT Security (Services) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: IoT Security (Services) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: IoT Security (Network Security) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: IoT Security (Network Security) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: IoT Security (Endpoint Security) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: IoT Security (Endpoint Security) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: IoT Security (Application Security) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: IoT Security (Application Security) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: IoT Security (Cloud Security) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: IoT Security (Cloud Security) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: IoT Security (Other Security Types) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: IoT Security (Other Security Types) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: IoT Security (Energy and Utilities) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: IoT Security (Energy and Utilities) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Global: IoT Security (Manufacturing) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: IoT Security (Manufacturing) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Global: IoT Security (Automotive) Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Global: IoT Security (Automotive) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: Global: IoT Security (Transport) Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: Global: IoT Security (Transport) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: Global: IoT Security (Consumer Electronics) Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: Global: IoT Security (Consumer Electronics) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: Global: IoT Security (Healthcare) Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: Global: IoT Security (Healthcare) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: Global: IoT Security (Other Verticals) Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: Global: IoT Security (Other Verticals) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: Asia Pacific: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: Asia Pacific: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: China: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: China: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: Japan: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: Japan: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: India: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: India: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: South Korea: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: South Korea: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: Australia: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: Australia: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: Indonesia: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: Indonesia: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: Others: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: Others: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: Europe: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: Europe: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: Germany: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 55: Germany: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 56: France: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 57: France: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 58: United Kingdom: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 59: United Kingdom: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 60: Italy: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 61: Italy: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 62: Spain: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 63: Spain: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 64: Russia: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 65: Russia: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 66: Others: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 67: Others: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 68: North America: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 69: North America: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 70: United States: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 71: United States: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 72: Canada: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 73: Canada: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 74: Middle East and Africa: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 75: Middle East and Africa: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 76: Turkey: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 77: Turkey: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 78: Saudi Arabia: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 79: Saudi Arabia: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 80: Iran: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 81: Iran: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 82: United Arab Emirates: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 83: United Arab Emirates: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 84: Others: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 85: Others: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 86: Latin America: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 87: Latin America: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 88: Brazil: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 89: Brazil: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 90: Mexico: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 91: Mexico: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 92: Argentina: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 93: Argentina: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 94: Colombia: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 95: Colombia: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 96: Chile: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 97: Chile: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 98: Peru: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 99: Peru: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 100: Others: IoT Security Market: Sales Value (in Million US$), 2016 & 2021
Figure 101: Others: IoT Security Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 102: Global: IoT Security Industry: SWOT Analysis
Figure 103: Global: IoT Security Industry: Value Chain Analysis
Figure 104: Global: IoT Security Industry: Porter’s Five Forces Analysis

List of Tables

Table 1: Global: IoT Security Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: IoT Security Market Forecast: Breakup by Component (in Million US$), 2022-2027
Table 3: Global: IoT Security Market Forecast: Breakup by Security Type (in Million US$), 2022-2027
Table 4: Global: IoT Security Market Forecast: Breakup by Vertical (in Million US$), 2022-2027
Table 5: Global: IoT Security Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 6: Global: IoT Security Market: Competitive Structure
Table 7: Global: IoT Security Market: Key Players


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Key Questions Answered in This Report

The global IoT security market was valued at US$ 3.04 Billion in 2021. 

We expect the global IoT security market to exhibit a CAGR of 29.75% during 2022-2027.

The sudden outbreak of the COVID-19 pandemic has led to the growing deployment of IoT security as effective security solution to safeguard highly sensitive personal and organizational data from malware injection, owing to the growing adoption of WFH and Bring Your Own Device (BYOD) models.

The rising number of identity and data thefts, along with the continuous advancements in 4G and 5G technologies, are primarily driving the global IoT security market.

Based on the component, the global IoT security market can be categorized into solutions and services, where solutions account for the majority of the global market share.

Based on the security type, the global IoT security market has been segregated into network security, endpoint security, application security, cloud security, and others. Among these, cloud security holds the largest market share.

Based on the vertical, the global IoT security market can be bifurcated into energy and utilities, manufacturing, automotive, transport, consumer electronics, healthcare, and others. Currently, the energy and utility sector exhibits a clear dominance in the market.

On a regional level, the market has been classified into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America, where North America currently dominates the global market.

Some of the major players in the global IoT security market include Allot Ltd., Armis Inc., CENTRI Technology, Cisco Systems, Inc. ForgeRock Inc., Fortinet, Inc., Gemalto NV, International Business Machines (IBM) Corporation, Infineon Technologies AG, Intel Corporation, Mocana Corporation, Newsky Internet Limited, SecuriThings, NortonLifeLock Inc. (Symantec Corporation), and ZingBox Inc.

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