IoT Security Market by Component, By Type and by Region

GMI Research foretells an enlargement in the demand of the IoT Security Market over the forecast period. This is primarily attributed to the surge in the number of IoT safety norms, growing need for IoT safety devices, and the adoption of IoT safety solutions by several emerging nations.

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Introduction of the IoT Security Market

IoT security helps to prevent the internet-facilitated devices that associate with each other via wireless networks. IoT security is the secured instrument fixed to the Internet of Things (IOT) and safeguards IoT-based devices from cyberattacks. It extends the building mechanization systems, industrial machines, employees IoT devices, intelligent power grids, and other devices not subjected to network security.

Key Players of the Market:

  • IBM
  • Cisco Systems Inc.
  • Infineon Technologies AG
  • Thales Group
  • Mocana
  • SecuriThings
  • Intel Corporation
  • NortonLifeLock Inc.
  • Allot
  • Fortinet, Inc.

IoT Security Market Dynamics

The accelerating number of ransomware assaults on Internet of Things devices and the increasing threat of data in IoT networks are the primary forces supplementing the growth of the global IoT security Market. The hackers aim towards IoT instruments and take the power of known susceptibilities, such as those concerning the default password, username, and stagnant code backdoor. Thus, the growing amenability of acute system has persuaded the government of several nations to choose for IoT-facilitated safety. In addition, the aggravating need for IoT safety solutions with various variants of attacks will compel the market growth.

Besides this, the cybercriminals make use of different cyber-attacks to supervise the intelligence and commercial influences of enterprises, nations, and individuals. This force has persuaded huge organizations to incorporate the cost and improve the safety. Thus, the growing need for incorporated safety solutions will elevate the market demand. Further, the increasing application of 3G and 4G long-term emergence and wireless networks has raised the chances of cyber attacks. The evolving tendency of Bring your own device has raised the agitation towards data safety. However, the insufficient consciousness towards the beneficial advantages and accessibility of IoT safety solutions are projected to restrain the market size. Further, the inflated cost of installation will further hinder the market growth.

Application Segment Analysis

Based on the application, the data encryption and tokenization is projected to witness a faster rate during the forecast period. Security is regarded as the most important constituent when it comes to the application of IoT into the production processes. Also, the IoT sensors evaluate variables, which include actuator, speed, pressure, expenditure, and temperature. These systems negatively influence the substantial world, manage acute infrastructure, and helps to cumulate sensitive information concerned with different operations and intelligence equipment. Thus, the combination of all these factors and privacy prevention in various organizations will further drive the market growth.

Regional Driver

Based on the regional analysis, Asia-Pacific region is projected to cater for the highest share in the market over the coming years. The increasing acquisition of modern technologies such as Artificial Intelligence, machine learning projects, IoT, and several other latest technologies will fuel the market growth. Moreover, the ongoing economic expansion and the aggravated disbursement on IoT, primarily in the key economies such as India, Singapore, Japan, and China, will complement the market growth.

IoT Security Market Segmentation:

Segmentation by Component

  • Services
  • Solutions

Segmentation by Type

  • Endpoint Security
  • Network Security
  • Cloud Security
  • Application Security
  • Others

Segmentation by Solution

  • Data Encryption & Tokenization
  • Identity & Access Management
  • Device Authentication & Management
  • Intrusion Detection System & Intrusion Prevention System
  • Public Key Infrastructure Lifecycle Management
  • Secure Communications
  • Security Analytics
  • Distributed Denial of Service Protection
  • Others

Segmentation by Service

  • Managed Services
  • Professional Services
  • Consulting Services
  • Integration Services
  • Support & Maintenance Services

Segmentation by Application Area

  • Energy & Utilities
  • Connected Logistics & Transportation
  • Manufacturing
  • Home & Consumer Electronics
  • Smart Government & Defense
  • Connected Healthcare
  • Smart Retail
  • Others
Segmentation by Region:
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE
About GMI Research

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