Global IoT Security Market, By Component (Solution, Service), By Deployment (Cloud, On-premise), By Enterprise (SME, Large Enterprise), By Security Type (Network Security, End-point Security, Application Security, Cloud Security and Others), By Applicatio
Global IoT Security market is expected to grow at a robust pace of around 17% until 2025 due to the growing demand for cloud-based services for authentication process and increasing number of malware attacks on IoT devices. Increasing expenditure by the major vendors operating in the industry on Internet of Things and enhancements is anticipated to positively impact the growth of market over the next few years. However, absence of standardization for IoT devices and lack of awareness of security risks is negatively impacting the market growth.
The global IoT security market is segmented based on component, deployment, enterprise, security type, application, and region. Based on component, the market can be categorized into Solutions and services. The Solutions segment is expected to dominate the market over the next few years due rise in the adoption of this IoT security solutions among various enterprises.
Based on application, the market can be fragmented into smart manufacturing, smart energy & utilities, connected logistics, connected healthcare, smart retail, connected healthcare, smart home & consumer electronics, smart transportation and smart government & defense segments. Among these application segments, the smart manufacturing segment accounted for the largest market share in 2019 owing to increasing number of IoT devices coupled with rising security and privacy requirements of such devices. Based on deployment, the market is categorized into Cloud and On-premises segments, with the Cloud segment accounting for a majority market share in 2019.
Regionally, the global IoT security market is dominated by North America, followed by Europe, APAC, MEA and South America, and same market trend is expected to continue in the coming years. North America is the largest contributing region in the global IoT security market with more than one-third of the global market share in 2019 owing to the rise in cyber-attacks and boom in the region’s IoT sector are making IoT more crucial than ever and are anticipated to fuel the IoT security market in the US, Canada and Mexico during the forecast period. However, backed by growth of IoT connectivity in China, Japan, India, and Australia coupled with increasing internet penetration and rising number of cyber-attacks in Asia-Pacific, the region is anticipated to witness fastest growth in the global IoT security market during forecast period.
The major players operating in the IoT Security market are Broadcom Corporation, Cisco Systems Inc., Fortinet Inc., Gemalto NV, IBM Corporation, Infineon Technologies AG, Intel Corporation, Palo Alto Networks Inc, SecuriThings, Inc, Trend Micro Incorporated, Symantec Corporation, TrustWave Holdings, Inc and others.
Years considered for this report:
Historical Years: 2015-2018
Base Year: 2019
Estimated Year: 2020
Forecast Period: 2021–2025
Objective of the Study:
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of major IoT security players across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the service providers which could not be identified due to the limitations of secondary research. TechSci
TechSci Research calculated the market size of global IoT Security market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as IoT security providers, partners, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global IoT security market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Company Profiles: Detailed analysis of the major companies present in global IoT security market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
Please Note: The report will be delivered in PDF format along with report’s data excel sheet but without printing rights.
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