Internet of Things (IoT) Security Market

Internet of Things (IoT) Security Market Size & Growth (2021 - 2026)

The global Internet of Things Security Market is expected to grow at a massive CAGR rate of about 34% between 2021 and 2026 ranging from a value of USD 7.62 billion in 2018 to USD 30.02 billion by 2026. While North America dominates the global market in terms of market share and revenue, followed by the Asia Pacific region, which is advancing strongly further with high rates of CAGR being registered during the forecasted period.

IoT Security Market Drivers & Restraints:

The key market factors which contribute to the growth of the market are the increased attacks of ransomware on IoT systems these days, a mandatory requirement that’s been introduced to comply with the stringent rules and regulations and the increase in risk-based adaptive security for IoT, etc. However, high costs, budget constraints, and physical restraints of IoT devices and applications are acting as hurdles for market growth.

Recent Industry Developments

Internet of Things is among one of the most significant technological trends that has managed to attract the attention of many companies around the world. With the growing integration of IoT products into wireless networks, this market is expected to experience a massive growth rate. Following are few recent industry developments took place.

January 2018 – IBM has partnered with Maersk Global Logistics, a leader in the transportation industry, to use blockchain technology to create a digitized global commerce platform and a more efficient and secure process for driving global commerce. The companies also aimed to harness AI, IoT, and analytics technologies to improve digital circulation and tracking of goods around the world.

During the fall of 2017, while IBM has managed to acquire Agile Solutions, the Cisco acquired Observable Networks. Both these acquisitions were aimed at diversifying their security portfolios in the domain of cloud computing and security capabilities, also complementing the pre-existing IoT policies & platforms.

In May 2017, PTC formed a partnership with Ernst & Young, a multinational professional services firm. This partnership has enabled PTC and Ernst & YoungY to co-create IoT solutions to enable manufacturers to improve end-to-end Product Lifecycle Management (PLM).

In July of 2015, Tustwave has introduced some new IoT security services to help the manufacturers and business users of IoT technology, devices & applications effectively identify and fix IoT threats and vulnerabilities.A recent survey done by the Ponemon Institute has found that most respondents believe their systems fall prey to an IoT cyberattack, but very few are prepared for or are doing anything to thwart such threats. Given the rising number of highly-visible consumer IoT-related security breaches, cybersecurity expert Bruce Schneier has recently called for government regulation of the IoT, concluding that both IoT manufacturers and their customers don’t care about security.

INTERNET OF THINGS (IOT) SECURITY MARKET REPORT COVERAGE:

Market Segmentation:

Internet of Things (IoT) Security Market - By Component:

• Solutions
• Services

Internet of Things (IoT) Security Market - By Type:

• Network
•  Endpoint
• Application
• Cloud Security

Internet of Things (IoT) Security Market - By Solution:

• Identity Access Management
• Device Authentication and Management
•  Security Analytics IDS/IPS

Internet of Things (IoT) Security Market - By Service:

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

Internet of Things (IoT) Security Market - By Region:

• North America
•  Europe
•  Asia Pacific
•  Latin America
• Middle East & Africa

The Asia Pacific is the fastest-growing market among all the regions & it is North America which captures a large part of the market in terms of both revenue and share owing to a lot of factors like well sustainable and well-established economies, huge investments put in Research and Development (R&D) activities, significantly contributing to the development of new technologies in IoT and analytics by way of direct/ indirect funding etc. Not only these but countries such as Japan, China, Singapore, Australia, and India are also gaining ground and taking various initiatives in R & D and support for IoT deployments in utilities, manufacturing, and retail sectors.

Key Market Players

PTC Inc. (US), Symantec Corporation (US), Verizon Enterprises Solutions (US), Trustwave (US), Check Point Security Software Technologies Ltd. (US), Cisco Systems, Inc. (US), IBM Corporation (US), Infineon Technologies (Germany), Gemalto NV (Netherlands), AT&T Inc. (US), Trend Micro Inc. (Japan), and Digicert (US).