IoT Security Market Expecting 31% CAGR Growth from 2016 to 2022, Globally

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Pune, India — 11/29/2017 — Global IoT Security Market Information, by Type (Network Security, Cloud Security, Application Security), by End-User (IT, Transportation, Retail, BFSI, Healthcare, Manufacturing, Energy & Utilities) – Forecast 2022

Market Synopsis of IoT Security Market:

Market Scenario:

Internet of things (IoT) has bring wide connectivity to the world through millions of things or devices. Smart television, smart refrigerator, smart cars, health monitors & wearable are some of the example of its vast connectivity applications. The increasing usage of software & data in enterprise assets and consumer driven gadgets is also increasing new cyber-attacks for the IoT device market thereby demanding for strong IoT security tools & services.

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The major growth driver of IoT Security Market is the high adoption of cloud based technology by organizations and government agencies. BFSI, healthcare, and manufacturing are increasingly shifting their traditional data storage methods towards cloud based data storage thereby required high security services. Other factor such as increasing digital data transmission via smartphones, evolving network services namely 3G, 4G has increased growth of digital technology thereby has increased vulnerability for data loss or cyber-attacks, and high demand for IoT security services by healthcare sector is also driving growth in the market during forecast period 2016-2022. However, lack of awareness about various available security methods and complex security infrastructure has projected to be some of the growth constraints for IoT Security market.

The cyber solution companies are providing various security solutions to secure the use of IoT devices. Gemalto, a leading digital security provider offers secure element (SE) technology for automotive and utility sectors. This secure element technology protects advanced digital technology & life-cycle management by providing encryption and access control limitation over sensitive data. Other major market player Microsoft corporation is also working to include BitLocker encryption & secure boot technology into its Window 10 IoT software.

Globally the Market for IoT Security is expected to grow at the rate of more than ~31% from 2016 to 2022.

Segments for IoT Security Market:

Global IoT Security Market can be segmented as follows:

-Segmentation by Type: Network security, application security, cloud security and others.
-Segmentation by End-Users: Retail, Manufacturing, Healthcare, Transportation, Energy & utilities, IT, BFSI and others.

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Regional Analysis of IoT Security Market:

North America is expected to dominate the IoT Security market during the forecast period 2016-2022. High adoption of IoT technologies and devices by manufacturing and IT sectors in the region has shown impressive growth in the past few years. The high involvement of technology also lead to threat for cyber-attacks for an organization, for this reason many companies are deploying smart sensors & other security devices. The early adoption IoT security services by companies in the region is fuelling North America dominance in the IoT Security market. In Europe, the European commission is planning to implement new cyber security platforms to protect confidential data of government as well as of organization from IoT devices which is propelling the growth for IoT Security market in the region. Furthermore, Asia-Pacific is expected to be the fastest growing IoT Security market during the forecast period 2016-2022. Due to increasing cyber-crime in the region the demand for IoT security services especially by SMEs is increasing thereby witnessing high growth of IoT services market in the region.

Key Players for IoT Security Market:

Some of the major players in Global IoT Security Market includes Cisco Systems, Inc. (U.S.), IBM Corporation (U.S.), Verizon enterprise solutions (U.S.), Symantec AG (Germany), Infineon Technologies AG (Germany), Intel Corporation (U.S.), AT&T Inc. (U.S.), Gemalto NV (U.S.), General Electric (U.S.), Sophos Group PLC (UK), and others.

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