The global IoT security market size is expected to reach USD 9.88 billion
by 2025, according to a new study by Grand View Research, Inc., progressing at
a CAGR of 29.7% during the forecast period. Surging demand for enhanced privacy
is driving the market. Increasing government efforts to implement stringent
regulations to restrict the amount of data collected by IoT devices by
industries such as BFSI, retail, and healthcare is expected to stimulate the
growth of the market.
Safeguarding future of internet connected
devices by robustly configuring necessary/next-generation security features and
increasing transparency as well as providing consumers with a choice to opt-out
of data collection are some of the key factors driving the market over the
forecast period.
Increasing use of 3G and 4G long-term
evolution (LTE) as well as wireless networks and technologies is augmenting the
risk of cyber-attacks. Real-time information and transaction-related
information, which are crucial to users, is exchanged through these cellular
networks; thereby, giving rise to the need for IoT security. Currently,
implementation of the internet is rising exponentially in areas such as health
monitors, smart home appliances, smart city projects, and smart retails, which
has created the necessity for IoT security.
Adoption of cloud technologies by various
organizations for storing confidential data gives rise to risk of unauthorized
access to data. Moreover, growing trend of bring your own device (BYOD) is
increasing concerns regarding data security. Therefore, several organizations
and enterprises demand effective security solutions. Thus, a robust security
solution, such as integration of firewalls and data loss prevention with IoT
security solutions, strengthens organization posture to face cyber threats.
However, lack of awareness about benefits
and availability of IoT security solution is hampering the growth of the
market. High cost of installation is also a stumbling stone in the growth of
the market. Lack of expertise in technical handling, cling to regulatory
compliance, and low budget for implementing new strategies are also some of the
factors inhibiting the growth of the market.
Access Research Report of IoT Security Market@ https://www.grandviewresearch.com/industry-analysis/internet-of-things-iot-security-market
Further key findings from the study suggest that:
· The identity & access management
solution segment was valued at USD 255.8 million in 2017, registering a healthy
CAGR over the forecast period
· The professional service is expected to
retain its dominance in the market through 2025 and is projected to reach USD
2.11 billion
· The application security type is
anticipated to register the highest CAGR of 33.5% over the forecast period
· The smart home & consumer application
segment dominated the market in 2017 and is projected to reach USD 2.93 billion
by 2025
· North America was valued at USD 442.4
million in 2017. It is expected to maintain dominance in the market until 2025.
The region was followed by Europe, which accounted for a revenue share of 27.4%
in 2017
· Asia Pacific is anticipated to witness the
highest CAGR of 34.6% over the forecast period
· Some of the key players in the market Cisco
Systems Inc.; IBM Corporation; Symantec Corporation; Gemalto NV; and McAfee,
LLC.
Grand View Research has segmented the
global IoT security market on the basis of component, solution, services,
security type, application. and region:
IoT Security Component Outlook (Revenue,
USD Million, 2015 - 2025)
·
Solution
·
Services
IoT Security Solution Outlook (Revenue, USD
Million, 2015 - 2025)
·
Analytics
·
Encryption
·
Data Loss Protection (DLP)
·
Identity and Access Management (IAM)
·
Unified Threat Management (UTM)
·
Others
IoT Security Services Outlook (Revenue, USD
Million, 2015 - 2025)
·
Professional
·
Managed
IoT Security Security Type Outlook
(Revenue, USD Million, 2015 - 2025)
·
Application
·
Cloud
·
Endpoint
·
Network
·
Others
Application Outlook (Revenue, USD Million,
2015 - 2025)
·
Healthcare & Life Science
·
Infrastructure & Cities
·
Industrial system & Sensors
·
Smart home & Consumer
·
Transport & Urban Mobility
·
Others
Regional Outlook (Revenue, USD Million,
2015 - 2025)
·
North America
o
U.S.
o
Canada
·
Europe
o
U.K.
o
Germany
o
France
o
Spain
·
Asia Pacific
o
China
o
India
o
Japan
o
Australia New Zealand
o
ASEAN
o
South Korea
·
Latin America
o
Brazil
o
Mexico
·
MEA
o
GCC Countries
o
Israel
o
South Africa
Access Press Release of IoT Security Market@ https://www.grandviewresearch.com/press-release/global-internet-of-things-iot-security-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
