The global Internet of Things security market was valued at US$ 5,654.5 Mn in 2016 and is projected to reach US$ 49,502.5 Mn in 2026 at a CAGR of 34.9% from 2017 to 2026. The hardware segment in the global Internet of Things security market is estimated to account for the major revenue share of 45.7% in 2017, owing to factors such as increasing use of security-enabled hardware components.
Internet of Things connects multiple devices in an organization via wireless sensor networks and cloud services. This type of connection provides access to operational technology networks and information technology. IoT solutions and services are essential to protect confidential and personal data and to provide secure access to authorized users.
Major factors driving the growth of the global Internet of Things security market is increasing adoption of cloud-based services and solutions in various sectors, which has led to storage of vast volumes of data on the cloud that could be vulnerable to cyber-attack and data theft. Another factor driving the growth of the global Internet of Things security market is increasing the number of connected devices in organizations worldwide, and increasing concerns related to security of devices and data privacy.
However, lack of technical proficiency for handling security infrastructure is hampering the growth of the global internet of things security market.
Companies profiled in the report are IBM Corporation, Infineon Technologies, Symantec Corporation, Check Point Security Software Technologies Ltd., Cisco Systems Inc., Intel Corporation, Alcatel-Lucent S.A., Sophos Plc, NSIDE Secure SA, ARM Holdings.