Internet of Things (IOT) Security Market By Security Type (Network security, Endpoint security, Application security, Cloud security, Others) By Component (Solution, Services) By Application and Region - Global Forecast to 2026
17 October 2017
The global internet of things security market was valued over US$ 7,550 million in 2017, and is expected to register a CAGR of over 34%. The report offers in-depth insights, revenue details, and other vital information regarding the global internet of things security market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2026. The report also offers insightful and detailed information regarding the various key players operating in the global internet of things security market, and their financials, apart from strategies, acquisitions & mergers, and market footprint. The global internet of things security market is segmented on the basis of network security components, end user, and region.
In order to protect this confidential and private data and to provide secure access IoT security solution and services are needed. Internet of things connects multiple devices in an organization via wireless sensor networks and cloud services, this connection provides access to operational technology network and information technology.
Global Internet of Things Security Market Dynamics:
Increasing threat of virus attack is the major factor driving growth of the global internet of things security market. The rapid growth of the Internet of Things (IoT) security owing to threat from malicious and ransomware attacks on connected devices will increase investment on IoT security. The growth of the global internet of thing security market is attributed to this threat.
Due to flexibility and scalability offered by cloud to small and medium scale enterprise and companies, the adoption of cloud is increasing. To securing this confidential data on cloud the security systems are hired. This demand for security system is major factor to drive the global internet of thing security market.
Increasing need for data-centric security solutions for various security controls for the information itself stored and processed in database systems, primary computing and network infrastructures, as well as applications accessing the data is driving the market. The cost of IoT security solutions may impact the growth of the market initially. But as consumers are increasingly drawn to the conveniences and benefits of IoT devices the IoT market is expected to witness the growth globally.
However, errors in real-time responses being generated by the security systems, over reliance on technology, and complexes in the systems could lead to damage. These are the major factors for the restraining the growth of the global IoT security market.
Today most of the organizations/companies are preferring cloud to store their confidential data, there is a extensive need to develop strong security system to protect systems against unauthorized access which is expected to create opportunities for players in the global internet of things market.
Market analysis by network security components:
On the basis of navigation security components segmentation, the hardware segment is expected to contribute major revenue share and expected to maintain its dominance over the forecast period. Host-based systems are better at detecting and reacting to long-term attacks such as data theft, and malware attacks, as compared to network-based systems. This is a major factor for consumer preference towards hardware components, which in-turn is fueling growth for the hardware segment.
Market analysis by end user:
Among all the end user segments, industrial sector segment accounted for highest revenue contribution to the global internet of things market, owing to factors such as increasing adoption of IoT solutions in manufacturing industry to boost production, improve quality, and cost efficiency of products. Digital transformation in the manufacturing industry has resulted in high data transmission between connected devices which is driving the adoption of IoT security solutions, and in turn fueling growth of industrial sector segment.
Commercial sector segment is expected to account second largest share in the global internet of things market owing to continuous technological advancements in connected devices, and accuracy in real-time responses and reliability of advanced IoT devices.
Analysis by Region:
The market in the Americas is expected to dominate the global internet of things security market, and it accounts for largest market revenue over US$ 2,600 million in 2017 as compared to that of markets in other regions. Dominance by American market is expected to continue over the forecast period with a CAGR over 33.0%, owing to higher demand among users in countries in the region.
Growing demand for smart devices such as smartphones, tablets, windows desktop computers, wireless gaming, and smart TVs in the region, that are connected to Wi-Fi network are lagging in secure their network which results their personal information might be leaked or stolen, to avoid this kind of attack adoption of IoT security system is must to protect personal data which in turn is expected to fuel growth of the IoT security market in the region. Growing popularity of telemedicine is expected to further drive growth of the IoT security market in this region owing to security being a critical characteristic of any health information system
Europe is expected to account second largest revenue share in the global internet of things security market. General Data Protection Regulation (GDPR) is regulation to strengthen data protection for all individuals within the European Union (EU). Regulation was adopted on April 27, 2016 and become applicable from May 25, 2018.
Germany is center for automotive OEMs and are using many robotics machines for manufacturing process are connected through internet. To avoid interruption from third party who can take control of all machines by hacking system, implementation of IoT security is important in this sector helps to fuel growth of the IoT security market in the region.
Asia Pacific is expected to be fastest growing region. Increasing purchasing power among consumers in countries such as India and China is further driving demand for smart wearable and computing devices, which is expected to drive the market growth in the region. The demand for internet of things security is estimated to witness significant growth owing to various ongoing smart city projects.
Global Internet of Things Security segmentation, by network security components:
Global Internet of Things Security segmentation, by end user:
- Industrial sector
- Commercial sector
- Consumer Sector
Global Internet of Things Security segmentation, by region:
- The Americas
- Asia Pacific
- Rest of The World (ROW)
- Cisco Systems
- Infineon Technologies
- Intel, Symantec
- Wurldtech Security Technologies
- 1.0 Chapter 1
- 1.1 Preface
- 1.2 Assumptions
- 1.3 Abbreviations
- 2.1 Report Description
- 2.1.1 Market Definition and Scope
- 2.2 Executive Summary
- 2.2.1 Market snapshot, By Network Security Components
- 2.2.2 Market Snapshot, End User
- 2.2.3 Market Snapshot, By Region
Request for Customization
Don't just take our word. We are trusted by these great companies!