IoT Security Market witnessed USD 9,000 million in 2019, growing at a robust CAGR of 22.1% during forecast period.

Introduction of the IoT Security Market Report

IoT security helps in protecting the internet-enabled devices that connect with each other through wireless networks. IoT security is one of the safest components tied to the Internet of Things (IOT) and protects IoT-based devices from cyberattacks and various other cybercrimes. It spans the industrial machines, building automation systems, employees’ personal IoT devices, smart energy grids, and other devices that aren’t designed for network security.

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The global IoT Security Market is expected to become more mainstream in the coming six years due to the rising number of ransomware attacks on IoT devices and the growing data risk in IoT networks across the globe. The hackers are targeting IoT devices and taking advantage of known vulnerabilities, such as those regarding the default username, password, and static code backdoor. Thus, the increasing vulnerability of critical systems is encouraging the government of various countries to opt for IoT-enabled security. In addition to this, the rising requirement for IoT security solutions with multiplying variants of attacks is another factor that is having a positive influence on market growth.

The cybercriminals are using the multi-layered cyber-attacks to monitor the intelligence and commercial aspects of individuals, enterprises, and countries. This factor has encouraged large companies to integrate their security solutions to decrease the cost and enhance the safety of their facility. Hence, the increasing requirement for integrated security solutions will surge the market demand in the coming years. Furthermore, the rising usage of 3G and 4G long-term evolution and wireless networks and technologies is growing the risk related to cyber-attacks. Real-time information and transaction-related information, which is essential to users, is basically exchanged through these cellular networks, which in turn, is boosting the need for IoT security. The increasing trend of bring your own device (BYOD) is rising concerns related to data security. On the other hand, the lack of awareness related to the remarkable benefits and availability of IoT security solutions are likely to hamper the growth of the market in the coming years. Moreover, the high cost of installation is another factor that will have a negative impact on market growth.

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Based on the component, the services segment is anticipated to grow at a higher CAGR during the forecast period. The services segment is further segmented into professional services and managed services. The accelerating demand for technical expertise in IoT devices is a major factor that is surging the demand for consultation and professional services.

On the basis of application, the data encryption and tokenization is expected to witness higher CAGR during the forecast period. Security is considered as one of the essential component when it comes to the deployment of IoT into the manufacturing processes. The IoT sensors measure variables, which include pressure, speed, consumption, actuator, and temperature. These systems adversely impact the physical world, control critical infrastructure, and helps in collecting sensitive information related to various operations and smart equipment. The combination of these factors is propelling the demand for IoT security and privacy protection in various organizations.

Based on the application, Insect Control projected to capture the largest market share over the forecast period in the global IoT Security Market due to the rising concern for hygiene and diseases related to insects. Insect control is further divided into cockroaches, ants, termites, flies, mosquitoes and others in the global IoT Security Market.

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Based on the region, Asia-Pacific region is expected to dominate the market in the next six years. The rising adoption of advanced technologies such as IoT, Artificial Intelligence, and various other advanced technologies is a major factor that is propelling the growth of the market in this region. Moreover, the continuous economic growth and the increasing spending on IoT, especially in the major economies such as China, India, Singapore, and Japan, is further complementing the market growth in the coming years.

Various notable players operating in the market include Cisco Systems Inc., IBM, Intel Corporation, Infineon Technologies AG, NortonLifeLock Inc., Thales Group, Allot, Fortinet, Inc., Mocana, and SecuriThings, among others.

Key Developments: 

• • In 2020, Cisco launched a new Cloud-Native Platform, SecureX, that will help in simplifying the security and tackles complexity. Cisco SecureX offers greater visibility in the entire security portfolio, delivers security analytics, and automates workflows to speed up threat detection and response.
  • In 2020, IBM successfully acquired cloud security startup Spanugo to improve its compliance. Spanugo’s technology can efficiently and transparently demonstrate cybersecurity compliance in real time when a company is audited.
  • In 2020, Infineon Technologies AG entered into a partnership with Sectigo, a leading provider of automated digital identity management and web security solutions, with an aim to protect IoT devices with automated factory provisioning of certificates.

The global IoT Security Market has been segmented on the basis of component, type, solution, service, application area, and key regions. Based on component, the market is segmented into services and solutions. Based on type, the market is segmented into endpoint security, network security, cloud security, application security, and others. Based on solution, the market is segmented into data encryption & tokenization, identity & access management, device authentication & management, intrusion detection system & intrusion prevention system, public key infrastructure lifecycle management, secure communications, security analytics, distributed denial of service protection, and others. Based on service, the market is segmented into managed services and professional services. The professional services segment is further categorized into consulting services, integration services, and support & maintenance services. Based on application area, the market is segmented into smart energy & utilities, smart manufacturing, smart home & consumer electronics, connected logistics & transportation, smart government & defense, connected healthcare, smart retail, and others. 

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Key questions answered in this research report:

• • At what pace is global IoT Security market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in IoT Security market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global IoT Security market?
  • Which component generated maximum revenues in 2019 and identify the most promising components during the forecast period?
  • What are the various application areas of global IoT Security market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues (2019)	USD 9,000 million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Component, By Type, By Solution, By Service, By Application Area, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Cisco Systems Inc., IBM, Intel Corporation, Infineon Technologies AG, NortonLifeLock Inc., Thales Group, Allot, Fortinet, Inc., Mocana, and SecuriThings, among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global IoT Security Market by Component

• • Services
  • Solutions

Global IoT Security Market by Type

• • Endpoint Security
  • Network Security
  • Cloud Security
  • Application Security
  • Others

Global IoT Security Market by Solution

• • Data Encryption & Tokenization
  • Identity & Access Management
  • Device Authentication & Management
  • Intrusion Detection System & Intrusion Prevention System
  • Public Key Infrastructure Lifecycle Management
  • Secure Communications
  • Security Analytics
  • Distributed Denial of Service Protection
  • Others

Global IoT Security Market by Service

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

Global IoT Security Market by Application Area

• • Smart Energy & Utilities
  • Smart Manufacturing
  • Smart Home & Consumer Electronics
  • Connected Logistics & Transportation
  • Smart Government & Defense
  • Connected Healthcare
  • Smart Retail
  • Others

Global IoT Security Market by Region

• • North America IoT Security Market (Option 1: As a part of the free 25% customization)
    • North America IoT Security Market by Component
    • North America IoT Security Market by Type
    • North America IoT Security Market by Solution
    • North America IoT Security Market by Service
    • North America IoT Security Market by Application Area
    • US IoT Security Market All-Up
    • Canada IoT Security Market All-Up
  • Europe IoT Security Market (Option 2: As a part of the free 25% customization)
    • Europe IoT Security Market by Component
    • Europe IoT Security Market by Type
    • Europe IoT Security Market by Solution
    • Europe IoT Security Market by Service
    • Europe IoT Security Market by Application Area
    • UK IoT Security Market All-Up
    • Germany IoT Security Market All-Up
    • France IoT Security Market All-Up
    • Spain IoT Security Market All-Up
    • Rest of Europe IoT Security Market All-Up
  • Asia-Pacific IoT Security Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific IoT Security Market by Component
    • Asia-Pacific IoT Security Market by Type
    • Asia-Pacific IoT Security Market by Solution
    • Asia-Pacific IoT Security Market by Service
    • Asia-Pacific IoT Security Market by Application Area
    • China IoT Security Market All-Up
    • India IoT Security Market All-Up
    • Japan IoT Security Market All-Up
    • Rest of APAC IoT Security Market All-Up
  • RoW IoT Security Market (Option 4: As a part of the free 25% customization)
    • RoW IoT Security Market by Component
    • RoW IoT Security Market by Type
    • RoW IoT Security Market by Solution
    • RoW IoT Security Market by Service
    • RoW IoT Security Market by Application Area
    • Brazil IoT Security Market All-Up
    • South Africa IoT Security Market All-Up
    • Saudi Arabia IoT Security Market All-Up
    • UAE IoT Security Market All-Up
    • Rest of world (remaining countries of the LAMEA region) IoT Security Market All-Up

Major Players Operating in the IoT Security Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Cisco Systems Inc.
  • IBM
  • Intel Corporation
  • Infineon Technologies AG
  • NortonLifeLock Inc.
  • Thales Group
  • Allot
  • Fortinet, Inc.
  • Mocana
  • SecuriThings