As per the latest report by IMARC Group, titled “IoT Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global IoT security market size reached US$ 10.2 Billion in 2019. Internet of things (IoT) assists in creating smart communication environments by connecting devices like industrial equipment and consumer objects to a network, gathering information and managing these devices using software to increase efficiency. Some of the key components of IoT are radio frequency identification (RFID), wireless sensor network (WSN), near field communication (NFC), cloud services, gateways, data storage and analytics, and visualization elements. At present, there is a rise in the demand for IoT security as it eradicates vulnerabilities and equips IoT devices with the means to detect, resist and recover from malicious attacks.
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Global IoT Security Market Trends:
Several high-profile data breach incidents have been reported recently wherein a common IoT device was employed as a tool to attack a larger network. Such incidences, in confluence with the rising threat of cyber terrorism and rapid adoption of IoT technologies, is strengthening the market growth. Besides this, increasing automation in various industry verticals, along with the construction of smart cities, is creating a requirement for enhanced and effective security solutions. This aids in safeguarding highly sensitive personal and organizational data from malware injection. Moreover, the growing trend of Bring Your Own Device (BYOD) in corporate organizational setups is anticipated to contribute to the market growth in the coming years. On account of these factors, the market value is projected to reach US$ 40.7 Billion by 2025, expanding at a CAGR of around 26% during the forecast period (2020-2025).
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Insights on Market Segmentation:
The competitive landscape of the market has been examined, with some of the key players being Allot Ltd., Armis Inc., CENTRI Technology, Cisco Systems, Inc. ForgeRock Inc., Fortinet, Inc., Gemalto NV, International Business Machines (IBM) Corporation, Infineon Technologies AG, Intel Corporation, Mocana Corporation, Securithings, Inc., Broadcom, Inc. and ZingBox Inc.
Market Breakup by Component:
Based on the component, the market has been bifurcated into solutions and services, wherein IoT security solutions represent the biggest segment.
Market Breakup by Security Type:
1. Network Security
2. Endpoint Security
3. Application Security
4. Cloud Security
On the basis of the security type, the market has been segmented into network, endpoint, application, cloud and others. The network security segment exhibits a clear dominance in the market.
Market Breakup by Vertical:
1. Energy and Utilities
5. Consumer Electronics
The market has been analyzed on the basis of the vertical into energy and utilities, manufacturing, automotive, transport, consumer electronics, healthcare and others. Amongst these, energy and utilities account for the majority of the total market share.
Market Breakup by Region:
1. Asia Pacific
3. North America
4. Middle East and Africa
5. Latin America
Region-wise, Asia Pacific enjoys the leading position in the market. It is further segregated into China, Japan, India, South Korea, Australia, Indonesia and others. Other major regions include Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others); North America (the United States and Canada); Latin America (Brazil, Mexico, Argentina, Columbia, Chile, Peru and others); and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates and others).
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