According to new research report on Global IoT Security Market
is projected to grow at a 23.2% of CAGR during forecast period
2019-2027.
PUNE, India, March 19, 2019 /PRNewswire/ -- With
the growing incidences of misuse of consumer data, the necessity
for IoT data protection and privacy has become evident. As the most
harmless and mundane household devices gather personal data about
users' day-to-day lives, it has become crucial to secure the data
generated through IoT systems. For instance, a smart household
thermostat not only collects data about users' home temperature
preferences but also about the number of people living in a
household and when users are or aren't home. On the similar lines,
an IoT connected car can infer user's workplace, where they live,
and what their shopping preferences are, based on user activity
throughout the day. For the manufacturers of IoT systems, this
amount of data collection is apparent, but consumers don't realize
the extent to which their personal data is analyzed and used. Even
if companies tend to use consumer data responsibly, hacks and
security breaches can result in data theft and misuse. As per the
Oregon-based IoT security company
Senrio, it is easy for hackers to access consumer data through IoT
devices of large companies. The IoT systems put in place by large
companies comprise of hundreds or even thousands of IoT devices,
which provide a large surface area for infiltration. Although IoT
industry is infancy and the threats of data breach might be a
temporary challenge, consumers and manufacturers are taking steps
to improve their understanding of data privacy and cybercrime.
Hence, the need for effective prevention from data breaches is one
of the major factors that is driving IoT security market.
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The high adoption of IoT systems has made it critical to figure
out ways to harness its benefits and conveniences while minimizing
the potential for harm. As IoT has been developed for enhancing
consumer convenience, it is of utmost importance to protect their
personal data. To avoid the risk of data breaches, government
bodies across the world are making mandatory compliances for IoT
security. For instance, in 2018, the British government advocated
for strong security to be built into internet-connected products
for manufacturers, retailer and consumer groups. With such steps
from regulatory authorities and manufacturers to prevent misuse of
consumer data, the IoT security market is expected to grow.
In terms of revenue, the IoT security market stood at
US$ 2,239.8 Mn in 2018 and is
anticipated to reach US$ 14,741.0 Mn
by 2027, expanding at a CAGR of 23.2% from 2019 – 2027. This
research study aims at providing the reader with quantitative and
qualitative analysis of global IoT Security Market. The
market has been analyzed from demand as well as supply side. The
demand side analysis covers market revenue across regions and
further, across all the major countries. The supply side analysis
covers the prominent players and their regional and global presence
and key business strategies. The geographical analysis done
emphasizes on each of the major countries across North America, Europe, Asia
Pacific, Middle East,
Africa, and Latin America.
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Global IoT security Market (US$ Million), 2018, By
Region
Key suggestions from the report:
- In terms of revenue Europe
holds the highest market share in 2018 and is anticipated to
witness a sustainable CAGR over the forecast period.
- Endpoint security among the type segment accounted for a
significant market share in 2018 and is expected to grow at a CAGR
of 22.9% over the forecast years.
- Building and Architecture holds the largest market share among
different industry verticals of the IoT Security market which is
gaining additional momentum from numerous smart city projects
across the world.
- Few primary market participants in IoT security market include
Check Point Software Technologies Ltd., DigiCert, Inc., Gemalto NV,
Infineon Technologies AG, Lynx Software Technologies, Inc., McAfee,
LLC, PTC, SecureRF Corporation, and Verizon among others.
- The trend of bring your own device (BYOD) in workplaces,
growing significance of IoT in government as well as critical
infrastructure, and rising adoption of smart devices by consumers
are among the major factors propelling the IoT security
market.
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IoT security Market:
By Offerings
o Solutions
- Identity Access Management
- Device Authentication and Management
- Manufacturing Analytics
- Intrusion Detection System/Intrusion Prevention System
(IDS/IPS)
- Distributed Denial of Service Protection
- Others
o Services
By Type
- Network security
- Endpoint security
- Application security
- Cloud security
- Others
By Industry
- Energy and Utility
- Manufacturing
- Transportation and Logistic
- Building and Architecture
- Healthcare
- Automobile
- Governance
- Others (Manufacturing, Tourism, Etc.)
By Geography
o North America
- U.S.
- Canada
- Mexico
- Rest of North America
o Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
-
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
-
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
o Asia
Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
-
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
o Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East &
Africa
o Latin America
- Brazil
- Argentina
- Rest of Latin America
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