The IoT security market is garnering rapid
traction across the globe. Market growth attributes to the spurting rise in
demand for the latest security & authentication technologies in various
information sensitive industries. Besides, the rising uptake of IoT securities
in IT, BSFI, and telecom sectors create substantial market demand. Moreover,
the high adoption of cloud-based technology by organizations and government
agencies escalates market growth.
Market Research Future (MRFR), in its latest IoT
security market report, asserts that the market is poised to grow at a massive
CAGR of 32.6% during the review period (2019-2025). BFSI, healthcare, and
manufacturing sectors are increasingly shifting their traditional data storage
methods to cloud-based data storage, thereby requiring high-security services.
Also, increasing digital data transmissions via smartphones and evolving
network services, namely 3G, 4G, create substantial market demand.
Additionally, the high demand for IoT security
services by the healthcare sector, alongside the increased digital technology
growth that has increased vulnerability of data loss or cyber-attacks in
telecommunications, boosts the market growth. IoT security market trends, such
as the growing integration to enhance multi-factor authentication and access
management & SSO services in eCommerce sectors, accelerate the growth of
the market.
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Global IoT Security Market – Segments
The report is segmented into five
dynamics;
By Type : Network Security, Endpoint Security, Solution
Security, and Cloud Security.
By Solution: Identity Access Management, Device Authentication &
Management, Secure Communication, Security Analytics, Trusted Identification,
Data Encryption and Tokenization, and others.
By Technology: Facial Recognition, Iris Recognition, Fingerprint Identification,
and others.
By Vertical : Retail, Manufacturing, Healthcare,
Transportation, Energy & Utilities, IT & Telecommunication, BFSI, and
others.
By Regions : Asia Pacific, North America, Europe, and the
Rest-of-the-World.
Global IoT Security Market – Regional Analysis
North America leads the global IoT security
market. The largest market share attributes to the rapid deployments of IoT
security solutions and services across the industry verticals for securing the
IoT devices and sensors. Besides, the presence of a number of industry players
and efficient agencies working against cybercrimes drive the market growth in
the region.
Moreover, substantial technological advancements
and investments implemented to secure IoT environments foster market growth.
Rapid adoption of mobile and cloud applications in banking, IT & telecom,
government, energy & utility services boost the market demand colossally.
The US is a technologically advanced country and dominates the regional market
due to large-scale implementations of IoT solutions, followed by Canada and
Mexico, respectively.
Europe stands second in the global IoT security
market. The market is driven by the increasing uptake of IoT security solutions
in government establishments like cyber authorities & policies to protect
confidential data. Additionally, the growing adoption of advanced analytics by
small and large organizations to protect IoT data pushes regional market
growth.
Also, increased compromised security
issues due to the rising adoption of BYOD policies and malicious software that
propel the regional market growth, making sensitive information vulnerable.
Furthermore, increased adoption of IoT devices and IIoT technology in the
region substantiates the development of IoT security solutions. Rapidly
developing countries like China and India lead the European IoT security
market.
The Asia Pacific IoT security market is growing
rapidly. Factors such as the increasing cyber-attacks in IT infrastructure
impact the market growth in the region positively. Moreover, the rising demand
for IoT solutions from the banking & financial services, media &
entertainment, and manufacturing sectors increases market size. The APAC
IoT security market is forecasted to register the highest CAGR over the review
period.
IoT Security Market – Competitive Analysis
Highly competitive, the IoT security market
appears fragmented due to the presence of numerous well-established players. To
gain a larger competitive share, innovation, mergers & acquisitions, and
brand reinforcement remain key trends for these players. The market is likely
to witness intensified competition with an increase in R&D innovations and
M&A.
Major Players:
Players leading the global IoT security market
include Symantec Corporation (US), PTC (US), Infineon Technologies (Germany),
Check Point Security Software Technologies Ltd. (US), Trustwave Holdings (US),
IBM Corporation (US), Gemalto NV (Netherlands), Cisco Systems, Inc. (US),
AT&T Inc. (US), DigiCert (US), Trend Micro, Inc. (Japan), Intel Corporation
(US), Verizon (US), Sophos Group (UK), and General Electric (US), among others.
Industry/ Innovation/ Related News:
October 12, 2020 --- ElevenPaths (Spain), a cybersecurity subsidiary
of Telefónica, announced a global partnership agreement with a global leader in
telecom analytics solution company Subex Ltd. (India) to deliver its IoT
threats detection service globally. ElevenPaths offers disruptive innovation in
cybersecurity to set up privacy and trust digital spaces. This global
partnership agreement with Subex would enable ElevenPaths to deliver its IoT
Threats detection service across the globe effortlessly.
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IoT Security Market Research Report:
Information by Technology (Hall Effect, Magneto Resistive, Variable
Reluctance), By Application (Automotive, Industrial, Aerospace & Defense,
Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle
East & Africa, and South America)—Forecast till 2030
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