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IoT security is the process of securing Internet of Things and the network in which they are connected. In addition, organizations and individuals are looking forward for enabling IoT enabled devices in their systems and processes, owing to which there has been an increase of various malicious activities, which drives the growth of the IoT security market. Furthermore, IoT security helps in finding different vulnerabilities in IoT devices and helps in securing the unprotected and unsecured devices and services from various virus, hacks, and attacks. In addition, it provides integrated solution which helps in delivering protection, visibility, and segmentation throughout the entire network infrastructure of IoT devices.
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Increase in the number of ransomware attacks on various IoT devices and rise in number of IoT security regulations among the developing economies drive the growth of the market. In addition, rise in malware and phishing threats among different enterprises propels the growth of the market. However, budget constraints among organizations and expensive IoT security solutions hampers the growth of the market. Furthermore, rise in need for IoT security solution and adoption of IoT security solutions by various developing nations is expected to present major opportunities for the expansion of the market in future.
The global IoT security market is segmented into component, deployment model, organization size, product type, security type, industry vertical and region. In terms of component, it is bifurcated into solution and service. Based on deployment model, the market is segmented into on-premise and cloud. By organization size, it is divided into large enterprises and small- and medium-sized enterprises (SMEs). In terms of product type the market is classified into device authentication & management, identity access & management, intrusion detection system & intrusion prevention system, data encryption & tokenization and others. By security type, the market is categorized into network security, endpoint security, application security, cloud security and others. As per industry vertical, the market is segmented into manufacturing, retail & e-commerce, government & defense, transportation & logistics, energy & utilities, healthcare and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyses the profiles of key players operating in the market IBM Corporation, Intel Corporation, Infineon Technologies AG, Cisco Systems Inc., Broadcom, Gemalto NV, Fortinet Inc., SecuriThings, Palo Alto Networks Inc. and Trend Micro Incorporated. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key benefits for stakeholders
• The study provides an in-depth analysis of the global IoT security market along with the current & future trends to elucidate the imminent investment pockets.
• Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided in the report.
• Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
• The quantitative analysis of the global IoT security market from 2019 to 2026 is provided to determine the market potential.