According to a new market research report, “Internet of Things (IoT) Security Market by Technologies (Network, Cloud and Application Security, Identity Access Management, Analytics, UTM, IDS/IPS, Device Management, Encryption), Industry Verticals and Applications – Global Forecast to 2020”, published by MarketsandMarkets, Internet of Things (IoT) Security Market is expected to grow from USD 6.89 Billion in 2015 to USD 28.90 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 33.2% from 2015 to 2020.
The market report consists of smart technology solutions and services that aim at securing the network of connected devices. Security issues started with the connection of computer systems and with the growth of networking, the number of cyber-attacks also increased. To safeguard the IoT network, security solutions providers are working towards the integration efficient security solutions.
The rise of security concerns in critical infrastructures such as utilities, smart grids, and manufacturing facilities is expected to remain the key driver of the IoT Security Market in the coming years. Security issues in critical infrastructures can lead to huge losses such as power hacks, loss of life, and malfunction of nuclear reactors. Therefore, proper security implementation is essential and companies are increasing their investments for the same. Regulating bodies in North America and Europe have also mandated the security standards regarding the disclosure of information and privacy. As a result, solution providers are shifting towards IoT security solutions to safeguard the connected devices. However, the developing countries are still unaware of the IoT based cyber attacks and their resulting effects which act as a factor restraining the growth of the market.
Nowadays, cloud-based security solutions are providing good opportunities for the growth of the IoT Security Market by minimizing implementation and maintenance costs and organizations are shifting towards the deployment of cloud-based security solutions.
Furthermore, the IoT Security Market remains competitive with the presence of a large number of vendors. The major vendors in the IoT security market are Cisco, IBM, Infineon Technologies, Intel Corporation, Symantec, and Check Point Technologies, among others.
The global IoT Security Market has been segmented on the basis of applications, solutions, services, and regions. Applications include wearables, building & home automation, supply chain management, patient information management, energy & utilities management, customer information security, asset optimization, manufacturing process management, communication technology management, and telematics. IoT security solutions include IAM, analytics, encryption, UTM, Data Loss Protection (DLP), IDS/IPS, DDoS protection, security & vulnerability, device management, and others. The services have been segmented into consulting services, managed services, risk assessment, and support & maintenance services. In addition, the report classifies the market according to the regions of North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America.
MarketsandMarkets forecasts that the global Internet of Things (IoT) Security Market is expected to grow from USD 6.89 Billion in 2015 to USD 28.90 Billion by 2020, at a Compound Annual Growth Rate (CAGR) of 33.2% from 2015 to 2020. In the current scenario, North America is expected to be the largest market on the basis of market size and technological advancement.
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