According to the recent market study published by Growth Market Reports titled “Global IoT Security Market by Component, Deployment, Organization Size, Security Type, End-User, and Region: Size, Share, Trends, and Opportunity Analysis, 2017-2027,” the market was valued at USD 8.68 Billion in 2019 and is anticipated to grow at a spectacular rate of 27% by the year 2027. The global IoT security market is expected to grow owing to the increasing number of cyber-attacks on IoT devices and the rising demand for IoT protection platforms. Moreover, the rise of digitization and integration of automation with IoT in various industry verticals particularly in emerging economies is fueling the demand for IoT security solutions.

The global IoT security market is segregated based on component, deployment, organization size, security type, end-user, and region. Based on the component, the market is bifurcated into services and solutions. In terms of deployment, the market is divided into on-premise and cloud. On the basis of organization size, the market is classified into large enterprise and small & medium enterprises (SMEs). In regards to security type, the market is categorized into network security, endpoint security, application security, cloud security, and others. In respect to end-users, the market is classified into manufacturing, retail e-commerce, government & defense, transportation & logistics, energy & utilities, healthcare, and others.

The coronavirus outbreak has negatively impacted the growth of the IoT security market. Various global economies witnessed a shutdown in the manufacturing activities and the e-commerce business did observe a downward graph for some time. However, the market is predicted to behold a spiral growth owing to the rising trend of digitization in logistics and healthcare activities. Various companies are now focusing on expanding their horizon in the digital space which is expected to spur the market growth in the coming years.

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As per Growth Market Reports analyst Vidya Jadhav, “The global IoT security market is expected to witness substantial growth during the forecast period 2020-2027 due to the adoption of IoT security services in healthcare and retail & e-commerce industry. Amidst the pandemic, consumers are shifting towards telemedicine services and are shopping online which is driving the demand for healthcare and retail IoT security solutions & services respectively. Further, the rising penetration of IoT devices and practices in almost every other industry is encouraging companies to expand their product portfolio in this market. The emerging economies are anticipated to offer lucrative opportunities in the coming years.”

Key Takeaways from the Study:

  • The industry players including Cisco Systems, IBM, Armis Security, Infineon Technologies, and Fortinet accounted for a significant share in the global IoT security market in year 2019.
  • In 2019, the North American region dominated the market share with over 30% contribution to the market valuation. However, the Asia Pacific region is anticipated to exhibit a higher CAGR during the forecast period. The growing demand from countries such as India, China, Japan, Malaysia, and others is expected to shift the market dominance to this region.
  • The application security and network security segment are expected to grow at a substantial rate over the forecast period. Considering the increase in the fraudulent attacks and data breaches, companies are deploying the aforementioned security solutions in their infrastructure.
  • Various manufacturers are integrating smart manufacturing processes to enhance the overall performance and attack on these systems can disrupt the process and incur millions of dollars to the company. Thus, to prevent these repercussions, they’re seeking for prominent IoT security services.
  • In 2020, the virus outbreak has persuaded the consumers to go for telemedicine & telehealth services. Meanwhile, the protection of patients’ data has become the crucial parameter to inculcate trust amongst the users. This, in turn, has proliferated the growth of the healthcare segment.
  • Companies are seeking IoT security managed services to reduce the burden of their IT teams which can save them a considerable amount of time and money.

Report Scope

Report Metric

Details

Market Value in 2019

USD $ 8.68 Billion

Market Growth Rate (From 2020 to 2027)

27%

Historical Data

2017 & 2018

Base Year

2019

Forecast Period

2020-2027

Units Considered

Value (US $ Million)

Market Segments

By Component, By Deployment, By Organization Size, By Security Type, By End-users.

Regional Scope

North America Europe, Asia Pacific, Middle East & Africa, Europe, and Latin America.

Country Scope

U.S., Canada, Brazil, Rest of Latin America, China, Japan, South Korea, India, Australia, Rest of Asia Pacific, Germany, France, Italy, U.K., Spain, Russia, CIS, Rest of Europe, Saudi Arabia, South Africa, UAE, and Rest of MEA.

Key Companies Profiled

Cisco Systems, IBM, Symantec Corporation, Armis Security, Gemalto, Forgerock, Fortinet, Karamba Security, Rapid7, SecuriThings, Intel Corporation, Palo Alto Networks, Trend Micro Incorporated, and Broadcom.

Customization Scope

Report Customization Available on Request

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