The Internet of Things (IoT) Security Market Size was estimated at USD 2,221.0 million in 2019, and it is anticipated to grow to USD 20,776.1 million by 2027, at a CAGR of 32.3%.
98% of traffic from the Internet of Things devices is unencrypted, according to Palo Alto Networks, Inc.'s Unit 42 IoT Threat March 2020 report. This data shows that the majority of sensitive and private information on the network is exposed to cyber-attacks. It is critical to implement advanced security management of IoT networks and devices due to the growing benefits and exponential popularity of the Internet of Things.
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Information about the report:
- Forecast Timeframe: 2020-2027
- The starting year is 2019
- Market Size in 2019: USD 2,221.0 million
- The market size in 2028 will be USD 20,776.1 million
- CAGR: 32.3 %
- Segments Included: according to deployment type, application, enterprise type, sector, and geographic region
The Internet of Things (IoT) Security Market is a large and growing sector that covers various aspects, such as market size, market share, market segment, and industry. The market size is the total amount of money that service providers make when they sell their products to customers. Market share is the percentage of the market that is under the control of one or more providers. The term market segment refers to the different categories of applications based on their functions, features, or target users. The term industry refers to the different sectors or domains that use applications for their business operations or activities.
Analyses of the worldwide Internet of Things (IoT) Security Market are conducted across regions, end-user industries, and material types. The study includes a thorough examination of segments and their sub-segments with the aid of tabular and graphic depictions. The segmentation can help investors and market participants create plans based on the report's list of the segments with the highest revenue growth rates.
By Component Type Analysis,
The market is divided into services and solutions according to components. In the upcoming years, demand for security solutions is predicted to increase. IoT Threat Defense from Cisco Inc. and X-Force Red from IBM Corporation are two examples of security solutions made available by market players that assist organizations in reducing the risk of malware and ransomware attacks on the IoT network that is connected to the enterprise while still enabling smooth operation of the business. IoT security services are anticipated to experience rapid growth in the upcoming years.
By Solution Analysis,
The solution segment is further divided into the following subcategories: identity access management (IAM), data encryption tokenization, device management, security analytics, unified threat management (UTM), and others. Systems for detecting and preventing intrusions, secure communication, etc. are included in the other segment.
Research and development in identity and access management have made it possible to create the Identity of Things (IoT), a new identity ecosystem. Identity and access management solutions are required due to the growing demand for multi-factor authentication. A remarkable growth rate is anticipated for security analytics. By using cutting-edge methods like machine learning to identify potential threats, analytics-driven security solutions can take in large amounts of data.
By Services Analysis,
Professional and managed services are two additional categories within the services sector. In the international market, professional services are anticipated to generate sizable revenue. The demand for more responsive managed security services is probably being driven by the quickly changing IoT environment.
By Deployment Analysis,
Depending on the deployment style, the market is divided into cloud and on-premise segments. The demand for cloud-based solutions is anticipated to be driven by the growing trend of security analytics and real-time threat detection. Since the majority of IoT devices are wirelessly connected, on-premise solutions are expected to experience steady growth.
List of Key Companies Profiled:
Reduced costs, increased customer assurance of IoT security, and collaborative IoT knowledge are the IoT security benefits of partnerships most likely to be realized. Market leaders like Intel Corporation, Mocana Corporation, and Fortinet Inc. are likely to use strategic partnerships as a part of their operational business strategies.
List of Key Companies Proposed:
“Cisco Systems Inc. (California, United States), IBM Corporation (New York, United States), Intel Corporation (California, United States) , Thales Group (Gemalto) (La Défense, France), Forgerock (California, United States), Infineon Technologies AG (Neubiberg, Germany)”
By Region,
North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America are the five main geographic divisions of the market. Country-level divisions are made within the regions. On the global market, North America is predicted to take the lead. High growth rates are anticipated for Asia Pacific.
The study report provides a thorough analysis of the “Internet of Things (IoT) Security Market” size globally, including regional and country-level market size analysis, CAGR estimation of market growth during the forecast period, revenue, key drivers, competitive background, and sales analysis of the payers. The paper also discusses the principal risks and challenges that will be encountered over the projected period. The Internet of Things (IoT) Security Market is divided into two categories: type and application. Players, stakeholders, and other participants in the global Internet of Things (IoT) Security Market industry will be able to gain the upper hand by using the study as a valuable resource.
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