Industry Trend Analysis
In 2012, the global internet of things (IoT) security market was evaluated around USD 1.56 billion and is expected to reach approximately USD 31.42 billion by 2022 while registering itself at a compound annual growth rate (CAGR) of 31.01% over the forecast period. Internet of Things (IoT) links devices like consumer objects and industrial equipment on to a network, facilitating the accumulation of data and device management via software to augment efficiency as well as allow new services. The IoT combines embedded software, hardware, IT services, and communication services. The Internet of Things has an accession of existing information technology and operational technology (OT) networks of organizations, besides multiple sensors, and devices other smart objects. Growing dependence on the present network connectivity grants rise to challenges involving security risks. The focus and priority of the IT network are to secure information confidentially and protect access, assuring employee and operational safety. Hence, there is an amplified IoT security solutions demand at offices. The organizations like Cisco systems are attempting to develop the approach that merges cyber and physical security elements for employee protection and safety of the total system.
Component Outlook and Trend Analysis
The advent of integrated security solutions is anticipated to boost the growth projection of the global IoT security industry. The IoT security solutions demand will enhance amongst end-users as there is a requirement for rendering total security to devices and networks. As individual IoT security solutions are costly, the majority end-users prefer integrated IoT security solutions. Firewalls and data loss prevention are being incorporated with IoT security solutions which will further fuel the market growth.
Type Outlook and Trend Analysis
According to type, Network security, Endpoint security, Application security and Cloud security could be the major sections of the global IoT security market. Cloud is being utilized for the biometrics data storage. As the majority organizations nowadays are implementing cloud technology for their confidential data storage, there comes up with the requirement of developing security standards to defend the cloud next to unauthorized access. The elevated implementation of services that are based on cloud technology by medium and small scale companies like pay per use model is presenting scalability and flexibility to these companies and this has ensued in an astounding rise in the implementation of cloud-based services for data storage. This is anticipated to generate an increased requirement for IoT security and fuel the market growth worldwide.
Application Outlook and Trend Analysis
Based on application, consumer wearables, connected logistics, smart government and defense, connected vehicles, smart energy and utilities, smart manufacturing, smart retail, and other applications might be the key sections of the global market. Owing to growing smart city projects across various countries, the implementation of IoT applications is increasing considerably. A growing amount of connected devices is projected to boost the demand for global IoT security market.
Regional Outlook and Trend Analysis
North America emerges as the dominating market, in terms of market revenue. The expansion of this region might be assigned to the wide deployment of IoT equipment over various countries and domains and the imposition of regulatory models. For instance, the adoption of laws like Health Insurance Portability and Accountability Act (HIPPA) and Payment Card Industry Data Security Standard (PCI DSS) has been driving the market growth. The Asia Pacific IoT security market in has been rising rapidly, owing to the higher number of business enterprises, the unregulated use of the Internet, and rise in the mobile workforce. The escalating economy, the new national security policies, and social transformation in countries like Singapore, India, and Japan have also been accountable for the development of IoT security market around the region.
Competitive Outlook and Trend Analysis
Intel Corporation, IBM Corporation, Infineon Technologies, Hewlett Packard Development Company L.P., Cisco Systems, Inc., Sophos Group Plc, ARM Holdings, INSIDE Secure SA, Gemalto NV, and Symantec Corporation are some of the key market players in the global IoT security market.
The global internet of things (IoT) security market is segmented as follows –
Support and Maintenance
Identity access management
Device authentication and management
Secure software and firmware update
Data encryption and tokenization
PKI lifecycle management
Distributed denial of service protection
Smart Government and Defense
Smart Energy and Utilities
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2012 and forecast from 2013 to 2022?
What will be the industry market growth from 2013 to 2022?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?