Report Code : A04077
Manufacturing sector is expected to attain significant growth in the upcoming years, owing to the rise of industrial IoT and surge in deployment of IoT in manufacturing industries.
Pramod Borasi
Research Analyst, ICT at Allied Market Research
According to a recent report published by Allied Market Research, titled, "IoT Security Market by Component, Deployment Model, Organization Size, Product Type, Security Type, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global IoT security market was valued at $8.472 billion in 2018, and is projected to reach $73.918 billion by 2026, growing at a CAGR of 31.20% from 2019 to 2026.
Increase in the number of ransomware attacks on various IoT devices and surge 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 hamper the growth of the market. Furthermore, increase 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 network security segment dominated the IoT security market industry in 2018 and is projected to maintain its dominance during the forecast period, owing to it advance features of securing network form various threats by collecting and analyzing the different types of network security event information. Furthermore, end-point security segment is expected to grow at a significant CAGR during the forecast period, owing to large number of IoT devices deployed on networks enforces enterprises to adopt endpoint security solutions.
The energy & utility sector dominated the IoT security market industry in 2018 and is projected to maintain its dominance during the forecast period, owing to increase in the adoption of IoT in various devices such as smart meters, smart appliances, and renewable energy resources. Furthermore, the IT & telecom sector is expected to grow at a significant CAGR during the forecast period, owing to the rise in demand for advanced IoT devices among the organization and the increase in penetration of IoT devices in household appliances.
By region, the global IoT security market was dominated by North America in 2018 and is expected to maintain this trend during the forecast period. The major factors driving the growth of the market in this region includes various government investments and contracts to increase the security level for public safety. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period, owing to the increasing focus by countries on deploying IoT security in various smart cities projects and surge in investment in IoT by developing nations such as India and China.
Key Findings of the Study:
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.
Talk to David (Europe)
Talk to Sona Padman (Americas)
5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91 2066346060
Fax: +1(855) 550-5975
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com
IoT Security Market by Component (Solution and Services), Deployment Model (On-Premise and Cloud), Organization Size (Large Enterprises and Small & Medium Enterprises), Product Type (Device Authentication & Management, Identity Access & Management, Intrusion Detection System & Intrusion Prevention System, Data Encryption & Tokenization and Others), Security Type (Network Security, Endpoint Security, Application Security, Cloud Security, and Others), and Industry Vertical (Manufacturing, Retail & E-Commerce, Government & Defense, Transportation & Logistics, Energy & Utilities, Healthcare and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026
To ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save time of readers
Buy Full Version
"Global IoT Security Market"
Purchase Enquiry
Get insights on topics that are crucial for your business. Stay abreast of your interest areas.
Get Industry Data AlertsTo ensure high-level data integrity, accurate analysis, and impeccable forecasts
For complete satisfaction
On-demand customization of the scope of the report to exactly meet your needs
Targeted market view to provide pertinent information and save the time of readers