IoT (Internet of Things) Security Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of IoT Security Market
The IoT security market size was valued at USD 2,221.0 million in 2019, and the market is now projected to grow to USD 20,776.1 billion by 2027, exhibiting a CAGR of 32.3% during the forecast period of 2019-2027.
Government has put restrictions on social gatherings, events and moving out from home which make the people homesick. Numerous companies are encountering hurdles due to covid pandemic as the outbreak situation has curtailed production and supply chain which has hindered the market switched to treating covid patients as priority over the other procedures which led the IoT security market growth. Additionally, manpower shortages affected manufacturing plants and slowed production due to movement restrictions and lockdowns in several regions. The pandemic has also had a negative impact on facial recognition door lock manufacturing and production facilities. The disruption in the supply chain and the decreased availability of labor, staff, and resources are the causes of this. The market is expected to grow slowly. However, subject to the treatment segment returning to its regular operations, the product demand will gradually revert to its historical estimations as lockdown requirements are gradually relaxed.
Increasing IoT implementations to increase IoT security market growth size during forecast period. The Internet of Things (IoT) is being used by organizations as a component of their efforts to undergo digital transformation. Businesses are connecting and deploying an increasing number and diversity of IoT devices to their corporate networks in order to accomplish the transformational aims. GSMA Intelligence predicted in 2019 that by 2025, there will be 25.2 billion IoT connections worldwide. Because IoT devices are interconnected, a hacker might potentially compromise numerous additional devices on the network if one item is compromised. Strong Internet of things (IoT) security solutions are therefore required.
The increasing application of blockchain is a prevalent technological trend. Blockchain, a decentralized distributed ledger advanced technology, is critical to advanced security solutions. Blockchain applications in the connected device ecosystem enable direct sharing of information between connected devices rather than communication via centralized networks. These connections lower the vulnerability of IoT networks or devices to cyber-attacks. The IoT security solution uses sensor-embedded chips and blockchain to greatly improve security. IBM Corporation and Samsung created Autonomous Decentralized Peer-to-Peer Telemetry (ADEPT), a blockchain-enabled IoT technology that creates a distributed network. Such blockchain applications would secure success in the worldwide market.
Comprehensive Analysis of IoT Security Market
The IoT security market and healthcare industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the pharmacy benefit management industry. These segmentations are methodically segregated by types Component, By Enterprise Size, By Deployment, By Product Type, and by Application. The Component segmentations include Software, and Services, By Enterprise Size segmentations include SMEs, and Large Enterprises, By Deployment segmentations include Cloud and On-Premise, By Product Type segmentations include Network Security, Endpoint Security, Application Security, Cloud Security, and Others, By Application segmentations include Smart Homes, Smart Manufacturing, Connected Logistics, and Others, By End-use Industry Consumer IoT, Industrial, manufacturing, retail, IT and telecommunication, BFSI, Government & Defense, Transportation & Automotive, Energy & Utilities, Healthcare, Others (media & entertainment), By application segmentations include Smart Homes, Smart manufacturing, Connected Logistics, Connected Healthcare, smart retail, Others (smart education, smart meters).
The North America region lead the IoT security market by benefitting a market size of USD 751.5 million in 2019 due to Increasing IoT implementations and increasing application of blockchain.
The top players in the market play a crucial role in the healthcare industry assuring industrial prospectus growth and setting market standards. These players include, 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), Mocana Corporation (California, United States), NortonLifeLock Inc. (Arizona, United States), Allot Ltd. (Hod Hasharon, Israel), Fortinet, Inc. (California, United States), New Sky Internet Limited (Hong Kong), Others these market players provide a level-playing competitive landscape.
In March 2020, Infineon Technologies AG partnered with Qualcomm Technologies, Inc., headquartered in California, to create a 3D authentication prototype based on the Qualcomm Snapdragon 865 mobile platform.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2016-2027
Base Year 2019
Forecast Period 2020-2027
Historical Period 2016-2018
Unit Value (USD Million)
SegmentationComponent; Enterprise Size; Deployment, Product Type, Application End User industry, and Geography
By Component
Solutions
Identity Access & Management
Data Encryption & Tokenization
Device Management
Security analytics
Unified Threat Management (UTM)
Others (intrusion detection and prevention system, secure communication)
Services
Consulting & Implementation
Training and Education
Support and Maintenance
Professional
Managed Security Services
By Deployment
Cloud
On-premise
By Enterprise Size
SME's
Large Enterprises
By Product Type
Network Security
Endpoint Security
Application Security
Cloud Security
Others (web Security, data security)
By End-User Industry
Consumer IoT
Industrial
Manufacturing
Retail
IT and Telecommunication
BFSI
Government & Defense
Transportation & Automotive
Energy & Utilities
Healthcare
Others (media & entertainment)
By Application
Smart Homes
Smart manufacturing
Connected Logistics
Connected Healthcare
Smart Retail
Others (smart education, smart meters)
By Geography
North America (By Component; By Enterprise Size; By Deployment, By Product Type, By Application By End User industry, and By Country)
The U.S. (By Product Type)
Canada (By Product Type)
Europe (By Source, By Type, By Grade and By Country)
Germany (By Product Type)
UK (By Product Type)
France (By Product Type)
Russia (By Product Type)
Rest of Europe (By Product Type)
Asia Pacific (By Source, By Type, By Grade and By Country)
China (By Product Type)
India (By Product Type)
Japan (By Product Type)
South east Asia (By Product Type)
Rest of Asia Pacific (By Product Type)
Latin America (By Source, By Type, By Grade and By Country)
Brazil (By Product Type)
Mexico (By Product Type)
Rest of South America (By Product Type)
The Middle East & Africa (By Source, By Type, By Grade and By Country)
The Middle East (By Product Type)
Africa (By Product Type)
Gcc (By Product Type)
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