Global Internet of Things (IoT) Security Market Size, Trends & Growth Opportunity, By Component (Solution, and Service), By Type (Network Security, Endpoint Security, Application Security, Cloud Security), By Application (Smart Manufacturing, Smart Energy

Global Internet of Things (IoT) Security Market Size, Trends & Growth Opportunity, By Component (Solution, and Service), By Type (Network Security, Endpoint Security, Application Security, Cloud Security), By Application (Smart Manufacturing, Smart Energy & Utilities, Connected Logistics, Smart Home and Consumer Electronics, Connected Healthcare, Connected Vehicles), By Region and Forecast till 2027.

Global Internet of Things (IoT) Security Market

The global Internet of Things (IoT) Security market was valued at USD 14.9 billion in 2021 and it is expected to reach at USD 40.98 billion in 2027 at a CAGR of 22.3 % during forecast period 2022-2027.

Internet of Things (IoT) security is a technology which connects devices including industrial machinery and consumer items to a network allowing data collecting and software management of these systems to impel effectiveness and allow new services. It is helpful to develop smart communications environments including smart shopping, smart healthcare, smart housing as well as smart transport.

Market Drivers

Increase in number or IoT security regulation among developing countries is the key driving factor which is expected to boost the global internet of things (IoT) security market growth. Furthermore, rise in malware and phishing threats among different organizations will positively contribute the market growth. Moreover, increase in need for IoT security solution and adoption of Internet Of Things (IoT) security solutions by developing countries will propel the market growth in near future. In addition to that, rise in use of 3G and 4G long-term evolution (LTE) and wireless networks and technologies is augmenting risks of cyber-attacks which is expected to fuel the internet of things (IoT) security market growth during this forecast period.

Market Restraints

However, lack of awareness about benefits and availability of IoT security solutions is the major challenging factor which is expected to hinder the global internet of things (IOT) security market growth. Also, high cost of installation and lack of expertise in technical handling will affect the market growth during this analysis period.

COVID-19 Impact

Due to outbreak of covid-19 as government announce lockdown and quarantine because of fear of virus as peoples are not steeping out from homes remote working ,video streaming is enhance where cybersecurity is a major factor required which fuels the growth of market.

Recent development

In 2021, AWS launch AWS IoT Device Defender which detect behavior anomalies which allows customers to use The Audit One-Click feature with preset configurations enabling all available audit checks and a daily audit schedule.Cisco and Telstra paterned and continue their bridge regions with the powerful loT network to help various industries, including retail, financial, and government.

In 2020, Argus Cyber Security paterned with Microsoft Azure IoT and joined the Microsoft partner network to prove vehicle manufacturers the ability to monitor, detect, and mitigate attacks in the cloud.

Market Segmentation

Global Internet of Things (IoT) Security Market is segmented into component such as Solution, and Service, by deployment mode such as On-Premise, and Cloud, by type such as Network Security, Endpoint Security, Application Security, Cloud Security, and Others. Further, market is segmented into application such as Smart Manufacturing, Smart Energy & Utilities, Connected Logistics, Smart Home and Consumer Electronics, Connected Healthcare, Connected Vehicles, and Others.

Also, Global Internet of Things (IoT) Security Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Market Key Players

Various key players are discussed in this report such as CISCO, IBM, INTEL, INFINEON, NORTONLIFELOCK, GEMALTO, ALLOT, FORTINET, and ZINGBOX etc.

Market Taxonomy

By Component

• Solution
• Service

By Deployment Mode

• On-Premise
• Cloud

By Type

• Network Security
• Endpoint Security
• Application Security
• Cloud Security
• Others

By Application

• Smart Manufacturing
• Smart Energy & Utilities
• Connected Logistics
• Smart Home and Consumer Electronics
• Connected Healthcare
• Connected Vehicles
• Others

By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

Key Questions Addressed by the Report

• What are the Key Opportunities in Global Internet of Things (IoT) Security Market?
• What will be the growth rate from 2022 to 2027?
• Which segment/region will have highest growth?
• What are the factors that will impact/drive the Market?
• What is the competitive Landscape in the Industry?
• What is the role of key players in the value chain?
• What are the strategies adopted by key players?