IoT Security Market Continues to Zoom at over 30%
Increase in adoption of mobile
device applications and platforms to drive global IoT security market
According to
TechSci Research report, “Global IoT
Security Market By Component, By Deployment, By Enterprise, By Security
Type, By Application, By Region, Competition, Forecast & Opportunities,
2025”, the global IoT security market is expected to grow
at a staggering CAGR of 32% during 2020 – 2025 on account of growing
demand for cloud-based services for authentication process and increasing
number of malware attacks on IoT devices across the globe. Furthermore, increasing mergers & acquisitions of
IoT security start-ups and the growing number of IoT security regulations are positively
impacting the growth of market. However, absence
of standardization for IoT devices and lack of awareness of security risks is negatively
impacting the market growth. Moreover, high cost of solution & services
further restricts the growth of market.
The global IoT
security market is segmented based on component, deployment, enterprise,
security type, application and region. Based on component, the market can be
categorized into Solutions and Services. The Solutions segment is expected to
dominate the market over the next few years due rise in adoption across
enterprises, globally. However, the services segment is expected to witness a
higher CAGR over the forecast period. Based on application, the market can be fragmented into smart
manufacturing, smart energy & utilities, connected logistics, connected
healthcare, smart retail, connected healthcare, smart home & consumer
electronics, smart transportation and smart government & defense. The smart
manufacturing segment accounted for the largest market share owing to
increasing number of IoT devices coupled with rising security and privacy requirements
of such devices. Based on deployment, the market is categorized into Cloud and On-premises
segments, with the Cloud segment having accounted for a majority market share
in 2019.
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Broadcom Corporation, Cisco
Systems Inc., Fortinet Inc., Gemalto NV, IBM Corporation, Infineon Technologies
AG, Intel Corporation, Palo Alto Networks Inc, SecuriThings, Inc, Trend Micro
Incorporated, Symantec Corporation, TrustWave Holdings, Inc, etc., are the
leading players of IoT security market. Major
companies operating in the market are increasing their focus on new technological
innovations as well as mergers and collaborations to increase their market share.
“Asia Pacific is
expected to witness significant growth in its
IoT security market over the next five years, since the region is
becoming the centre of digital innovation for the world. Major developing countries
such as China and India are expected to continue boosting Asia Pacific IoT
security market during the forecast
period.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Global IoT Security Market By Component, By
Deployment, By Enterprise, By Security Type, By Application, By Region,
Competition, Forecast & Opportunities, 2025” has evaluated
the future growth potential of global IoT security market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in global IoT security market.
Contact
Mr. Ken Mathews
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