The size of the global IoT security market was estimated at USD 2,221.0 million in 2019, and it is anticipated to grow to USD 20,776.1 million by 2027, at a CAGR of 32.3%.
98% of the traffic from IoT devices is unencrypted, according to Palo Alto Networks, Inc.'s Unit 42 IoT threat report from March 2020. This data shows that the majority of sensitive and private information on the network is exposed to cyber-attacks. It is critical to implement advanced security management of IoT networks and devices due to the growing benefits and exponential popularity of the Internet of Things.
Additionally, according to a 2020 poll by Checkpoint Software Technologies Ltd., 71% of security professionals have observed an increase in security or threat attacks since the COVID-19 pandemic outbreak. This graph demonstrates how many hackers are taking advantage of flaws in coding that can be present at the most fundamental levels, even in the midst of the COVID-19 pandemic.
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Which company dominates the Global Internet of Things (IoT) Security Market?
- 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)
- Norton LifeLock Inc. (Arizona, United States)
What are the factors driving the growth of the Internet of Things (IoT) Security Market?
As a part of their efforts to undergo digital transformation, organizations are embracing the Internet of Things (IoT). Enterprises are deploying and connecting an increasing number of IoT devices to their corporate networks in order to achieve transformational goals. In a forecast released in 2019, GSMA Intelligence predicted that by 2025, there will be 25.2 billion IoT connections. Due to the interconnected nature of IoT devices, if one is compromised, a hacker has the chance to access numerous other connected devices. As a result, there is a demand for reliable Internet of Things (IoT) security solutions.
What are the geographical insights of the Internet of Things (IoT) Security Market?
The market has been divided into five main regions: Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. Country-level divisions are made within the regions. In the global market, North America is predicted to become dominant. A rapid growth rate is anticipated in Asia Pacific.
With a market size of 751.5 million in 2019 and an expected major market share over the next few years, North America is expected to dominate the Internet of Things security market. By 2025, 46% of connections in North America will be on 5G networks, according to the 2019 mobile economy report from GSMA Intelligence. Significant investments made by network operators throughout the region have helped to support this exponential connectivity. The rollout of 5G networks is anticipated to open up a lucrative market for cutting-edge security services.
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An overview of the report
- The report comprehensively analyzes recent and anticipated market trends to help investors find investment opportunities.
- Market predictions through 2030, starting from estimated market values
- Market trends that are significant across industries, regions, and countries
- Market strategies and significant developments observed
- Market dynamics like drivers, obstacles, opportunities, and other trends require
- comprehensive company profiles of significant players, both established and emerging
- Emerging economies are anticipated to grow through 2030.
Analysts have segmented the "Internet of Things (IoT) Security Market" into application, type, and regional segments to aid market participants in better understanding the market. Each element clearly demonstrates the variables that are most likely to have an impact on it and the variables that are anticipated to have a limit. The reader can access specific market updates thanks to the segmented explanation. The market research report on Internet of Things (IoT) Security Market Trends also discusses evolving environmental concerns, shifting political environments, and various government approaches to regulatory reforms.
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