The CAGR of IoT Security Market is Estimated to Grow at 23.2% Over the Forecast Years (2019 - 2027), Owing to the Need for Preventing the Plethora of Consumer Data Breach Methods: Says Absolute Markets Insights
According to new research report on Global IoT Security Market is projected to grow at a 23.2% of CAGR during forecast period 2019-2027.
PUNE, India, March 19, 2019 /PRNewswire/ -- With the growing incidences of misuse of consumer data, the necessity for IoT data protection and privacy has become evident. As the most harmless and mundane household devices gather personal data about users' day-to-day lives, it has become crucial to secure the data generated through IoT systems. For instance, a smart household thermostat not only collects data about users' home temperature preferences but also about the number of people living in a household and when users are or aren't home. On the similar lines, an IoT connected car can infer user's workplace, where they live, and what their shopping preferences are, based on user activity throughout the day. For the manufacturers of IoT systems, this amount of data collection is apparent, but consumers don't realize the extent to which their personal data is analyzed and used. Even if companies tend to use consumer data responsibly, hacks and security breaches can result in data theft and misuse. As per the Oregon-based IoT security company Senrio, it is easy for hackers to access consumer data through IoT devices of large companies. The IoT systems put in place by large companies comprise of hundreds or even thousands of IoT devices, which provide a large surface area for infiltration. Although IoT industry is infancy and the threats of data breach might be a temporary challenge, consumers and manufacturers are taking steps to improve their understanding of data privacy and cybercrime. Hence, the need for effective prevention from data breaches is one of the major factors that is driving IoT security market.
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The high adoption of IoT systems has made it critical to figure out ways to harness its benefits and conveniences while minimizing the potential for harm. As IoT has been developed for enhancing consumer convenience, it is of utmost importance to protect their personal data. To avoid the risk of data breaches, government bodies across the world are making mandatory compliances for IoT security. For instance, in 2018, the British government advocated for strong security to be built into internet-connected products for manufacturers, retailer and consumer groups. With such steps from regulatory authorities and manufacturers to prevent misuse of consumer data, the IoT security market is expected to grow.
In terms of revenue, the IoT security market stood at US$ 2,239.8 Mn in 2018 and is anticipated to reach US$ 14,741.0 Mn by 2027, expanding at a CAGR of 23.2% from 2019 – 2027. This research study aims at providing the reader with quantitative and qualitative analysis of global IoT Security Market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further, across all the major countries. The supply side analysis covers the prominent players and their regional and global presence and key business strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East, Africa, and Latin America.
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Global IoT security Market (US$ Million), 2018, By Region
Key suggestions from the report:
- In terms of revenue Europe holds the highest market share in 2018 and is anticipated to witness a sustainable CAGR over the forecast period.
- Endpoint security among the type segment accounted for a significant market share in 2018 and is expected to grow at a CAGR of 22.9% over the forecast years.
- Building and Architecture holds the largest market share among different industry verticals of the IoT Security market which is gaining additional momentum from numerous smart city projects across the world.
- Few primary market participants in IoT security market include Check Point Software Technologies Ltd., DigiCert, Inc., Gemalto NV, Infineon Technologies AG, Lynx Software Technologies, Inc., McAfee, LLC, PTC, SecureRF Corporation, and Verizon among others.
- The trend of bring your own device (BYOD) in workplaces, growing significance of IoT in government as well as critical infrastructure, and rising adoption of smart devices by consumers are among the major factors propelling the IoT security market.
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IoT security Market:
By Offerings
o Solutions
- Identity Access Management
- Device Authentication and Management
- Manufacturing Analytics
- Intrusion Detection System/Intrusion Prevention System (IDS/IPS)
- Distributed Denial of Service Protection
- Others
o Services
By Type
- Network security
- Endpoint security
- Application security
- Cloud security
- Others
By Industry
- Energy and Utility
- Manufacturing
- Transportation and Logistic
- Building and Architecture
- Healthcare
- Automobile
- Governance
- Others (Manufacturing, Tourism, Etc.)
By Geography
o North America
- U.S.
- Canada
- Mexico
- Rest of North America
o Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
o Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
o Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
o Latin America
- Brazil
- Argentina
- Rest of Latin America
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Absolute Markets Insights assists in providing accurate and latest trends related to consumer demand, consumer behavior, sales, and growth opportunities, for the better understanding of the market, thus helping in product designing, featuring, and demanding forecasts. Our experts provide you the end-products that can provide transparency, actionable data, cross-channel deployment program, performance, accurate testing capabilities and the ability to promote ongoing optimization.
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