FREMONT, California, Aug. 16, 2019 /PRNewswire/ -- The global IoT security market is projected to grow over $51.42 billion by 2024, according to the new market intelligence report by BIS Research, titled "Global IoT Security Market− Analysis and Forecast, 2019-2024". The global IoT security market is estimated as $18.82 billion in 2019 and is anticipated to grow at a CAGR of 22.26% during the forecast period, 2019-2024.
The increasing number of data breaches, growing demand for IoT security regulations and guidelines, and the rising security demand for critical infrastructure are acting as market drivers for the global IoT security market.
Technological advancements in the digital industry have resulted in the worldwide adoption of IoT devices. The changing paradigm of consumers as well as major enterprises, related to the requirement of robust security mechanisms, and protection of devices are some of the factors substantiating the growth of IoT security market.
Additionally, various governments' role in developing security regulations and guidelines is one of the major drivers for the global IoT security market. However, the growing complexity among IoT devices and lack of IoT security skillsets and awareness within the organization are pressing matters to be looked upon in the current scenario.
Region-wise, North America is expected to lead the global IoT security market in 2019, followed by Europe, and is expected to maintain its dominance during the forecast period. This unprecedented growth in North America is primarily attributed to the efforts made by federal bodies to provide IoT security regulations and guidelines. Moreover, the region is known for being one of the fastest technology adopters with a base to many key players. These factors further lead to major breakthroughs in the North America market.
As stated by Arpit Benjwal, Principal Analyst at BIS Research, "The IoT security market is witnessing a high growth rate due to the inclination of consumer and enterprises toward safe and secure communication. Moreover, the demand for cloud security solutions is further going to increase in the coming years owing to the launch of more number of cloud service platforms for security and storage purposes. Further, the growth of IoT security market in North America is the highest, due to strong economic growth, high disposable income, and efforts made by government and federal bodies to mandate security regulations in the region. The IoT security market in this region is expected to grow at a CAGR of 22.56% during the forecast period (2019-2024)."
The BIS Research report provides a detailed analysis of the trends influencing the global IoT security market, along with a comprehensive study of the future developments occurring in the market. It also includes patent analysis, market ranking, guidepost for stronger IoT security, asset taxonomy, and threat taxonomy. The overall market has been segmented on the basis of security solutions, security services, and industry. The report also includes a comprehensive section on the geographical analysis which has been sub-segmented into four major regions, namely North America, Europe, Asia-Pacific, and Rest-of-the-World (ROW).
This report is a meticulous compilation of research on more than 500 major players in the IoT security market. Moreover, it draws upon insights and in-depth interviews of key industry leaders of more than 100 leading companies, market participants, and vendors. 500 IoT security companies have been listed in the report along with their areas of expertise.
Key questions answered in the report:
What is the projected value of global IoT security market by 2024 along with the estimated CAGR?
What are the major driving and restraining factors of the global IoT security market?
Which are the key security solution and service providers operating in the global IoT security market?
What is the market ranking of the key leading players in the global IoT security market?
Which security solution among network, endpoint, application, cloud security, and others of the global IoT security market is expected to dominate in the coming years?
Which security service including consulting, maintenance, and managed, among others of the global IoT security market is expected to dominate in the coming years?
Which industry including manufacturing, automotive, energy and utilities, government, consumer electronics, and others of the global IoT security market is expected to dominate in the coming years?
Which region among North America, Europe, Asia-Pacific and Rest-of-the-World (ROW) is expected to lead the global IoT security market by 2024?
BIS Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.
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