The global IoT Security Market size to grow from USD 14.9 Billion in 2021 to USD 40.3 Billion by 2026, at a Compound Annual Growth Rate (CAGR) of 22.1% during the forecast period.
The presence of various key players in the ecosystem has led to a competitive and diverse market. IoT security mainly deals with several malicious cyber-attacks and fraudulent intrusions into the network of IoT devices. The regulations imposed by the security authorities across North America and Europe have enforced companies to seek better IoT security measures.
The solution segment to record a larger market share during the forecast period
In the IoT Security market by Component, the IoT security solutions is expected to record a larger market share during the forecast period. Security is an integral aspect of any IoT network to ensure data confidentiality and authorized control over connected devices. With the increasing reach of IoT in multiple industries, IoT security needs to be ensured as per the industry it is deployed into. With the growing number of IoT deployments, the intensity of cyberattacks is also growing. IoT security solutions ensure security using various solutions, including identity access management, data encryption and tokenization, intrusion detection system/intrusion prevention system, device authentication and management, secure software and firmware update, secure communications, PKI lifecycle management, DDoS protection, security analytics, and other solutions (virtual firewall and incidence response system).
Cloud Deployment is expected to have a higher growth rate during the forecast period
By Deployment Mode, cloud is expected to have a higher growth rate. Organizations can avoid costs related to hardware, software, storage, and technical staff by using cloud-based IoT security solutions. Cloud-based platforms offer a unified way in the form of SaaS-based security services to secure business applications. These platforms are beneficial for organizations that have strict budgets for security investments. SMEs deploy their solutions in the cloud as it enables them to focus on their core competencies rather than investing their capital in security infrastructures. The cloud deployment mode is growing as cloud IoT security solutions are easy to maintain and upgrade.
The market study covers the IoT Security market across different segments. It aims at estimating the market size and the growth potential of this market across different segments based on component, solution, service, type, deployment mode, organization size and application area with regions covered. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Rise in the Sophistication of Attacks is Fueling the Growth of IoT Security
Solutions and Professional Services Segments to Account for Large Market Shares in North America in 2021
Solutions and Professional Services Segments to Account for Large Market Shares in Europe in 2021
Solutions and Professional Services Segments to Account for Large Market Shares in APAC in 2021
Rapid Increase in the Number of Industry 4.0 IoT Security Incidents Stressing the Need to Strengthen Cyber Resilience
IoT Vulnerabilities Opening Up New Possibilities for Hackers
Growing Number of IoT Security Regulations
Rising Security Concerns for Critical Infrastructure
Increase in Data Volume due to 5G
Standardization of Ipv6
Significant Increase in New Variants of IoT Threats and Lack of Awareness
Budgetary Constraints Among SMEs in Developing Economies
5G Networks to Accelerate a New Wave of IoT Applications
Development of Smart Infrastructure
Lack of Standardization in IoT Protocol
Shadow IoT Devices Posing a Significant Threat to Enterprise Networks
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