IoT Security Market Is Anticipated to Grow at a CAGR 27% by 2027 | Growth Market Reports

PUNE, India, Aug. 25, 2020 /PRNewswire/ -- According to the recent market study published by Growth Market Reports (GMR), titled "Global IoT Security Market by Component, Deployment, Organization Size, Security Type, End-User, and Region: Size, Share, Trends, and Opportunity Analysis, 2017-2027," the market was valued at USD 8.68 Billion in 2019 and is anticipated to grow at a spectacular rate of 27% by the year 2027. The global IoT security market is expected to grow owing to the increasing number of cyber-attacks on IoT devices and the rising demand for IoT protection platforms. Moreover, the rise of digitization and integration of automation with IoT in various industry verticals particularly in emerging economies is fueling the demand for IoT security solutions.

The global IoT security market is segregated based on component, deployment, organization size, security type, end-user, and region. Based on the component, the market is bifurcated into services and solutions. In terms of deployment, the market is divided into on-premise and cloud. On the basis of organization size, the market is classified into large enterprise and small & medium enterprises (SMEs). In regards to security type, the market is categorized into network security, endpoint security, application security, cloud security, and others. In respect to end-users, the market is classified into manufacturing, retail e-commerce, government & defense, transportation & logistics, energy & utilities, healthcare, and others.

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Key Takeaways from the Study:

• The industry players including Cisco Systems, IBM, Armis Security, Infineon Technologies, and Fortinet accounted for a significant share in the global IoT security market in year 2019.
• In 2019, the North American region dominated the market share with over 30% contribution to the market valuation. However, the Asia Pacific region is anticipated to exhibit a higher CAGR during the forecast period. The growing demand from countries such as India, China, Japan, Malaysia, and others is expected to shift the market dominance to this region.
• The application security and network security segment are expected to grow at a substantial rate over the forecast period. Considering the increase in the fraudulent attacks and data breaches, companies are deploying the aforementioned security solutions in their infrastructure.
• Various manufacturers are integrating smart manufacturing processes to enhance the overall performance and attack on these systems can disrupt the process and incur millions of dollars to the company. Thus, to prevent these repercussions, they're seeking for prominent IoT security services.
• In 2020, the virus outbreak has persuaded the consumers to go for telemedicine & telehealth services. Meanwhile, the protection of patients' data has become the crucial parameter to inculcate trust amongst the users. This, in turn, has proliferated the growth of the healthcare segment.
• Companies are seeking IoT security managed services to reduce the burden of their IT teams which can save them a considerable amount of time and money.

Browse key industry insights "Global IoT Security Market By Component (Solution, Service), By Deployment Mode (On-Premise, Cloud),By Organization Size (Large Enterprise, SMEs),By Security Type (Network Security, Endpoint Security, Application Security, Cloud Security, Others), By End User (Manufacturing, Retail E-commerce, Government & Defense, Transportation & Logistics, Energy & Utilities, Healthcare, Others) and Size, Share and Trends Analysis, 2020 – 2027" in detail along with the table of contents:

https://growthmarketreports.com/report/global-iot-security-market-report

Global IoT Security Market Share, By Region, 2019 & 2027 (USD Million):

The Asia Pacific market is the fastest growing and will continue to expand throughout the forecast era. The region is dominated by major market players, such as India, China and Japan. India was valued at USD 115.6 million in 2017 and is expected to reach a market value of USD 1,791.7 million by 2027, registering a CAGR of 31.7% during the forecast period.

India's economic growth has contributed to an Internet explosion that has expanded the target surface; meanwhile, the nation has become part of the supply chain for other businesses, enabling cyber criminals to use it as an assault vector on many organizations. As many IoT projects move from proof of concept to full-scale implementations, the associated risks are also rising in scope. In their search of effective IoT deployments, decision - makers and other stakeholders often ignore flaws and long-term security requirements through systems, devices, data processing, storage, and analytics. Protection is not even an afterthought in many cases, and this could contribute to the preservation of serious flaws that could prevent such projects from a debilitating cyber-attack.

List of Companies Profiled in the IoT Security Market Report are:

• Cisco Systems
• IBM,
• Symantec Corporation
• Armis Security
• Gemalto
• Forgerock
• Fortinet
• Karamba Security
• Rapid7
• SecuriThings
• Intel Corporation
• Palo Alto Networks
• Trend Micro Incorporated
• Broadcom.

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