Global IoT Security Market Size, Trends & Analysis - Forecasts to 2026 By Type of Component (Solution [Identity Access & Management, Data Encryption & Tokenization, Intrusion Detection System & Intrusion Prevention System, Device Authentication & Management, Secure Communications, Public Key Infrastructure & Lifecycle Management, Distribute Denial of Service Protection, Security Analytics, and Others] and Services [Professional Services and Managed Services]), By Type (Network Security, Endpoint Security, Application Security, and Others [Web Security & Email Security]), By Area of Application (Smart Manufacturing, Smart Energy & Utilities, Smart Home & Consumer Electronics, Connected Healthcare, Smart Government & Defense, Smart Retail, and Others [Smart Education & Smart Agriculture]), By Type of Region (NA [North America], Europe, APAC [Asia Pacific], MEA [the Middle East & Africa], and CSA [Central & South America]), End-User Landscape, Vendor Landscape, Company Market Share Analysis & Competitor Analysis
IoT Security Market Insights
The IoT security market is reviewed to deliver an assertive advancement in CAGR by 26.1% during the forecast period (2020-2026). IoT security is termed as protecting IoT (Internet of Things) devices and networks to safeguard from data infringement and data perversion by hackers. The advantages of the market are higher efficiency, cost efficiency, and lower complexity whereas initial installation costs and budget restraints for SMEs acts as the primary limitations for the market growth. In recent news, due to the global lockdown, the market has seen a huge upsurge and therefore is seen to augment the market during the forecast period. The chauffeurs of the growth towards the global IoT security market are the implementation of cloud technology for data security, expansion of multiple domain industries, and global reception towards wireless networks.
IoT Security Market: By Type of Component
Based on the components, solutions and services are the categories of the global market. Identity access & management, data encryption & tokenization, intrusion detection system & intrusion prevention system, device authentication & management, secure communications, public key infrastructure & lifecycle management, distributed denial of service protection, security analytics, and others are the fragments of solutions whereas professional services and managed services are the divisions of the services respectively. Data encryption & tokenization is estimated to grow fastest in this market. According to cryptography, data encryption is a process of conversion of readable data into a coded format and tokenization is the methodology used to replace sensitive data with non-sensitive data referred to as tokens. An increase in illegal cyber activities, inclusion of digital technology in multiple verticals, and easy accessibility of highspeed internet are some of the few representatives inducing the continuation of the global market.
IoT Security Market: By Type
The market segmentation based on type can be discerned as network security, endpoint security, application security, and others (web security & email security). Application security will be the fastest-growing segment in the subsequent years owing to the increasing demand for IoT technical expertise, implementation of smart city projects across nations, and government efforts towards strict regulations for data security.
IoT Security Market: By Area of Application
IoT security market application can be witnessed in areas like smart manufacturing, smart home & consumer electronics, connected healthcare, and others (smart education & smart agriculture). Smart manufacturing will render a larger share in the growth of the market due to the drivers such as the adoption of wireless technology, adoption of BYOD culture, and adoption of cloud technologies which will traverse to the augmentation of the market.
IoT Security Market: By Region
Based on the geographical analysis, North America has prevailed as the autocratic region yet APAC is resulted to make a splendid acclivity in the global market. Improvement in critical operating infrastructure in developing countries, lack of knowledge towards the gains of IoT security solutions, and inclination towards 3G and 4G LTE are the factors prolonging the elevation of the market.
IoT Security Market Share and Competitor Analysis
Icon Laboratories Inc., Digi International, Siemens AG, Gemalto, Fortinet, Zingbox Inc., Mocana, Securithings Inc., CENTRI, Armis Inc., ForgeRock, NewSky, Cyber X Inc., CA Technologies, MagicCube Inc., Cisco Systems Inc., Infineon Technologies AG, Symantec Security Centre, VDOO Connected Trust Ltd., Karamba Security Ltd., Trustwave Holdings, Dragos Security, IBM Corporation, Intel Corporation, and other industries are the dominant players in the global IoT security market.
Please note: This is not an exhaustive list of companies profiled in the report.
In April 2020, Infineon collaborated with Sectigo to shield IoT devices with automatic factory provisioning of certificates
In February 2020, Cisco Systems Inc. launched, Secure X, a new Cloud-Native Platform
Check the Press Release on Global IoT Security Market Report
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The Global IoT Security Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the IoT Security Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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