IoT Security Market to Witness Fastest Growth in APAC until 2025
Rise in number of IoT security
regulations among developing countries and increase in cyberattacks among
different enterprises to drive the global IoT security market growth until
2025.
According
to TechSci Research report, “Global IoT Security Market By Component, By Deployment, By Enterprise, By Security Type, By
Application, By Region, Competition, Forecast & Opportunities, 2025”, the global IoT security market is expected to grow at a staggering
CAGR of 17% during 2020 – 2025 on account of increasing demand for cloud-based
services for authentication process and rising number of malware attacks
on IoT devices across the globe.
Furthermore, increasing mergers & acquisitions of market players in IoT
security start-ups and the growing number of IoT security regulations are positively
impacting the growth of market. Increase in demand for enhanced privacy and
government efforts to implement stringent regulations to drive the growth of
the market during the forecast period. Rise in internet penetration in areas
such as health monitors, smart home technologies, and smart retails are further
anticipated to propel the global IoT security market growth.
However, absence of standardization for IoT
devices and lack of awareness of security risks is negatively impacting the market
growth. Moreover, high cost of solution & services further restricts
the growth of market. Increasing risks of IoT networks are creating growth
opportunities for the IoT security vendors. North America is the largest
contributing region in the global IoT security market with more than 30% share
in 2019. Rise in cyber-attacks and boom in the region’s IoT sector are making
IoT more crucial than ever and are anticipated to fuel the IoT security market
in the US, Canada and Mexico during the forecast period.
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The global
IoT security market is segmented based on component, deployment, enterprise,
security type, application and region. Based on component, the market can be
categorized into Solutions and Services. The Solutions segment dominated the
market in 2019 and is expected to dominate the market over the next few years due
rise in adoption across enterprises, globally. However, the services segment is
expected to witness a higher CAGR over the forecast period. Based on application, the market can be
fragmented into smart manufacturing, smart energy & utilities, connected
logistics, connected healthcare, smart retail, connected healthcare, smart home
& consumer electronics, smart transportation and smart government & defence.
The smart manufacturing segment accounted for the largest market share in 2019 owing
to increasing number of IoT devices coupled with rising security and privacy requirements
of such devices. Based on deployment, the market is categorized into Cloud and On-premises
segments, with the Cloud segment accounting for a majority market share in 2019.
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Broadcom Corporation, Cisco Systems Inc., Fortinet Inc.,
Gemalto NV, IBM Corporation, Infineon Technologies AG, Intel Corporation, Palo
Alto Networks Inc, SecuriThings, Inc, Trend Micro Incorporated, Symantec
Corporation, TrustWave Holdings, Inc, and others, are the leading players of
IoT security market. Major companies operating
in the market are increasing their focus on new technological innovations
as well as mergers and collaborations to increase their market share. “Asia Pacific is expected to witness
significant growth in IoT security market over the next five years, since the
region is becoming the centre of digital innovation for the world. Backed by growing
IoT connectivity in China, Japan, India, and Australia coupled with increasing
Internet penetration and rising number of cyber-attacks in Asia-Pacific, the
region is anticipated to witness fastest growth in the global IoT security
market during forecast period.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global IoT Security Market By Component, By
Deployment, By Enterprise, By Security Type, By Application, By Region, Competition,
Forecast & Opportunities, 2025” has evaluated the future growth potential of global IoT
security market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in global IoT security market.
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