DUBLIN, March 29, 2022 /PRNewswire/ — The “Internet of Things (IoT) Security Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecast, 2021 to 2029” Report has been added to ResearchAndMarkets.com offering.
The large-scale implementation of the Internet of Things (IoT) concept has the ability to transform the way we live. The emergence of new IoT products such as home automation components, Internet-enabled home appliances, and power management devices are changing the entire landscape of the IoT industry.
However, lack of security remains one of the biggest concerns for people and businesses looking to adopt IoT. Recent ransomware and Distributed Denial of Service (DDoS) attacks have made this concern even more viable. The cost barrier and infrastructure investment for hackers are quite low and they use large-scale cheap techniques such as automated bots, email, and out-of-the-box exploit kits, among others. However, the magnitude of damage from these techniques is quite high. Infection of a single device or network element can result in a successful network attack. Therefore, IoT security will be a major area of concern for any organization in the coming years in order to comfortably implement their IoT-based solutions.
IoT has seen wide-scale adoption in various application areas in recent years. In the manufacturing sector, its adoption is believed to significantly reduce bottlenecks, improve efficiency and increase profitability. Retail and restaurant chains could implement IoT to monitor customer movements, improve supply chain management, and improve the overall customer experience. In the healthcare sector, IoT could be implemented to more effectively manage staff, monitor patients and expensive medical equipment. The large-scale adoption of IoT technologies across various verticals has made them vulnerable to cyber attacks, thus the need for proper IoT security measures arises.
The main factor driving the growth of the IoT security market is the rapid adoption of cloud-based services as well as large-scale connected devices. Sensitive data such as biometric information is often stored in the clouds, making it vulnerable to theft and misuse. Therefore, to protect this data from unauthorized access, IoT security is finding more adoption in the IoT space.
Additionally, improving IoT security handling skills and organizational changes are expected to bolster IoT security adoption during the forecast period. With improving technical expertise for managing infrastructure, IoT security will find greater adoption in organizations. Furthermore, several countries such as Japan, Porcelain, Germany and the US, among others, have embraced Industry 4.0 (fourth industrial revolution). Industry 4.0 is sponsored by the German government with a vision for the advanced manufacturing sector. It encompasses many business designs and technologies, including IoT and digital business. This factor is expected to have a positive impact on the growth of the IoT security market.
Some of the major players included in the report are Verizon Enterprises Solutions, PTC, Inc., Check Point Security Software Technologies Ltd., Symantec Corporation, Cisco Systems, Inc., Gemalto NV, IBM Corporation, Trend Micro, Inc., Hewlett Packard Development Company LP, Intel Corporation, NSIDE Secure SA and AT&T, Inc. among others.
On the basis of vertical, the global Internet of Things (IoT) security market is segmented into following categories:
Banking, Financial Services and Insurance (BFSI)
Others (Defense, Law Enforcement, etc.)
In 2020, the global Internet of Things (IoT) security market was led by the manufacturing segment. Manufacturing companies have a constant need to improve their production and the efficiency of their business processes. Smart manufacturing, in particular, has been at the forefront of introducing scalability, transparency, and process-defined architecture into manufacturing operations. Furthermore, the implementation of Industrie 4.0, also known as the fourth industrial revolution in various countries such as the US, Porcelain, Japan Y Germany among others, it is leading to increased adoption of IoT technologies in the manufacturing sector and thus further increasing the need for IoT security. These initiatives are contributing to the growth of the manufacturing segment.
Banking, Financial Services and Insurance (BFSI) follows the manufacturing segment, in terms of value. Consumers are always looking for convenient and personalized service whenever possible. This is evident from the growing popularity of mobile banking apps, online banking, and contactless payment technologies. With added convenience, they also want the highest levels of digital security from their banks. Security threats and data breaches often pose significant problems for banks in the age of IoT. Therefore, in order to guarantee maximum security to its customers, the banking sector has been adopting more and more IoT security measures.
On the basis of geography, the global Internet of Things (IoT) Security market is segmented according to the following regions and countries:
The global Internet of Things (IoT) security market is dominated by the North American region. In 2020, the region accounted for more than 40% of the overall market revenue generated worldwide. The IoT security market here is mostly attributed to the US and Canada being early adopters of IoT technologies in various applications such as smart manufacturing and healthcare. The region has witnessed significant IoT security breaches in recent years. According to a survey conducted by Altman Vilandrie & Company, in the US, nearly 50% of companies using IoT have been victims of security breaches. Additionally, the presence of a host of large players in the region, such as Intel Corporation, IBM Corporation, and Cisco Systems, Inc., has further contributed to the growth of the IoT security market.
In the next years, Pacific Asia is ready to record the biggest growth. The growth of the market here is mainly due to the increasing penetration of mobile devices, a large number of commercial organizations and the unregulated use of the Internet. Furthermore, the increasing economic growth and social transformation in the region is expected to create a favorable environment for the adoption of IoT technologies, which will positively impact the growth of the IoT security market.
Key Topics Covered:
Chapter 1 Preface
Chapter 2 Executive Summary
Chapter 3 Market Dynamics
3.1 Market Overview
3.1.1 Global Internet of Things (IoT) Security Market Revenue and Growth, 2019 – 2029, (US$ Bn) (% YoY)
3.2 Market Drivers
3.3 Market Growth Inhibitors
3.3.1 Impact analysis of conductors and restrictions
3.4 Key Market Trends and Future Prospects
3.5 Attractive investment proposition
3.6 Competitive Analysis
3.6.1 Market positioning of key suppliers
3.6.2 Key Strategies Adopted by the Leading Players
Chapter 4 Global Internet of Things (IoT) Security Market Analysis, By Security Type
4.1 Market analysis
4.3 Cloud infrastructure
Chapter 5 Global Internet of Things (IoT) Security Market Analysis, By Solution Type
5.1 Market analysis
5.2 Intrusion Prevention System (IPS)/ Intrusion Defense Systems (IDS)
5.3 Identity Access Management (IAM)
5.4 Data Loss Protection (DLP)
5.5 Security and Vulnerability Management (SVM)
5.6 Unified Threat Management (UTM)
5.7 Network Security Forensics (NSF)
5.8 Security Analysis
Chapter 6 Global Internet of Things (IoT) Security Market Analysis, By Vertical
6.1 Market analysis
6.3 Medical care
6.6 Banking, Financial Services and Insurance (BFSI)
Chapter 7 North America Internet of Things (IoT) Security Market Analysis
Chapter 8 Analysis of Europe Internet of Things (IoT) Security Market
Chapter 9 Asia Pacific Internet of Things (IoT) Security Market Analysis
Chapter 10 Rest of the World (RoW) Internet of Things (IoT) Security Market Analysis
Chapter 11 Company Profiles
11.1 Verizon Business Solutions
11.2 PTC, Inc.
11.3 Check Point Security Software Technologies Ltd.
11.4 Symantec Corporation
11.5 Cisco Systems, Inc.
11.6 Gemalto N.V.
11.7 IBM Corporation
11.8 Trend Micro, Inc.
11.9 Hewlett Packard LP Development Company
11.10 Intel Corporation
11.11 Secure NSIDE SA
11.12 AT&T, Inc.
For more information on this report, visit https://www.researchandmarkets.com/r/yhgozf
Research and Markets
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