According to the latest IMARC Group report, titled “IoT Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, the global IoT security market reached a value of US$3.04 billion in 2021. Looking ahead, IMARC Group expects the market to reach US$14.15 billion by 2027, exhibiting a CAGR of 29.75% during 2022-2027. The Internet of Things (IoT) helps create intelligent communication environments by connecting devices such as industrial equipment and consumer objects to a network, collecting information, and managing these devices using software to increase efficiency. Some of the key components of IoT are Radio Frequency Identification (RFID), Wireless Sensor Network (WSN), Near Field Communication (NFC), cloud services, gateways, data storage and analytics. data and display elements. Today, there is a surge in demand for IoT security as it eradicates vulnerabilities and equips IoT devices with the means to detect, resist, and recover from malicious attacks.
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Global IoT Security Market Trends:
Several high-profile data breach incidents were recently reported where a common IoT device was used as a tool to attack a larger network. These incidents coupled with the growing threat of cyber terrorism and the rapid adoption of IoT technologies are fueling the growth of the market. In addition to this, the rise of automation in various industry verticals, coupled with the construction of smart cities, is creating a requirement for enhanced and effective security solutions. This helps protect highly sensitive personal and organizational data from malware injection. Additionally, the growing trend of Bring Your Own Device (BYOD) in corporate organizational setups is anticipated to contribute to market growth in the coming years.
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Global IoT Security Market Analysis and Segmentation 2022-2027:
Competitive landscape with key players:
- assign ltd
- arms inc.
- CENTRI Technology
- Cisco Systems, Inc.
- forgerock inc.
- Fortinet, Inc.
- Gemalto N.V.
- International Business Machines Corporation (IBM)
- Infineon Technologies AG
- Intel Corporation
- Mocana Corporation
- Securities, Inc.
- Broadcom, Inc.
- Zing Box Inc.
Market breakdown by component:
Market breakdown by security type:
- network security
- security endpoint
- Application security
- cloud security
Market breakdown by vertical:
- Energy and Public Services
- Consumer electronics
- Health care
Market breakdown by region:
- North America (United States, Canada)
- Europe (Germany, France, UK, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, others)
Key highlights of the report:
- Market performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s five forces analysis
- Market drivers and success factors
- SWOT Analysis
- Value chain
- Comprehensive mapping of the competitive landscape
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