The #IoT security market is garnering rapid traction across the globe. Market growth attributes to the spurting rise in demand for the latest security & authentication technologies in various information sensitive industries. Besides, the rising uptake of #IoT securities in IT, BSFI, and telecom sectors create substantial market demand. Moreover, the high adoption of cloud-based technology by organizations and government agencies escalate market growth.
Market Research Future (MRFR), in its latest IOT Security Market Analysis report, asserts that the market is poised to grow at a massive CAGR of 21.1%, the IoT security #market size is forecast to grow USD 41.2 billion by the end of the year 2030. BFSI, healthcare, and manufacturing sectors are increasingly shifting their traditional data storage methods to cloud-based data storage, thereby requiring high-security services. Also, increasing digital data transmissions via smartphones and evolving network services, namely 3G, 4G, create substantial market demand.
Additionally, the high demand for IoT security services by the healthcare sector, alongside the increased digital technology growth that has increased vulnerability of data loss or cyber-attacks in telecommunications, boosts the market growth. IoT security market trends, such as the growing integration to enhance multi-factor authentication and access management & SSO services in eCommerce sectors, accelerate the growth of the market.
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Global IoT Security Market – Segments
The report is segmented into five dynamics;
By Type : Network Security, Endpoint Security, Solution Security, and Cloud Security.
By Solution: Identity Access Management, Device Authentication & Management, Secure Communication, Security Analytics, Trusted Identification, Data Encryption and Tokenization, and others.
By Technology: Facial Recognition, Iris Recognition, Fingerprint Identification, and others.
By Vertical : Retail, Manufacturing, Healthcare, Transportation, Energy & Utilities, IT & Telecommunication, BFSI, and others.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global IoT Security Market – Regional Analysis
North America leads the global Internet of Things Security Market Size. The largest market share attributes to the rapid deployments of IoT security solutions and services across the industry verticals for securing the IoT devices and sensors. Besides, the presence of a number of industry players and efficient agencies working against cybercrimes drive the market growth in the region.
Moreover, substantial technological advancements and investments implemented to secure IoT environments foster market growth. Rapid adoption of mobile and cloud applications in banking, IT & telecom, government, energy & utility services boost the market demand colossally. The US is a technologically advanced country and dominates the regional market due to large-scale implementations of IoT solutions, followed by Canada and Mexico, respectively.
Europe stands second in the global IoT security market. The market is driven by the increasing uptake of IoT security solutions in government establishments like cyber authorities & policies to protect confidential data. Additionally, the growing adoption of advanced analytics by small and large organizations to protect IoT data pushes regional market growth.
Also, increased compromised security issues due to the rising adoption of BYOD policies and malicious software that propel the regional market growth, making sensitive information vulnerable. Furthermore, increased adoption of IoT devices and IIoT technology in the region substantiates the development of IoT security solutions. Rapidly developing countries like China and India lead the European IoT security market.
The Asia Pacific IoT security market is growing rapidly. Factors such as the increasing cyber-attacks in IT infrastructure impact the market growth in the region positively. Moreover, the rising demand for IoT solutions from the banking & financial services, media & entertainment, and manufacturing sectors increases market size. The APAC IoT security market is forecasted to register the highest CAGR over the review period.
IoT Security Market – Competitive Analysis
Highly competitive, the IoT security market appears fragmented due to the presence of numerous well-established players. To gain a larger competitive share, innovation, mergers & acquisitions, and brand reinforcement remain key trends for these players. The market is likely to witness intensified competition with an increase in R&D innovations and M&A.