Market Synopsis of IoT Security
Market Research Future published a half-cooked research report on IoT Security Market. The Global IoT Security Market is expected to grow over ~31% CAGR during the period 2016 to 2022 with USD ~41 billion market value in 2022.
IoT Security Market- Drivers and Overview
The Global IoT Security Market has been evaluated as growing market and expected that the market will touch high growth figures in Asia-Pacific region during forecast period.
IoT Security is a solution protecting connected devices and networks from cyber-attacks. Device manufacturers are offering security solution into their products from a mix of hardware and software features. The high growth in adopting cloud technology by businesses especially to protect financial information of the company is propelling the growth of IoT security market during forecast period 2016-2022. Other factors such as high usage of smartphones for data transmission, via various apps and growing initiatives by major market players to introduce security solutions is also supporting the market to grow in the upcoming future.
IoT Security Market – Key Players:
The major participants of this market are Cisco Systems, Inc. (U.S.), IBM Corporation (U.S.), Verizon enterprise solutions (U.S.), Symantec AG (Germany), Infineon Technologies AG (Germany), Intel Corporation (U.S.), AT&T Inc. (U.S.), Gemalto NV (U.S.), General Electric (U.S.), Sophos Group PLC (UK) and, others.
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IoT Security Market Segmentation:
The IoT Security market can be segmented into its types and end-users. IoT Security is offering three types of security solution namely network security, cloud security and application security among others. End-user segment is categorized into Retail, Manufacturing, Healthcare, Transportation, Energy & utilities, IT, BFSI and others.
The Global Key Market Players such as Cisco systems, Inc., IBM Corporation, Microsoft Corporation, and other industries are offering wide range of products and services to their end-user industries. Recently, in February 2017, Symantec AG, a leading cyber security company, launched a new cloud security solution to protect enterprise information from cyber threats. This security solution is expected to bring greater visibility and better control over critical assets, and users. Other prominent company Infineon Technologies AG, a leading semiconductor solution provider, has partnership with Chinese electronic manufacturers namely Midea, Huawei Consumer, and CESI to develop security solutions for smart home application sector. These growing advancement in product categories and high involvement of small & large market players in developing IoT Security systems & software services is creating high growth opportunity for IoT Security market in the upcoming future.
Market Research Analysis:
Geographically, North America is expected to dominate the IoT Security market during forecast period 2016-2022. The early adoption of IoT security devices by organization and growing deployment of IoT technology & analytical devices in manufacturing sector is fuelling the market of IoT security in the region. Europe is also showing high growth opportunity in the IoT security market as the government is taking many initiatives to implement security solutions in order to reduce cyber-crime in the region. Furthermore, Asia-pacific region is expected to be the fastest growing region in forecast period 2016-2022 due to growing investment by vendors such as Verizon Enterprise, Symantec, and IBM to provide network and cloud based data security services to the organization in the region.
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