Internet of Things Security Market Register A Significant CAGR Of 29.7% From 2018 To 2025: Grand View Research Inc.

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According to report published by Grand View Research, Surging demand for enhanced privacy is driving the market. Increasing government efforts to implement stringent regulations to restrict the amount of data collected by IoT devices by industries such as BFSI, retail, and healthcare is expected to stimulate the growth of the Internet of Things Security market.

According to a new report,“Internet of Things (IoT) Security Market Analysis Report By Component, By Solution, By Services, By Application, By Security Type (Endpoint, Cloud, Network, Application), And Segment Forecasts, 2018 – 2025”, published by Grand View Research, Inc., the global IoT security market size is expected to reach USD 9.88 billion by 2025, progressing at a CAGR of 29.7% during the forecast period. Surging demand for enhanced privacy is driving the market. Increasing government efforts to implement stringent regulations to restrict the amount of data collected by IoT devices by industries such as BFSI, retail, and healthcare is expected to stimulate the growth of the market.

Key Takeaways from the report:

  • The identity & access management solution segment was valued at USD 255.8 million in 2017, registering a healthy CAGR over the forecast period

  • The professional service is expected to retain its dominance in the market through 2025 and is projected to reach USD 2.11 billion

  • The application security type is anticipated to register the highest CAGR of 33.5% over the forecast period

  • The smart home & consumer application segment dominated the market in 2017 and is projected to reach USD 2.93 billion by 2025

  • North America was valued at USD 442.4 million in 2017. It is expected to maintain dominance in the market until 2025. The region was followed by Europe, which accounted for a revenue share of 27.4% in 2017

  • Asia Pacific is anticipated to witness the highest CAGR of 34.6% over the forecast period

  • Some of the key players in the market Cisco Systems Inc.; IBM Corporation; Symantec Corporation; Gemalto NV; and McAfee, LLC.

U.S. IoT security market size, by security type, 2015 - 2025 (USD Million)

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Global IoT security market share, by application, 2017 (%)

Safeguarding future of internet connected devices by robustly configuring necessary/next-generation security features and increasing transparency as well as providing consumers with a choice to opt-out of data collection are some of the key factors driving the market over the forecast period.

Increasing use of 3G and 4G long-term evolution (LTE) as well as wireless networks and technologies is augmenting the risk of cyber-attacks. Real-time information and transaction-related information, which are crucial to users, is exchanged through these cellular networks; thereby, giving rise to the need for IoT security. Currently, implementation of the internet is rising exponentially in areas such as health monitors, smart home appliances, smart city projects, and smart retails, which has created the necessity for IoT security.

Adoption of cloud technologies by various organizations for storing confidential data gives rise to risk of unauthorized access to data. Moreover, growing trend of bring your own device (BYOD) is increasing concerns regarding data security. Therefore, several organizations and enterprises demand effective security solutions. Thus, a robust security solution, such as integration of firewalls and data loss prevention with IoT security solutions, strengthens organization posture to face cyber threats.

However, lack of awareness about benefits and availability of IoT security solution is hampering the growth of the market. High cost of installation is also a stumbling stone in the growth of the market. Lack of expertise in technical handling, cling to regulatory compliance, and low budget for implementing new strategies are also some of the factors inhibiting the growth of the market.

Grand View Research has segmented the global IoT security market on the basis of component, solution, services, security type, application. and region:

IoT Security Component Outlook (Revenue, USD Million, 2015 – 2025)

  • Solution

  • Services

IoT Security Solution Outlook (Revenue, USD Million, 2015 – 2025)

  • Analytics

  • Encryption

  • Data Loss Protection (DLP)

  • Identity and Access Management (IAM)

  • Unified Threat Management (UTM)

  • Others

IoT Security Services Outlook (Revenue, USD Million, 2015 – 2025)

  • Professional

  • Managed

IoT Security Security Type Outlook (Revenue, USD Million, 2015 – 2025)

  • Application

  • Cloud

  • Endpoint

  • Network

  • Others

Application Outlook (Revenue, USD Million, 2015 – 2025)

  • Healthcare & Life Science

  • Infrastructure & Cities

  • Industrial system & Sensors

  • Smart home & Consumer

  • Transport & Urban Mobility

  • Others

Regional Outlook (Revenue, USD Million, 2015 – 2025)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia New Zealand

    • ASEAN

    • South Korea

  • Latin America

    • Brazil

    • Mexico

  • MEA

    • GCC Countries

    • Israel

    • South Africa

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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