IoT Security Market Global Share, Segment Analysis, Growth Drivers and Forecast to 2027

IoT Security Market is projected to grow up to 24.5 % CAGR during the forecasting period 2021-2027. The cloud is being used to store biometric information. Because most businesses are now using cloud technology to store sensitive data, there is a need to build security measures to safeguard the cloud from illegal access. The widespread acceptance of cloud-based services by small and medium-sized businesses, such as the pay-per-use model, provides flexibility and scalability to these businesses, resulting in a startling increase in the use of cloud-based services for data storage. This is projected to increase demand for IoT security solutions and propel the market forward globally.

To safeguard the use of IoT devices, cyber solution firms offer a variety of security solutions. Secure element (SE) technology is offered by Gemalto, a prominent digital security supplier, for the automotive and utilities industries. By encrypting sensitive data and limiting access to it, this secure element technology secures advanced digital technology and life-cycle management. The research covers all aspects of the global IoT security industry, including growth drivers, challenges, supply and demand, and current trends. The market size, historical trends, current scenario, and forecast estimates, as well as essential statistical data, charts, and figures, have all been presented. Under the competitive landscape, the progress of the major market participants has also been charted.

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Key Driving Factors: Adoption of mobile device applications and platforms grows
Because of the increased acceptability of BYOD among businesses, mobile device adoption is fast increasing. Because of the wide range of applications, services, and functionalities available on mobile devices, enormous amounts of data are saved on and moved between devices. The majority of the information kept on mobile devices is sensitive, including usernames, credit card numbers, and passwords. Organizations are implementing effective cyber security solutions, such as identity access management , asset management, unified threat management , and monitoring and analytics, as a result of their growing reliance on mobile devices.

Opportunities: Increased requirement for IoT security solutions with multiple attack variations

IoT security comprises safeguarding both the private and public sectors from professional cybercriminals and advanced IoT threats. Cybercriminals are employing multi-layered cyber-attacks to spy on individuals, businesses, and even nations. As a result, businesses are looking for comprehensive security solutions. New integrated security solutions enable enterprises to decrease costs while also improving facility safety. Standalone security systems are incapable of dealing with such united threats.

This report offers the major market player’s profiles, such as IBM Corporation, Intel Corporation, Infineon Technologies AG, Cisco Systems Inc., Broadcom, Gemalto NV, Fortinet Inc., SecuriThings, Palo Alto Networks Inc., and Trend Micro Incorporated.

Based on Application: Based on the application, the CAGR should be increased during the forecast period by data encryption and tokenization. When IoT is used in manufacturing processes, security is regarded as one of the crucial components. The IoT sensors measure pressure, speed, consumption, actuator and temperature factors. These systems have an unfavourable effect on the physical environment, regulate key infrastructure and collect sensitive information on numerous operations and smart equipment. The confluence of these reasons drives the demand in various enterprises for IoT security and privacy protection.

The IoT Security Market report has been categorized as below

By component
•Solution
Identity and Access and Management
Data Encryption and Tokenization
Intrusion Detection System and Intrusion Prevention System
Device Authentication and Management
Secure Communications
Public Key Infrastructure and Lifecycle Management
Distribute Denial of Service Protection
Security Analytics
Others
•Services
Professional Services
Managed Services

By Type
•Network Security
•Endpoint Security
•Application Security
•Cloud Security
•Others (web security and email security)

By application
•Smart Manufacturing
•Smart Energy and Utilities
•Connected Logistics and Transportation
•Smart Home and Consumer Electronics
•Connected Healthcare
•Smart Government and Defense
•Smart Retail
•Others

By Region
•North America
• Europe
•Asia Pacific
•Rest of World

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