Pune, India, July 06, 2022 (GLOBE NEWSWIRE) -- The global IoT security market size is expected to reach USD 20,776.1 million by 2028, exhibiting an excellent CAGR of 32.3 % during the forecast period. The increasing implementation of blockchain technology for improved security will have a massive effect on the growth of the market, states Fortune Business Insights, in a report, titled “IoT Security Market Size, Share & COVID-19 Impact Analysis, By Component (Software, and Services), By Enterprise Size (SMEs, and Large Enterprises), By Deployment (Cloud and On-Premise), By Product Type (Network Security, Endpoint Security, Application Security, Cloud Security, and Others), By Application (Smart Homes, Smart Manufacturing, Connected Logistics, Connected Healthcare, Smart Retail, and Others), By End-use Industry (Consumer IoT, Manufacturing, Retail, IT and Telecommunication, BFSI, Government, Transportation & Automotive, Energy & Utilities, Healthcare, and Others), and Regional Forecast, 2020-2028.” The market size stood at USD 2,221.0 million in 2019.
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Industry Developments:
January 2020: Mocana Corporation announced that it has collaborated with automotive-grade Linux (AGL), a Linux Foundation open source project to drive the security of connected and autonomous vehicles.
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Report Scope:
| Report Coverage | Details |
| Forecast Period | 2020-2028 |
| Forecast Period 2020 to 2028 CAGR | 32.3 % |
| IoT Security Market 2028 Value Projection | USD 20,776.1 Million |
| Base Year | 2019 |
| IoT Security Market Size in 2019 | USD 2,221.0 Million |
| Historical Data for | 2016-2018 |
| No. of Pages | 160 |
| Segments covered | Component; Enterprise Size; Deployment; Product Type; Application; End-use Industry; |
| IoT Security Market Growth Drivers | Growing IoT Deployments to Expand Market Size. Increasing Number of Malware Attacks to Spur Market Growth |
| Pitfalls & Challenges | Failure to Manage Device Updates is Likely to Retard the Market Growth. |
Market Driver:
Rising Security Concerns Associated with Malware Attacks to Augment Growth
The growing malware attacks pertaining to IoT devices is expected to fuel demand for IoT security in the forthcoming years. For instance, Telnet, Mirai, and denial-of-service attacks (DDoS) have become prevalent. The Mirai malware can penetrate and attack enterprise IoT devices such as digital signage television sets (TV) or wireless presentation systems. The increasing need for security to prevent DDoS attacks by hackers will enable speedy expansion of the market. Besides, the escalating malware attacks will drive the IoT network security solutions among organizations.
Shift towards Smart Connected Devices to Elevate Market Amid Coronavirus
The inclination towards machine learning, artificial intelligence, will influence the healthy growth of the market during the coronavirus. The improvements in controlled vehicles and devices will simultaneously incite the development of the market. Moreover, the surging demand for wirelessly connected devices in the healthcare industry can have a tremendous impact on the market amid COVID-19. Besides, AI can assist in getting accurate data of COVID-19 symptoms in individuals, thus Promoting the scope of the market.
Regional Analysis:
Rising Government Initiatives to Propel Market in Europe
The IoT security market in Europe is expected to exhibit a rapid CAGR in the forthcoming years. The growth in the region is attributed to the rising government support for robust security integrated into wireless products. For instance, in October 2018, the government published the code of practice for consumer IoT security. Moreover, the announcement of regulatory proposals by the government will further foster the healthy growth of the market. For instance, in May 2019, the government of the U.K introduced a consultation on regulatory proposals regarding consumer connected devices security.
To get to know more about the short-term and long-term impact of COVID-19 on this IoT Security Market Report,
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The Report Discusses the following questions:
- What is the nature of the competition?
- How can social media platforms contribute to the growth of the market?
- Who are the major players of this market, and what is their strategic plan?
- Which current market trends are followed worldwide?
- What are the significant industry developments in the market?
Market Segmentation:
| Segmentation | By Component
|
By Deployment
| |
By Enterprise Size
| |
By Product Type
| |
By End-User Industry
|
Companies Covered in the IoT Security Market Report:
- Cisco Systems Inc.
- IBM Corporation
- Intel Corporation
- Thales Group
- Forgerock
- Infineon Technologies AG
- Mocana Corporation
- NortonLifeLock Inc.
- Allot Ltd.
- Fortinet, Inc.
- New Sky Internet Limited
- Others
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Major Points in TOC:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- PESTLE Analysis
- Porter’s Five Force Analysis
- Ecosystem Analysis
- Global Market Share Analysis and Matrix, 2019
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Provided for Key 10 Players only)
- Overview
- Key Management
- Headquarters etc
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Overview
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