New Delhi, April 20, 2022 (GLOBE NEWSWIRE) -- The IoT security market is growing at a high CAGR because of the rising adoption of IoT systems among various verticals including manufacturing, logistics, healthcare, government, transportation, etc., along with increasing threats of cyber security and breaches…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global IoT security market was worth USD 15 billion in the year 2021. It is estimated to grow at a CAGR of 12.40%, earning revenue of around USD 61.6 billion by the end of 2028. The IoT security market is flourishing at a high rate owing to the rising adoption of IoT systems among various verticals including manufacturing, logistics, healthcare, government, transportation, etc., along with increasing threats of cyber security and breaches. Furthermore, expanding government investment towards the establishment of smart cities and the increasing need for advanced solutions for boosting protection from potential cyber attacks is anticipated to fuel the market growth in the forecast period.
Rising Demand for Cloud Deployment is Driving IoT Security Market
Based on deployment, the IoT security market is segmented into on-premises and cloud. The cloud-based segment accounted for the largest share in the market in 2021. This type of deployment witnessed the highest growth post the COVID-19 pandemic owing to the higher security and low-cost solutions and services it offers along with real-time detection and security analytics. However, the on-premises segment also covers a substantial market share as some large enterprises opt for this deployment type.
Request for Sample Report @ https://www.blueweaveconsulting.com/report/global-iot-security-market/report-sample
Increasing Adoption of IoT Security among Small and Medium-Sized Enterprises is Propelling the Overall Market Growth
Based on organization size, the IoT security market is segmented into small and medium-sized enterprises and large enterprises. The large organization segment holds the largest market share owing to the high financial capability for the integration of advanced technologies into business operations. However, the small and medium-sized enterprises segment is projected to witness the highest CAGR during the forecast period. The IoT systems are gaining significant traction among SMEs as it allows them to reduce costs, which is estimated to fuel the demand for IoT security.
IoT Security Market - By Application
Based on application, the IoT security market is segmented into smart manufacturing, smart energy and utilities, connected logistics and transportation, smart home and consumer electronics, connected healthcare, smart government and defense, smart retail, and others. The smart manufacturing segment accounts for the largest market share owing to the rising adoption of connected devices and sensors, etc., to increase efficiency, reduce errors, along with leveraging on the benefits of predictive maintenance. Therefore, various leading manufacturers are investing in IoT technology, which is anticipated to boost the growth of the IoT security market in the forecast period.
Please Visit Press Release of IoT Security Market: https://www.blueweaveconsulting.com/press-release/iot-security-market-to-grow-at-a-cagr-of-12-40-in-the-forecast-period
IoT Security Market - Regional Insights
Geographically, the IoT security market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa. North America dominates the IoT security market. However, the Asia-Pacific region is projected to witness the highest growth rate during the forecast period. Countries such as China, India, Japan, etc., are emerging as manufacturing hubs with China already dominating the market. The leading manufacturers in this region are investing in the adoption of IoT systems to boost their business efficiency, which is anticipated to drive the IoT security market in the forecast period.
Impact of COVID-19 on IoT Security Market
The IoT security market was negatively impacted by the unprecedented COVID-19 pandemic outbreak. The lockdown imposed by the countries to mitigate the virus spread resulted in restrictions on the manufacturing and supply chains of various end-user industries including manufacturing, logistics, transportation, energy, etc. Furthermore, the supply of IoT sensors and components was also halted due to a shortage of semiconductor chips which obstructed the adoption of IoT systems in the business. All these factors contributed to the hindrance in the overall growth of the IoT security market.
Competitive Landscape
The leading market players of the IoT security market are Microsoft Corporation, Amazon Web Services, Entrust Corp., Google, Kaspersky Lab, IBM Corporation, Palo Alto, Intel Corporation, Mocana, Cisco Systems, Inc., Happiest Minds, Telefonaktiebolaget LM Ericsson, Fortinet, Thales Group, Check Point Software Technologies, Allot Ltd., Infineon Technologies AG, MagicCube, Inc., Forgerock, and other prominent players.
The market is highly fragmented due to the presence of several global and regional industry players. However, multinational conglomerates such as Google, IBM, Cisco, still dominate a major portion of the market. The companies significantly focus on boosting their security and often launch innovative solutions and services to expand their market presence. The adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the IoT security market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the IoT security market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
Recent Development:
- In February 2022, Identiv, Inc., a US-based digital security solutions provider, announced its partnership with Wiliot, an Israeli IoT company to boost the supply of active and passive IoT solutions.
- In December 2021, Karamba Security, an Israeli cyber security solutions provider, announced to have raised USD 10 million in funding, which is aimed towards advancing its commercial expansion and building products with machine learning capabilities.
Scope of the Report:
| Attributes | Details |
| Years Considered | Historical data – 2018-2021 |
| Base Year – 2021 | |
| Forecast – 2022 – 2028 | |
| Facts Covered | Revenue in USD Billion |
| Market Coverage | U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia |
| Product Service/Segmentation | By Component, By Type, By Deployment Mode, By Organization Size, By Application, By Region |
| Key Players | Microsoft Corporation, Amazon Web Services, Entrust Corp., Google, Kaspersky Lab, IBM Corporation, Palo Alto, Intel Corporation, Mocana, Cisco Systems, Inc., Happiest Minds, Telefonaktiebolaget LM Ericsson, Fortinet, Thales Group, Check Point Software Technologies, Allot Ltd., Infineon Technologies AG, MagicCube, Inc., Forgerock, and other prominent players. |
By Component
- Solutions
- Identity and Access Management
- Data Encryption and Tokenization
- Intrusion Detection System and Intrusion Prevention System
- Device Authentication and Management
- Secure Communications
- Public Key Infrastructure Lifecycle Management
- Distributed Denial Of Service Protection
- Security Analytics
- Other Solutions
- Services
- Professional Services
- Managed Services
By Type
- Network Security
- Endpoint Security
- Application Security
- Cloud Security
- Others
By Deployment Mode
- On-Premises
- Cloud
By Organization Size
- Small And Medium-Sized Enterprises
- Large Enterprises
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 (APAC)
- Latin America (LATAM)
- Middle-East & Africa (MEA)
Please Find Below Some Related Topics:
- Global Telecom Managed Services Market, Opportunities & Forecast, 2017-2027
- Global Technical Skills Screening Software Market, Opportunities & Forecast, 2017-2027
- Middle East Public Cloud Market, Opportunities & Forecast, 2017-2027
- Global Smart Ticketing Market, Opportunities & Forecast, 2017-2027
- Global 3D and 4D Technology Market, Opportunities & Forecast, 2017-2027
About Us:
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online as well as offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
Contact Us:
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662
https://www.blueweaveconsulting.com/
https://www.linkedin.com/company/blueweaveconsulting/
