Market
Research Future (MRFR), in its latest IoT Security Market report, asserts that the market is poised to
grow at a massive CAGR of 32.6% during the review period (2019-2025). BFSI,
healthcare, and manufacturing sectors are increasingly shifting their
traditional data storage methods to cloud-based data storage, thereby requiring
high-security services. Also, increasing digital data transmissions via
smartphones and evolving network services, namely 3G, 4G, create substantial
market demand.
The IoT Security Market is garnering rapid
traction across the globe. Market growth attributes to the spurting rise in
demand for the latest security & authentication technologies in various
information sensitive industries. Besides, the rising uptake of IoT securities
in IT, BSFI, and telecom sectors create substantial market demand. Moreover,
the high adoption of cloud-based technology by organizations and government
agencies escalate market growth.
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Additionally,
the high demand for IoT security services by the healthcare sector, alongside
the increased digital technology growth that has increased vulnerability of
data loss or cyber-attacks in telecommunications, boosts the market growth. IoT
security market trends, such as the growing integration to enhance multi-factor
authentication and access management & SSO services in eCommerce sectors,
accelerate the growth of the market.
Global
IoT Security Market – Segments
The
report is segmented into five dynamics;
By Type : Network Security, Endpoint Security,
Solution Security, and Cloud Security.
By
Solution: Identity Access Management, Device Authentication & Management,
Secure Communication, Security Analytics, Trusted Identification, Data
Encryption and Tokenization, and others.
By
Technology: Facial Recognition, Iris Recognition, Fingerprint Identification,
and others.
By
Vertical : Retail, Manufacturing,
Healthcare, Transportation, Energy & Utilities, IT & Telecommunication,
BFSI, and others.
By
Regions : Asia Pacific, North America,
Europe, and the Rest-of-the-World.
Global
IoT Security Market – Regional Analysis
North
America leads the global IoT security market. The largest market share
attributes to the rapid deployments of IoT security solutions and services
across the industry verticals for securing the IoT devices and sensors.
Besides, the presence of a number of industry players and efficient agencies
working against cybercrimes drive the market growth in the region.
Moreover,
substantial technological advancements and investments implemented to secure
IoT environments foster market growth. Rapid adoption of mobile and cloud
applications in banking, IT & telecom, government, energy & utility
services boost the market demand colossally. The US is a technologically
advanced country and dominates the regional market due to large-scale
implementations of IoT solutions, followed by Canada and Mexico, respectively.
Europe
stands second in the global IoT security market. The market is driven by the
increasing uptake of IoT security solutions in government establishments like
cyber authorities & policies to protect confidential data. Additionally,
the growing adoption of advanced analytics by small and large organizations to protect
IoT data pushes regional market growth.
Also, increased compromised security issues
due to the rising adoption of BYOD policies and malicious software that propel
the regional market growth, making sensitive information vulnerable.
Furthermore, increased adoption of IoT devices and IIoT technology in the
region substantiates the development of IoT security solutions. Rapidly
developing countries like China and India lead the European IoT security
market.
The Asia
Pacific IoT security market is growing rapidly. Factors such as the increasing
cyber-attacks in IT infrastructure impact the market growth in the region
positively. Moreover, the rising demand for IoT solutions from the banking
& financial services, media & entertainment, and manufacturing sectors
increases market size. The APAC IoT
security market is forecasted to register the highest CAGR over the review
period.
IoT
Security Market – Competitive Analysis
Highly
competitive, the IoT security market appears fragmented due to the presence of
numerous well-established players. To gain a larger competitive share,
innovation, mergers & acquisitions, and brand reinforcement remain key
trends for these players. The market is likely to witness intensified
competition with an increase in R&D innovations and M&A.
Major
Players:
Players
leading the global IoT security market include Symantec Corporation (US), PTC
(US), Infineon Technologies (Germany), Check Point Security Software
Technologies Ltd. (US), Trustwave Holdings (US), IBM Corporation (US), Gemalto
NV (Netherlands), Cisco Systems, Inc. (US), AT&T Inc. (US), DigiCert (US),
Trend Micro, Inc. (Japan), Intel Corporation (US), Verizon (US), Sophos Group
(UK), and General Electric (US), among others.
Industry/
Innovation/ Related News:
October 12,
2020 --- ElevenPaths (Spain), a cybersecurity subsidiary of Telefónica,
announced a global partnership agreement with a global leader in telecom
analytics solution company Subex Ltd. (India) to deliver its IoT threats
detection service globally. ElevenPaths offers disruptive innovation in
cybersecurity to set up privacy and trust digital spaces. This global
partnership agreement with Subex would enable ElevenPaths to deliver its IoT
Threats detection service across the globe effortlessly.
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Report Details at: https://www.marketresearchfuture.com/reports/iot-security-market-2256
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