According to a research report "IoT Security Market by Type (Network Security & Cloud Security), Component, Solution (Identity and Access Management, Security Analytics, & Device Authentication & Management), Service, Application Area, and Region - Global Forecast to 2025", the global Internet of Things (IoT) security market size is expected to grow from USD 12.5 billion in 2020 to USD 36.6 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 23.9% during the forecast period. Major factors driving the growth of the market are the increasing number of ransomware attacks on IoT devices across the globe, growing IoT security regulations, and rising security concerns over critical infrastructures.
The solutions segment to account for a higher market share during the forecast period
Major trends contributing to the market are the increasing security breaches in critical infrastructures and personal data. IoT security solutions include identity and access management, data encryption and tokenization, intrusion detection system/intrusion prevention system, device authentication and management, secure software and firmware update, secure communications, Public Key Infrastructure (PKI) lifecycle management, Distributed Denial of Service (DDoS) protection, security analytics, and others (virtual firewall and incidence response system). These solutions enable enterprises to meet their key requirements, which help in securing their IoT devices.
The smart home and consumer electronics segment to witness the highest growth during the forecast period
Smart home and consumer electronics consist of devices, such as wrist wear, eyewear, neckwear, and body wear, and smart home appliances. Consumer electronics and smart home appliances are vulnerable and susceptible to cyber-attacks. This vulnerability and susceptibility provide IoT security vendors a great opportunity to address the security needs of these consumer wearables. Increasing adoption of smart home devices such as smart glass and smart speakers are enhancing the vulnerability of smart homes. Rise in the number of attacks over smart homes is fueling the demand for integrated security solutions.
North America to account for the highest market share during the forecast period
North America is the dominant region for IoT deployment and progressive in terms of technology adoption. The region comprises the US and Canada. The US is expected to hold a higher market share in the IoT security market. The US and Canada are the early adopters of trending technologies, such as IoT, big data, and mobility, and would provide significant growth opportunities for IoT security vendors.
The major vendors in the global IoT security market include Cisco (US), IBM (US), Infineon (Germany), Intel (US), Symantec (US), Allot (Israel), , Mocana (US), SecuriThings (Israel), CENTRI (Germany), Armis (US), ForgeRock (US), and NewSky (US).
Source: ASDReports - Market Research
Date: Aug 4, 2020