IoT security based security is the process of securing Internet of Things devices or the network in which they are connected. In addition, individuals and organizations are looking forward for enabling IoT enabled devices in their systems & processes, owing to which there has been an increase of different malicious activities that drives the growth of the IoT security market. Furthermore, it helps in finding different vulnerabilities in IoT devices and also helps in securing the unprotected & unsecured devices and services from various hacks, virus, and attacks. In addition, it provides integrated solution that helps in delivering protection, visibility, and segmentation throughout the complete network infrastructure of IoT devices.
According to study, “IoT Security Market by Component (Solution and Services), Deployment Model (On-Premise and Cloud), Organization Size (Large Enterprises and Small & Medium Enterprises), Product Type (Device Authentication & Management, Identity Access & Management, Intrusion Detection System & Intrusion Prevention System, Data Encryption & Tokenization and Others), Security Type (Network Security, Endpoint Security, Application Security, Cloud Security, and Others), and Industry Vertical (Manufacturing, Retail & E-Commerce, Government & Defense, Transportation & Logistics, Energy & Utilities, Healthcare and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026”. Some of the key companies operating in the global IoT security market are Intel Corporation, IBM Corporation, Infineon Technologies AG, Palo Alto Networks Inc., Broadcom, Cisco Systems Inc., Gemalto NV, SecuriThings, Fortinet Inc., and Trend Micro Incorporated. The key players have started adopting different strategies in order to increase market penetration and strengthen position in the industry.
Based on type, IoT security market is bifurcated as network security, solution security, endpoint security, and cloud security. Based on technology, market is bifurcated as iris recognition, facial recognition, and fingerprint identification. Based on solution, market is bifurcated as trusted identification, identity access management, secure communication, device authentication & management, security analytics, data encryption & tokenization, and others. In addition, based on vertical, market is bifurcated as retail, energy & utilities, IT and telecommunication, manufacturing, healthcare, transportation, BFSI and others. The energy & utilities segment is estimated to witness higher CAGR due to rise in the adoption of IoT in various devices such as smart appliances, smart meters, and renewable energy resources during the forecast period.
The IoT security market is driven by rise in the number of ransomware attacks on various IoT devices, followed by increase in malware & phishing threats among different enterprises and surge in number of IoT security regulations. However, expensive IoT security solutions and budget constraints among organizations may impact the market. Moreover, growth in adoption of IoT security solutions by various developing nations and rise in need for IoT security solution are major opportunities for the market.
Based on geography, the North-American region appears to be the dominant region in global IoT security market owing to enforcement of regulatory frameworks and extensive deployment of IoT devices across several domains & countries. Whereas, the Asian-Pacific and European regions are anticipated to depict higher growth rate due to increase in number of business organizations, unregulated usage of the Internet and rise in mobile workforce over the forecast period.
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Ankur Gupta, Head Marketing & Communications