San Francisco, Dec 03 The
global IoT
security market size is expected to reach USD 9.88 billion by
2025, according to a new study by Grand View Research, Inc., progressing at a
CAGR of 29.7% during the forecast period. Surging demand for enhanced privacy
is driving the market. Increasing government efforts to implement stringent
regulations to restrict the amount of data collected by IoT devices by
industries such as BFSI, retail, and healthcare is expected to stimulate the
growth of the market.
Safeguarding
future of internet connected devices by robustly configuring
necessary/next-generation security features and increasing transparency as well
as providing consumers with a choice to opt-out of data collection are some of
the key factors driving the market over the forecast period.
Increasing
use of 3G and 4G long-term evolution (LTE) as well as wireless networks and
technologies is augmenting the risk of cyber-attacks. Real-time information and
transaction-related information, which are crucial to users, is exchanged
through these cellular networks; thereby, giving rise to the need for IoT
security. Currently, implementation of the internet is rising exponentially in
areas such as health monitors, smart home appliances, smart city projects, and
smart retails, which has created the necessity for IoT security.
Adoption
of cloud technologies by various organizations for storing confidential data
gives rise to risk of unauthorized access to data. Moreover, growing trend of
bring your own device (BYOD) is increasing concerns regarding data security.
Therefore, several organizations and enterprises demand effective security
solutions. Thus, a robust security solution, such as integration of firewalls
and data loss prevention with IoT security solutions, strengthens organization
posture to face cyber threats.
However,
lack of awareness about benefits and availability of IoT security solution is
hampering the growth of the market. High cost of installation is also a
stumbling stone in the growth of the market. Lack of expertise in technical
handling, cling to regulatory compliance, and low budget for implementing new
strategies are also some of the factors inhibiting the growth of the market.
Browse full research report on Internet of Things (IoT) Security Market:
www.grandviewresearch.com/industry-analysis/internet-of-things-iot-security-market
Further key findings from the study suggest that:
- The identity
& access management solution segment was valued at USD 255.8 million
in 2017, registering a healthy CAGR over the forecast period
- The
professional service is expected to retain its dominance in the market
through 2025 and is projected to reach USD 2.11 billion
- The
application security type is anticipated to register the highest CAGR of
33.5% over the forecast period
- The smart
home & consumer application segment dominated the market in 2017 and
is projected to reach USD 2.93 billion by 2025
- North America
was valued at USD 442.4 million in 2017. It is expected to maintain
dominance in the market until 2025. The region was followed by Europe,
which accounted for a revenue share of 27.4% in 2017
- Asia Pacific
is anticipated to witness the highest CAGR of 34.6% over the forecast
period
- Some of the
key players in the market Cisco Systems Inc.; IBM Corporation; Symantec
Corporation; Gemalto NV; and McAfee, LLC.
Browse more reports of this category
by Grand View Research: www.grandviewresearch.com/industry/network-security-software-and-services
Grand
View Research has segmented the global IoT security market on the basis of
component, solution, services, security type, application. and region:
IoT
Security Component Outlook (Revenue, USD Million, 2015 - 2025)
- Solution
- Services
IoT
Security Solution Outlook (Revenue, USD Million, 2015 - 2025)
- Analytics
- Encryption
- Data Loss
Protection (DLP)
- Identity and
Access Management (IAM)
- Unified
Threat Management (UTM)
- Others
IoT
Security Services Outlook (Revenue, USD Million, 2015 - 2025)
- Professional
- Managed
IoT
Security Security Type Outlook (Revenue, USD Million, 2015 - 2025)
- Application
- Cloud
- Endpoint
- Network
- Others
Application
Outlook (Revenue, USD Million, 2015 - 2025)
- Healthcare
& Life Science
- Infrastructure
& Cities
- Industrial
system & Sensors
- Smart home
& Consumer
- Transport
& Urban Mobility
- Others
Regional
Outlook (Revenue, USD Million, 2015 - 2025)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Spain
- Asia Pacific
- China
- India
- Japan
- Australia
New Zealand
- ASEAN
- South Korea
- Latin America
- Brazil
- Mexico
- MEA
- GCC
Countries
- Israel
- South Africa
Browse press release of this report
by Grand View Research: www.grandviewresearch.com/press-release/global-internet-of-things-iot-security-market
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For more information:
www.grandviewresearch.com
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