Global Internet of Things (IoT) Security Market By Component (Solutions, Services), Type (Network Security, Endpoint Security, Application Security, Cloud Security, Others), Application Area (Smart Manufacturing, Smart Energy and Utilities, Connected Logistics, Smart Home and Consumer Electronics, Connected Healthcare, Smart Government and Defense, Consumer Wearables, Connected Vehicles, Smart Transportation, Smart Retail, Others), Geography(North America, South America, Europe, Asia-Pacific, Middle East & Africa) – Industry Trends and Forecast to 2026
Major Market Players
Few of the major competitors currently working in the global internet of things (IoT) security market are Cisco Systems, Inc., IBM Corporation, Intel Corporation, Infineon Technologies AG, Symantec Corporation, Gemalto NV, Allot, Fortinet, Inc., Zingbox, Mocana, SecuriThings, CENTRI Technology, Armis, Inc., ForgeRock, NewSky Security, McAfee, LLC, AT&T Intellectual Property, Check Point Software Technologies Ltd., Trustwave Holdings, Inc., Verizon, PTC among others
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Market Analysis: Global Internet of Things (IoT) Security Market
Global internet of things (IoT) security market is set to witness a healthy CAGR of 34.10% in the forecast period of 2019 to 2026. The report contains data of the base year 2018 and historic year 2017. This rise in the market can be attributed due to surging demand for enhanced privacy and 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.
Market Definition: Global Internet of Things (IoT) Security Market
Internet of Things (IoT) connects devices including industrial machinery and consumer items to a network, allowing data gathering and software management of these systems to boost effectiveness and allow new services. IoT helps build smart communications environments including smart shopping, smart housing, smart healthcare, as well as smart transport. WSN, RFID, cloud services, NFC, gateways, data storage & analytics, and visualization elements are the main components of IoT.
- 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, drives the market growth
- Increasing use of 3G and 4G long-term evolution (LTE) as well as wireless networks and technologies, is augmenting the risk of cyber-attacks
- Growing trend of bring your own device (BYOD) is increasing concerns regarding data security, and fosters the growth of the market
- 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, hinders the market growth
Segmentation: Global Internet of Things (IoT) Security Market
- Identity Access and Management
- Data Encryption and Tokenization
- Intrusion Detection System and Intrusion Prevention System
- Device Authentication and Management
- Secure Software and Firmware Update
- Secure Communications
- Public Key Infrastructure Lifecycle Management
- Distributed Denial of Service Protection
- Security Analytics
- Professional Services
- Integration Service
- Consulting Service
- Support and Maintenance Service
- Professional Services
- Managed Services
- Network Security
- Endpoint Security
- Application Security
- Cloud Security
By Application Area
- Smart Manufacturing
- Smart Energy and Utilities
- Connected Logistics
- Smart Home and Consumer Electronics
- Connected Healthcare
- Smart Government and Defense
- Smart Transportation
- Smart Retail
- Consumer Wearables
- Connected Vehicles
Key Developments in the Market:
- In February 2019, Mocana Corporation collaborated with Intel for simplifying IoT device security. This cooperation will decrease the time it takes to automate the delivery of credentials and settings of safety required by the device before it is permitted on corporate networks. This collaboration will bring technological advancement and help Mocana to grow.
- In September 2018, Fortinet introduced FortiNAC, which is the recent addition to its expanding portfolio of embedded security solutions to secure the evolving networks. As organizations adopt digital transformation to enhance operational efficiency, an increasing amount of IoT devices need to be supported and secured.
Global internet of things (IoT) security market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of internet of things (IoT) security market for global, Europe, North America, Asia-Pacific, Middle East & Africa and South America.
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Research Methodology: Global Internet of Things (IoT) Security Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key Market players involved in this industry
- Detailed analysis of the Market Segmentation
- Competitive analysis of the key players involved
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