US$ 7,550 million in 2017 :: Internet Of Things (IOT) Security Market Extend With Double Digit CAGR Of 34% By 2026

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May 25, 2019
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According to report the global Internet of Things security market was valued at US$ 5,654.5 Mn in 2016 and is projected to reach US$ 1,12,101.6 Mn in 2026 at a CAGR of 34.9% from 2017 to 2026.

Internet of things connects multiple devices via wireless sensor networks and cloud services, and provides users access to operational technology networks and information technology. IoT security acts as a shield and helps to protect connected devices and systems in the Internet of things (IoT). Data in IoT communication originates from computing devices and embedded sensor framework used in industrial machine-to-machine (M2M) communication, vehicle to vehicle communication, home and building automation, wearable computing devices, and smart energy grids.

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Global Internet of Things (IoT) Security Market: Market Dynamics

According to the report, a major factor driving growth of the market is rising adoption of cloud-based services and solutions in various sectors, which has led to large amounts of data on cloud. Such data is vulnerable to cyber-attacks and theft, and increasing number of connected devices in organizations worldwide is further driving growth of the global Internet of Things (IoT) security market. Moreover, increasing prerequisites for data driven security solutions for different security controls for data stored and handled in database systems, need for primary processing and network infrastructure, and applications to access data is driving market growth.

High cost of installation and errors generated by security systems in real-time responses are some major factors restraining growth of the global Internet of Things (IoT) security market. Increasing demand for robust and efficient security systems to protect against unauthorized access is expected to create opportunities for existing as well as new players in the target market.

A major and growing trend is rising adoption of cloud in small and medium scale enterprises owing to scalability and flexibility in terms of payment for cloud systems. Apart from these, other drivers, restraints, opportunities, and trends have been analyzed and provided in the report, along with accurate and valuable insights gleaned through extensive primary and secondary research efforts. According to Internet Of Things (IOT) Security Market Infographics published on MarketResearch.Biz, revenue from software expected to increase 20.7X between 2016 and 2026.

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Global Internet of Things (IoT) Security Market: Market Forecast

The comprehensive research report comprises a complete forecast of the global Internet of Things (IoT) security based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global Internet of Things (IoT) security market is expected to expand at a significant CAGR of 34.9% during the forecast period.

Global Internet of Things (IoT) Security Market: Segmental Snapshot

The market report has been segmented on the basis of network security component, end user, and region. The network security component segment includes hardware, software, and services. End user segment includes industrial sector, commercial sector, and consumer sector. The regions covered in the analysis are The Americas, Europe, Asia Pacific, and Rest of the World (ROW).

By network security component: Hardware segment is estimated to register a CAGR of over 34.4%, thereby accounting for highest revenue share in the network security component segment.

By end user: Industrial sector segment is estimated to account for highest revenue share among the end user segments, registering a CAGR of over 34.6% over the forecast period.

By region: The market in The Americas accounted for highest revenue share in the global Internet of Things (IoT) security market in 2016, and is expected to record highest CAGR of over 33.2% between 2017 and 2026.

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Global Internet of Things (IoT) Security Market: Competitive Analysis

The research report on the global Internet of Things (IoT) security market includes detailed competitive analysis on major companies such as Cisco Systems, Inc., IBM, Infineon Technologies AG, Intel Corporation, Symantec Corporation, and Wurldtech Security Technologies.

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