Global Internet of Things (IoT) Security Market, By Component (Solutions and Services)

Market Dynamics:

The rising number of attacks on IoT devices is expected to drive the growth of the  Internet of Things (IoT) Security Market during the forecast period. This has resulted in some of the key developments by companies operating in the market to consolidate their market positions and look for further niche opportunities. Internet of Things (IoT) assists in connecting various devices to a network without using wires. It can transmit data and enables the collection and management of data, thus improving its efficiency overall. IoT helps in creating an environment for smart communication for the purpose of smart transportation,  smart healthcare, smart shopping, smart homes, etc.

Segment Analysis:

The solutions component segment is expected to account for a higher share of the Internet of Things (IoT) security market as compared to the services component segment due to reasons, such as critical infrastructures and personal data facing security breaches at a high rate. Since IoT security comes with features, such as device authentication and management, data encryption, identity access management, tokenization, intrusion detection system, secure software & firmware update, secure communications, etc., this helps avoid security breaches in IoT devices. Hence, they are being adopted by numerous enterprises.

The network security type segment is projected to account for the highest share of the Internet of Things (IoT) security market, as this technique is used for the purpose of securing networks from advanced threats by way of analyzing and collecting data of different kinds of network security events. Moreover, the network security type segment will grow further due to the increase in the implementation of IoT within different industries.

Key Factors Impacting Market Growth:

  • The rising number of attacks on IoT devices
  • IoT networks facing data risk
  • Budget constraints of SMEs
  • Lack of awareness regarding security risks

Regional Analysis:

By region, the internet of the things security market is estimated to be dominated by North America, Western Europe, and the Asia Pacific during the forecast period. With technological advancements and a cluster of global companies operating in these regions, these regions hold key to the growth and development of the internet of things security market during the forecast period. Most of the leading companies have operations in these regions to cater to the potential end users in the respective region.

The North America internet of things security market is further segmented by US, Canada, and Mexico, whereas Germany, UK, France, Italy are estimated to be some of the major markets in Western Europe.  Asia Pacific region is segmented by China, Japan, South Korea, India, and Australia. The Middle East and Eastern Europe are estimated to be potential markets with growing demand during the forecast period. Major countries in these regions include Russia, UAE, Saudi Arabia, Israel, and others.

Companies Covered: Cisco Systems, Infineon Technologies, Intel Corporation, Siemens AG, Wurldtech Security, Alcatel-Lucent S.A., Axeda Machine Cloud, Checkpoint Technologies, IBM Corporation, Huawei Technologies Co. Ltd, AT&T Inc., and NETCOM On-Line Communication Services, Inc.

Market Segmentation:

By Component:

  • Solutions
  • Services

By Type:

  • Network Security
  • Endpoint Security
  • Application Security
  • Cloud Security
  • Others

By Solution:

  • Identity Access Management
  • Data Encryption and Tokenization
  • Intrusion Detection & Prevention System
  • Device Authentication & Management
  • Secure Software & Firmware Update
  • Distributed Denial of Service Protection
  • Security Analytics

By Service:

  • Professional Services
  • Managed Services

Thank You

Leave a Comment

Your email address will not be published. Required fields are marked *