Internet of Things (IOT) security market is expected to witness impressive growth over the forecast period. Major factors that are driving the market are increasing ransomware attacks on IoT systems, increasing need for securing the ubiquitous environment, and surging need for data-centric security across various industry verticals. IoT security is one of the major concerns in enterprises that require safeguarding connected devices and all the inter-connected networks in the IoT. Much of the increase in IoT communication comes from computing devices and embedded sensor systems used in industrial machine-to-machine (M2M) communication, home and building automation, smart energy grids, vehicle-to-vehicle communication, and wearable computing devices. With the evolution of IoT, physical objects can be connected with each other that has enhanced the consumer’s experience. With the increasing number of consumer devices, a threat to the functioning of the Internet has increased dramatically.
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North America is expected to dominate the global IoT security market over the forecast period owing to the early adoption of IoT security technologies in various applications in a number of industry verticals such as healthcare and retail. Moreover, higher investment capabilities of organizations in premium IoT security solutions are further augmenting the market growth of the region. Furthermore, ample opportunities for new entrants in the region are being promised by growing venture capitalists in the market. For instance, in April 2018, Armis, a US-based IoT security provider start-up raised $30 million in Series B funding. However, Asia-Pacific region is expected to be the fastest growing region over the forecast period. This is mainly due to developing and scaling IoT-based initiatives, such as smart cities and smart grids, in major economies of the region including India, China, and Australia. These actions will generate a significant amount of data, which will enforce governments to build robust data protection policies for ownership of data.
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Global IoT Security Market Segmentation
By Type
· Network Security
· Application Security
· Cloud Security
· Others (Endpoint Security)
By Solution
· Identity Access Management
· Device Authentication and Management
· Security Analytics
· Others (Data Encryption and Tokenization, Secure Communication)
By Application
· Manufacturing
· Transportation & Logistics
· Retails and Consumer Goods
· Healthcare and Life Sciences
· Others (Energy and Utilities, and Defense)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
