IoT Security Market boosted by rising demand for digitization in organizations with Cisco Systems, IBM, Infineon Technologies, Intel, Symantec, ARM Holdings, NXP Semiconductor, INSIDE Secure, Gemalto
IoT security market is expected to grow from US$ 8.4 Bn in 2017 to US$ 30.9 Bn by 2025 at a CAGR of 17.6% between 2017 and 2025.
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Key trend which will predominantly effect the IoT security market in coming year is growing appearance of Blockchain in IoT security market. Blockchain technology is capable of being used in tracking billions of connected devices, enable the processing of transactions and coordination between devices, allow for significant savings to IoT industry manufacturers. This decentralized approach is anticipated to eliminate single points of failure, creating a more resilient ecosystem for devices to run on. The cryptographic algorithms used by blockchain, is expected to make consumer data more private. The blockchain in IoT can be applied to connected vehicles, smart appliances and supply chain sensors.
Top Key Profiled in this Report: Cisco Systems, Inc., IBM Corporation, Infineon Technologies, Intel Corporation, Symantec Corporation, ARM Holdings, NXP Semiconductor, INSIDE Secure, Gemalto NV, Trend Micro, Inc.
IoT Security market by application is segmented as smart home, connected car, information & communication technology, smart factories, BFSI, smart retail, smart healthcare, smart transportation, wearable and others. The growing security concern in BFSI industry sector in order to safeguard user identity and theft of financial data are some of the trends contributing to the growing IoT security market. Almost all the end-user application segment are gradually moving towards digitalization and are becoming more friendly to smart devices and internet network, which is rising the security concern and use of IoT security solution.
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The overall IoT security market size has been derived using both primary and secondary source. The IoT security market research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. Also, primary interview were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the IoT security market.
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