IoT Security Market is estimated to reach USD 41 Billion by 2022 due to high adoption of cloud technology via smart devices lead to growing cyber-attacks in the market (SARS-CoV-2, Covid-19 Analysis)

IoT Security Market

The Global IoT Security market has been evaluated as growing market and expected that the market will touch high growth figures in Asia-Pacific region during forecast period.

IoT Security is a solution protecting connected devices and networks from cyber-attacks. Device manufacturers are offering security solution into their products from a mix of hardware and software features. The high growth in adopting cloud technology by businesses especially to protect financial information of the company is propelling the growth of IoT security market during forecast period 2016-2022. Other factors such as high usage of smartphones for data transmission, via various apps and growing initiatives by major market players to introduce security solutions is also supporting the market to grow in the upcoming future.

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The global key market players such as Cisco systems, Inc., IBM Corporation, Microsoft Corporation, and other industries are offering wide range of products and services to their end-user industries. Recently, in February 2017, Symantec AG, a leading cyber security company, launched a new cloud security solution to protect enterprise information from cyber threats.

This security solution is expected to bring greater visibility and better control over critical assets, and users. Other prominent company Infineon Technologies AG, a leading semiconductor solution provider, has partnership with Chinese electronic manufacturers namely Midea, Huawei Consumer, and CESI to develop security solutions for smart home application sector. These growing advancement in product categories and high involvement of small & large market players in developing IoT Security systems & software services is creating high growth opportunity for IoT Security market in the upcoming future.

Regional Analysis:

By region, the global IoT security market has been segmented into North America, Europe, Asia Pacific, and Rest of the World. North America is expected to capture a relatively higher share of the market globally. The early adoption of the IoT technology in the region has opened avenues of growth opportunities for the IoT security market players. The presence of key players in the region coupled with increasing cybersecurity threats has paved the way for innovations in IoT security solutions. This, in turn, is poised to fuel demand in the market over the next couple of years.

Europe is one of the significant growth pockets in the global market. The tremendous potential exhibited by the region can be ascribed to the initiatives undertaken by the European Commission and other government bodies for the promotion of IoT security solutions for shoring up cybersecurity in the region.

Asia Pacific is projected to show a steeper rise in the growth of the IoT security market during the forecast period. The increasing cyber-crime in the region has fueled the demand for IoT security services especially by SMEs, which is likely to drive the growth of the market in the region.

According to the report, geographically, North America is expected to boost the market growth of IoT Security tools & services in the forecast period 2016-2022. The growing adoption of technology devices for data transmission by organizations namely smartphones, smart detectors, smart infrastructure, cloud database and many more, the need of deploying security solutions for these devices is also increased in the region. Companies such as Cisco systems, Verizon enterprise solutions, Microsoft Corporation is offering various security solutions for these smart devices thereby increasing market potential of IoT security in North America region.

Europe, on the other hand, has considered to support North America in generating high revenue for IoT Security market due to rising initiatives by European commission to deploy cyber security solutions in IoT devices namely web connected security cameras, routers, and digital video cameras. Also, Asia-Pacific is expected to be the fastest growing region in IoT Security market due to growing adoption of IoT security solutions among small & medium size enterprises in the region.

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Competitive Dashboard:

Some of the key players profiled in the report by MRFR are IBM Corporation (U.S.), Verizon enterprise solutions (U.S.), Cisco Systems, Inc. (U.S.), Symantec AG (Germany), Intel Corporation (U.S.), Infineon Technologies AG (Germany), AT&T Inc. (U.S.), Gemalto NV (U.S.), General Electric (U.S.), and Sophos Group PLC (UK).

Industry Developments:

In August 2018, Strategic Cyber Space and Security Science (CSCSS), the U.K., has announced about its plan of launching a new internet of things (IoT) security standard by the end of the year to increase the security of connected devices.

In August 2018, digital security company Gemalto and Entrust Datacard, identity and secure transaction technology provider, has announced the expansion of its partnership for developing a new framework for IoT security for connected devices.

Other Related Market Research Reports:

Internet of Things (IoT) Market Research Report- Global Forecast 2022

https://www.marketresearchfuture.com/reports/internet-of-things-market-1176

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