IoT Security Market 2022-2027: Industry Report, Share, Size and Forecast

According to latest report by IMARC Group, titled "IoT Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022- 2027", the global IoT security market reached a value of US$ 3.04 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 14.15 Billion by 2027, exhibiting a CAGR of 29.75% during 2022-2027. Internet of things (IoT) assists in creating smart communication environments by connecting devices like industrial equipment and consumer objects to a network, gathering information and managing these devices using software to increase efficiency. Some of the key components of IoT are radio frequency identification (RFID), wireless sensor network (WSN), near field communication (NFC), cloud services, gateways, data storage and analytics, and visualization elements. At present, there is a rise in the demand for IoT security as it eradicates vulnerabilities and equips IoT devices with the means to detect, resist and recover from malicious attacks.

As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally-our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.

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Global IoT Security Market Trends:

Several high-profile data breach incidents have been reported recently wherein a common IoT device was employed as a tool to attack a larger network. Such incidences, in confluence with the rising threat of cyber terrorism and rapid adoption of IoT technologies, is strengthening the market growth. Besides this, increasing automation in various industry verticals, along with the construction of smart cities, is creating a requirement for enhanced and effective security solutions. This aids in safeguarding highly sensitive personal and organizational data from malware injection. Moreover, the growing trend of Bring Your Own Device (BYOD) in corporate organizational setups is anticipated to contribute to the market growth in the coming years.

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Global IoT Security Market 2022- 2027 Analysis and Segmentation:

Competitive Landscape with Key Players:

• Allot Ltd.
• Armis Inc.
• CENTRI Technology
• Cisco Systems, Inc.
• ForgeRock Inc.
• Fortinet, Inc.
• Gemalto NV
• International Business Machines (IBM) Corporation
• Infineon Technologies AG
• Intel Corporation
• Mocana Corporation
• Securithings, Inc
• Broadcom, Inc.
• ZingBox Inc.

Market Breakup by Component:

• Solutions
• Services

Market Breakup by Security Type:

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

Market Breakup by Vertical:

• Energy and Utilities
• Manufacturing
• Automotive
• Transport
• Consumer Electronics
• Healthcare
• Others

Market Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022- 2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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