IoT Security Market to Grow at a CAGR of 31.2% to Reach USD 73.92 Billion by 2027

Allied Market Research published a new report, titled, "IoT Security Market to Grow at a CAGR of 31.2% to Reach USD 73.92 Billion by 2027." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

Rise in awareness regarding benefits provided by IoT security solutions, increase in number of ransom ware attacks on various IoT devices, and surge in the number of IoT security regulations among the developing economies drive the growth of the global IoT Security Market. However, complexity in security of devices may hinder the market growth. On the other hand, transformation in the traditional anti-virus software industry creates new opportunities in the coming years.

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The report offers a detailed segmentation of the global IoT security market based on component, deployment mode, organization size, product type, security type, industry vertical, and region. Based on component, the solution segment contributed to the largest share in 2018, accounting for nearly three-fourths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the services segment is expected to register the highest CAGR of 33.9% from 2019 to 2026.

Based on industry vertical, the manufacturing segment accounted for the largest share in 2018, holding nearly one-fourth of the total share, and is expected to maintain the largest share throughout the forecast period. However, the healthcare segment is estimated to portray the highest CAGR of 36.2% during the forecast period.

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Based on region, North America contributed the highest share, accounting for more than one-third of the total market share in 2018, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 33.8% from 2019 to 2026.

Leading market players analyzed in the research include Intel Corporation, IBM Corporation, Cisco Systems Inc., Infineon Technologies AG, Gemalto NV, Broadcom, SecuriThings, Fortinet Inc., Trend Micro Incorporated, and Palo Alto Networks Inc.

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Impact of Covid-19 IoT Security Market Globally:

• During the coronavirus pandemic, IoT security helps to protect the systems and data of the employees who are working from home.

• IoT security companies need to devise new tools to counter new techniques and increase in attacks of hackers during lockdown across the globe.

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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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