IoT Security Market Reach USD 73.92 Billion by 2026, Key Factors behind Market's Growth

According to the report published by Allied Market Research, The IoT Security Market Reach USD 73.92 Billion by 2026, Key Factors behind Market's Growth. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

Increase in the number of ransomware attacks on various IoT devices and surge in number of IoT security regulations among the developing economies drive the growth of the market. In addition, rise in malware and phishing threats among different enterprises propels the growth of the market. Increase in need for IoT security solution and adoption of IoT security solutions by various developing nations is expected to present major opportunities for the expansion of the market in future.

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The global IoT security market size was valued at USD 8,472.19 million in 2018, and is projected to reach USD 73,918.82 million by 2026, growing at a CAGR of 31.20% from 2019 to 2026.

The global IoT security market is segmented into component, deployment model, organization size, product type, security type, industry vertical and region. In terms of component, it is bifurcated into solution and service. Based on deployment model, the market is segmented into on-premise and cloud. By organization size, it is divided into large enterprises and small- and medium-sized enterprises (SMEs). In terms of product type the market is classified into device authentication & management, identity access & management, intrusion detection system & intrusion prevention system, data encryption & tokenization and others.

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Key Findings of the Study:

● By security type, the network security segment led the IoT security market size in terms of revenue in 2018.
● By product type, the data encryption and tokenization accounted for the highest IoT security market share in 2018.
● By industry vertical, the manufacturing segmented accounted for the highest IoT security market share in 2018.
● By region, North America generated the highest revenue in 2018.

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Based on deployment mode, the public segment accounted for the highest share in 2020, contributing to more than four-fifths of the total share, and is estimated to continue its leadership status throughout the forecast period. However, the private segment is projected to witness the fastest CAGR of 23.8% from 2021 to 2030.

Based on industry vertical, the IT and ITeS segment held the highest share in 2020, accounting for nearly one-fifth of the global platform as a service market and is projected to maintain its dominance during the forecast period. Moreover, this segment is expected to manifest the largest CAGR of 22.6% from 2021 to 2030. The research also analyzes the segments including BFSI, consumer goods & retail, telecommunication, manufacturing, healthcare & life sciences, energy & utility, and others.

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The global IoT security market across North America held the largest share in 2018, contributing to more than one-third of the market, owing to rapid improvements in operational efficiency in IT infrastructures in the region. However, the market across the Asia-Pacific region is expected to register the fastest CAGR of 33.8% during the study period, owing to rise in digitalization in emerging economies such as China and India.

The report analyses the profiles of key players operating in the market IBM Corporation, Intel Corporation, Infineon Technologies AG, Cisco Systems Inc., Broadcom, Gemalto NV, Fortinet Inc., SecuriThings, Palo Alto Networks Inc. and Trend Micro Incorporated. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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