IOT Security is anticipated to have CAGR of ~x% over 2019-2028. The key factors which are anticipated to boost the industry include rise in the number of ransomware attacks on various IoT devices. The growth in the increase in the number of IoT security regulations among the developing economies and rise in malware threats among different enterprises boost the growth of the market. Furthermore, increase in need for IoT security solution and the growth in the adoption of IoT security solutions by various developing nations are anticipated to present major opportunities for the expansion of the market in the coming years. Moreover, budget constraints among organizations and expensive IoT security solutions hinder the growth of the market.

Top Driver: Surge in security concerns for critical infrastructure to boost the industry

IOT Security is projected to grow with the increase in the security concerns for the critical infrastructure would help the industry grow. The growth in the adoption of automation with the integration of IoT would boost the industry. The critical infrastructures, such as water, electricity, and other important resources, are the early adopters of IoT and are in the phase of further automation. The increase in automation, while making the operations much more efficient, has also made the systems prone to cyber-attacks. The rising vulnerability of critical systems is the prime concern of all governments. Either accidental interference with the controls of a nuclear reactor poses a severe threat to human life and property.

 Data Encryption and Tokenization Segment to Make Crucial Contribution to Growth of Global IOT Security Market

On the basis of product type the market is segmented into Identity Access & Management, Device Authentication & Management, Intrusion Detection System & Intrusion Prevention System, Data Encryption & Tokenization , Others. The data encryption and tokenization segment is expected to hold the largest market share. Encryption is the process wich protects data in transilt, data at rest and data in process in the clous premises. The tokenization process is used to replace sensitive data with unique udentification symbols that retain special information. Hence these process are in great demand and are expetd to fuel the malret immensely in the forecast perios. On the basis of vertical the market is segmented into Retail & E-Commerce, Energy & Utilities, Manufacturing, Government & Defense, Transportation & Logistics, Healthcare , Others.  On the basis of security type the market is segmented into Cloud Security, Network Security, Endpoint Security, Application Security, Others.

North America is Expected to Drive the Market Widely

North America is anticipated to gain highest revenue growth than any other country and is anticipated to boost further in the coming years. The gorwing technological advancements in the region, and increasing demand for IOT secutrity is expected to drive the region immensely in the forecast period. Asia Pacific is expected to be the fastest growing region due to growing digitalization in APAC.

Players to Focus on IOT Security

The global IOT Security market leaders Cisco Systems, Infineon, Symantec, Siemens, Gemalto, Allot, Fortinet, Zingbox, Mocana, Intel, Centri, Armis, IBM Corporation, Securithings, Forgerock, Newsky, Cyber X, Icon Labs, Digi International, SecureRF, CA Technologies, MagicCube, VDOO, Karamba Security, Claroty, Trustwave, and Dragos Security.

Cisco: In 2019, Cisco’s announced that it had acquired Sentryo, a company based in Lyon, France that provides device visibility and security solutions for industrial control system (ICS) networks.

Siemens: In May 2018, Siemens announced that it had acquired J2 Innovations, Los Angeles, a software framework provider for building automation and IoT. J2 Innovations will be managed as an independent legal entity and wholly-owned subsidiary of Siemens Industry, Inc., which handles building automation and security systems and is based in Buffalo Grove, IL.

Scope of the Report

By Product Type

• Identity Access & Management
• Device Authentication & Management
• Intrusion Detection System & Intrusion Prevention System
• Data Encryption & Tokenization
• Others

By Vertical

• Retail & E-Commerce
• Energy & Utilities
• Manufacturing
• Government & Defense
• Transportation & Logistics
• Healthcare
• Others

By Security Type

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

By Region

• North America
• Europe
• Asia Pacific
• LAMEA

Key Reasons to Purchase this Report

1. It provides a technological development map over time to understand the growth rate of the industry.
2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.
3. It renders definite analysis for changing competitive dynamics.
4. It builds a seven-year estimate based on how the market is predicted to grow.