The global IoT security market is segmented on the basis of security type, component, application area, and region. The global internet of things (IoT) market is estimated to value US$ 847.0 Bn in 2016 and is projected to register a CAGR of over 21% in terms of value during the forecast period 2017–2026.
Internet of Things connect multiple devices in an organization via wireless sensor networks and cloud services, and this connection provides access to operational technology networks and information technology. Hence, increasing dependency on cloud storage and wireless network connectivity gives rise to challenges such as cyber-attacks and security threats. IoT security solutions and services are essential for protecting confidential and private data and to provide secure access to authorized users and individuals.
Primary factors driving growth of the global IoT security market is increasing adoption of cloud-based services and solutions in various sectors, and this has led to vast volumes of data being stored on the cloud, which is vulnerable to cyber-attacks and data theft. Implementation of Bring Your Own Devices (BYOD) trend by various organization may boost employee productivity, but exposes critical information and personal data, eventually raising data security concerns. Government initiatives such as smart city projects has further led to increasing adoption of IoT applications, in order to ensure networks are secure from hackers, virus threats, and cyber-attacks, and this is further propelling growth of the IoT security market.
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Major factors hampering growth of the global IoT security market include lack of technical proficiency for handling security infrastructure and high deployment costs, which is restricting adoption of IoT security services and solutions. This is more relevant for small-scale enterprises and emerging cost-sensitive economies. However, increasing demand for data security has led to implementation of stringent laws and regulation by governments of various countries, which is expected to drive demand for IoT security services and solutions during the forecast period.
North America dominates the global market in terms of revenue contribution, and is projected to maintain its dominance during the forecast period. This growth is attributed to large-scale deployment of IoT devices across various domains and implementation of regulatory frameworks. Among other regions, Asia Pacific is expected to witness rapid growth in terms of revenue during the forecast period.
Key players in the global IoT security market are IBM Corporation, Infineon Technologies, Symantec Corporation, Check Point Security Software Technologies Ltd., Cisco Systems Inc., Intel Corporation, Alcatel-Lucent S.A., Sophos Plc, NSIDE Secure SA, and ARM Holdings.