- IoT security solutions and services are essential for protecting confidential and private data and to provide secure access to authorized users and individuals.
- Host-based systems are better at detecting and reacting to long-term attacks such as data theft, and malware attacks, as compared to network-based systems.
- Europe is expected to account second largest revenue share in the global internet of things security market.
The global Internet of Things security market was valued at $5.6 billion in 2016 and is projected to reach $112 billion in 2026 at a CAGR of 34.9% from 2017 to 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.
Due to flexibility and scalability offered by cloud to small and medium scale enterprise and companies, the adoption of cloud is increasing. To securing this confidential data on cloud the security systems are hired. This demand for security system is major factor to drive the global internet of thing security market.
The market report has been segmented on the basis of network security component, end user, and region. The network security component segment includes hardware, software, and services. End user segment includes industrial sector, commercial sector, and consumer sector. The regions covered in the analysis are The Americas, Europe, Asia Pacific, and Rest of the World (ROW).
On the basis of navigation security components segmentation, the hardware segment is expected to contribute major revenue share and expected to maintain its dominance over the forecast period. Host-based systems are better at detecting and reacting to long-term attacks such as data theft, and malware attacks, as compared to network-based systems. This is a major factor for consumer preference towards hardware components, which in-turn is fueling growth for the hardware segment.
Among all the end user segments, industrial sector segment accounted for highest revenue contribution to the global internet of things market, owing to factors such as increasing adoption of IoT solutions in manufacturing industry to boost production, improve quality, and cost efficiency of products. Digital transformation in the manufacturing industry has resulted in high data transmission between connected devices which is driving the adoption of IoT security solutions, and in turn fueling growth of industrial sector segment.
Europe is expected to account second largest revenue share in the global internet of things security market. General Data Protection Regulation (GDPR) is regulation to strengthen data protection for all individuals within the European Union (EU). Regulation was adopted on April 27, 2016 and become applicable from May 25, 2018.
Germany is center for automotive OEMs and are using many robotics machines for manufacturing process are connected through internet. To avoid interruption from third party who can take control of all machines by hacking system, implementation of IoT security is important in this sector helps to fuel growth of the IoT security market in the region.
The research report on the global Internet of Things (IoT) security market includes detailed competitive analysis on major companies such as Cisco Systems, Inc., IBM, Infineon Technologies AG, Intel Corporation, Symantec Corporation, and Wurldtech Security Technologies.