Press release
IoT Security Market Share | Revenue And Structure Forecast To 2031 | Intel Corporation, Cisco Systems Inc.,
IoT Security Market to Grow at a CAGR of 12.40% in the Forecast Period
The IoT security market is growing at a high CAGR because of the rising adoption of IoT systems among various verticals including manufacturing, logistics, healthcare, government, transportation, etc., along with increasing threats of cyber security and breaches..
Download Free Sample of This Strategic Report:https://reportocean.com/industry-verticals/sample-request?report_id=MR470
A recent study conducted by the strategic consulting and market research firm, Report Ocean, revealed that the global IoT security market was worth USD 15 billion in the year 2021. It is estimated to grow at a CAGR of 12.40%, earning revenue of around USD 61.6 billion by the end of 2028. The IoT security market is flourishing at a high rate owing to the rising adoption of IoT systems among various verticals including manufacturing, logistics, healthcare, government, transportation, etc., along with increasing threats of cyber security and breaches. Furthermore, expanding government investment towards the establishment of smart cities and the increasing need for advanced solutions for boosting protection from potential cyber attacks is anticipated to fuel the market growth in the forecast period.
Rising Demand for Cloud Deployment is Driving IoT Security Market
Advertisement
Based on deployment, the IoT security market is segmented into on-premises and cloud. The cloud-based segment accounted for the largest share in the market in 2021. This type of deployment witnessed the highest growth post the COVID-19 pandemic owing to the higher security and low-cost solutions and services it offers along with real-time detection and security analytics. However, the on-premises segment also covers a substantial market share as some large enterprises opt for this deployment type.
Increasing Adoption of IoT Security among Small and Medium-Sized Enterprises is Propelling the Overall Market Growth
Based on organization size, the IoT security market is segmented into small and medium-sized enterprises and large enterprises. The large organization segment holds the largest market share owing to the high financial capability for the integration of advanced technologies into business operations. However, the small and medium-sized enterprises segment is projected to witness the highest CAGR during the forecast period. The IoT systems are gaining significant traction among SMEs as it allows them to reduce costs, which is estimated to fuel the demand for IoT security.
IoT Security Market - By Application
Based on application, the IoT security market is segmented into smart manufacturing, smart energy and utilities, connected logistics and transportation, smart home and consumer electronics, connected healthcare, smart government and defense, smart retail, and others. The smart manufacturing segment accounts for the largest market share owing to the rising adoption of connected devices and sensors, etc., to increase efficiency, reduce errors, along with leveraging on the benefits of predictive maintenance. Therefore, various leading manufacturers are investing in IoT technology, which is anticipated to boost the growth of the IoT security market in the forecast period.
IoT Security Market - Regional Insights
Geographically, the IoT security market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa. North America dominates the IoT security market. However, the Asia-Pacific region is projected to witness the highest growth rate during the forecast period. Countries such as China, India, Japan, etc., are emerging as manufacturing hubs with China already dominating the market. The leading manufacturers in this region are investing in the adoption of IoT systems to boost their business efficiency, which is anticipated to drive the IoT security market in the forecast period.
Request To Download Sample of This Strategic Report:-https://reportocean.com/industry-verticals/sample-request?report_id=MR470
Impact of COVID-19 on IoT Security Market
The IoT security market was negatively impacted by the unprecedented COVID-19 pandemic outbreak. The lockdown imposed by the countries to mitigate the virus spread resulted in restrictions on the manufacturing and supply chains of various end-user industries including manufacturing, logistics, transportation, energy, etc. Furthermore, the supply of IoT sensors and components was also halted due to a shortage of semiconductor chips which obstructed the adoption of IoT systems in the business. All these factors contributed to the hindrance in the overall growth of the IoT security market.
Competitive Landscape
The leading market players of the IoT security market are Microsoft Corporation, Amazon Web Services, Entrust Corp., Google, Kaspersky Lab, IBM Corporation, Palo Alto, Intel Corporation, Mocana, Cisco Systems Inc., Happiest Minds, Telefonaktiebolaget LM Ericsson, Fortinet, Thales Group, Check Point Software Technologies, Allot Ltd., Infineon Technologies AG, MagicCube, Inc., Forgerock, and other prominent players.
Market Segment:
By Component (Solutions, Services)
By Type (Network Security, Endpoint Security, Application Security, Cloud Security, Others)
By Deployment Mode (On-Premises, Cloud)
By Organization Size (Small And Medium-Sized Enterprises, Large Enterprises),
By Application (Smart Manufacturing, Smart Energy And Utilities, Connected Logistics And Transportation, Smart Home And Consumer Electronics, Connected Healthcare, Smart Government And Defense, Smart Retail, Others)
By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)
Request To Download Sample of This Strategic Report:-https://reportocean.com/industry-verticals/sample-request?report_id=MR470
The market is highly fragmented due to the presence of several global and regional industry players. However, multinational conglomerates such as Google, IBM, Cisco, still dominate a major portion of the market. The companies significantly focus on boosting their security and often launch innovative solutions and services to expand their market presence. The adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
Dont miss the business opportunity of the IoT security market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the IoT security market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the IoT security market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
Table of Content:
Report Overview
Global Growth Trends
Competition Landscape by Key Players
Data Segments
North America Market Analysis
Europe Market Analysis
Asia-Pacific Market Analysis
Latin America Market Analysis
Middle East & Africa Market Analysis
Key Players Profiles Market Analysis
Analysts Viewpoints/Conclusions
Appendix
Request full Report : https://reportocean.com/industry-verticals/sample-request?report_id=MR470
About Report Ocean:
We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today's competitive environment. Report Ocean is a 'one-stop solution' for individuals, organizations, and industries that are looking for innovative market research reports.
Get in Touch with Us:
Report Ocean:
Email:sales@reportocean.com
Address: 500 N Michigan Ave, Suite 600, Chicago, Illinois 60611 - UNITED STATES
Tel:+1 888 212 3539 (US - TOLL FREE)
Website:https://www.reportocean.com
The IoT security market is growing at a high CAGR because of the rising adoption of IoT systems among various verticals including manufacturing, logistics, healthcare, government, transportation, etc., along with increasing threats of cyber security and breaches..
Download Free Sample of This Strategic Report:https://reportocean.com/industry-verticals/sample-request?report_id=MR470
A recent study conducted by the strategic consulting and market research firm, Report Ocean, revealed that the global IoT security market was worth USD 15 billion in the year 2021. It is estimated to grow at a CAGR of 12.40%, earning revenue of around USD 61.6 billion by the end of 2028. The IoT security market is flourishing at a high rate owing to the rising adoption of IoT systems among various verticals including manufacturing, logistics, healthcare, government, transportation, etc., along with increasing threats of cyber security and breaches. Furthermore, expanding government investment towards the establishment of smart cities and the increasing need for advanced solutions for boosting protection from potential cyber attacks is anticipated to fuel the market growth in the forecast period.
Rising Demand for Cloud Deployment is Driving IoT Security Market
Advertisement
Based on deployment, the IoT security market is segmented into on-premises and cloud. The cloud-based segment accounted for the largest share in the market in 2021. This type of deployment witnessed the highest growth post the COVID-19 pandemic owing to the higher security and low-cost solutions and services it offers along with real-time detection and security analytics. However, the on-premises segment also covers a substantial market share as some large enterprises opt for this deployment type.
Increasing Adoption of IoT Security among Small and Medium-Sized Enterprises is Propelling the Overall Market Growth
Based on organization size, the IoT security market is segmented into small and medium-sized enterprises and large enterprises. The large organization segment holds the largest market share owing to the high financial capability for the integration of advanced technologies into business operations. However, the small and medium-sized enterprises segment is projected to witness the highest CAGR during the forecast period. The IoT systems are gaining significant traction among SMEs as it allows them to reduce costs, which is estimated to fuel the demand for IoT security.
IoT Security Market - By Application
Based on application, the IoT security market is segmented into smart manufacturing, smart energy and utilities, connected logistics and transportation, smart home and consumer electronics, connected healthcare, smart government and defense, smart retail, and others. The smart manufacturing segment accounts for the largest market share owing to the rising adoption of connected devices and sensors, etc., to increase efficiency, reduce errors, along with leveraging on the benefits of predictive maintenance. Therefore, various leading manufacturers are investing in IoT technology, which is anticipated to boost the growth of the IoT security market in the forecast period.
IoT Security Market - Regional Insights
Geographically, the IoT security market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa. North America dominates the IoT security market. However, the Asia-Pacific region is projected to witness the highest growth rate during the forecast period. Countries such as China, India, Japan, etc., are emerging as manufacturing hubs with China already dominating the market. The leading manufacturers in this region are investing in the adoption of IoT systems to boost their business efficiency, which is anticipated to drive the IoT security market in the forecast period.
Request To Download Sample of This Strategic Report:-https://reportocean.com/industry-verticals/sample-request?report_id=MR470
Impact of COVID-19 on IoT Security Market
The IoT security market was negatively impacted by the unprecedented COVID-19 pandemic outbreak. The lockdown imposed by the countries to mitigate the virus spread resulted in restrictions on the manufacturing and supply chains of various end-user industries including manufacturing, logistics, transportation, energy, etc. Furthermore, the supply of IoT sensors and components was also halted due to a shortage of semiconductor chips which obstructed the adoption of IoT systems in the business. All these factors contributed to the hindrance in the overall growth of the IoT security market.
Competitive Landscape
The leading market players of the IoT security market are Microsoft Corporation, Amazon Web Services, Entrust Corp., Google, Kaspersky Lab, IBM Corporation, Palo Alto, Intel Corporation, Mocana, Cisco Systems Inc., Happiest Minds, Telefonaktiebolaget LM Ericsson, Fortinet, Thales Group, Check Point Software Technologies, Allot Ltd., Infineon Technologies AG, MagicCube, Inc., Forgerock, and other prominent players.
Market Segment:
By Component (Solutions, Services)
By Type (Network Security, Endpoint Security, Application Security, Cloud Security, Others)
By Deployment Mode (On-Premises, Cloud)
By Organization Size (Small And Medium-Sized Enterprises, Large Enterprises),
By Application (Smart Manufacturing, Smart Energy And Utilities, Connected Logistics And Transportation, Smart Home And Consumer Electronics, Connected Healthcare, Smart Government And Defense, Smart Retail, Others)
By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)
Request To Download Sample of This Strategic Report:-https://reportocean.com/industry-verticals/sample-request?report_id=MR470
The market is highly fragmented due to the presence of several global and regional industry players. However, multinational conglomerates such as Google, IBM, Cisco, still dominate a major portion of the market. The companies significantly focus on boosting their security and often launch innovative solutions and services to expand their market presence. The adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
Dont miss the business opportunity of the IoT security market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the IoT security market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the IoT security market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
Table of Content:
Report Overview
Global Growth Trends
Competition Landscape by Key Players
Data Segments
North America Market Analysis
Europe Market Analysis
Asia-Pacific Market Analysis
Latin America Market Analysis
Middle East & Africa Market Analysis
Key Players Profiles Market Analysis
Analysts Viewpoints/Conclusions
Appendix
Request full Report : https://reportocean.com/industry-verticals/sample-request?report_id=MR470
About Report Ocean:
We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today's competitive environment. Report Ocean is a 'one-stop solution' for individuals, organizations, and industries that are looking for innovative market research reports.
Get in Touch with Us:
Report Ocean:
Email:sales@reportocean.com
Address: 500 N Michigan Ave, Suite 600, Chicago, Illinois 60611 - UNITED STATES
Tel:+1 888 212 3539 (US - TOLL FREE)
Website:https://www.reportocean.com
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