As per this study the Global IoT Security Market was valued USD 16.97 BN (by revenue) in 2022 and is anticipated to reach USD 99.22 BN by 2030 with a CAGR of 24.7%.
IoT security is an act of eliminating vulnerabilities of cyber threat by safeguarding IoT devices. In general, IoT security detects, deals, and recovers the IoT devices from various potential attacks. It mainly includes intrusion detection system, identity access management, and security analytics to prevent malicious attacks. IoT security provides protection from bug exploit, weak security, software or hardware reverse engineering and others.
Market Dynamics
Rising cases of cyber wars, cyber attacks, and cyber terrorism has driven the demand for IoT security. Also, rising integration for smart devices such as smart phones, tablets, watches, and others is further pushing the market growth upwards. Increasing demand of IoT devices among telecom, automotive, healthcare, BFSI, IT and others to enable better services is again boosting demand for IoT security. Whereas, lack of skilled professionals followed by low awareness regarding IoT security is likely to suppress the market growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of IoT security.
Market Segmentation
The broad IoT security market has been sub-grouped into type, solution, service and end-user. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Offerings
By Solutions
- Identity And Access Management
- Data Encryption And Tokenization
- Intrusion Detection System And Intrusion Prevention System
- Device Authentication And Management
- Secure Communications
- Public Key Infrastructure Lifecycle Management
- Distributed Denial Of Service Protection
- Security Analytics
- Other Solutions
By Services
- Professional Service
- Managed Services
By Professional Services
- Implementation
- Consulting
- Support And Maintenance
By Type
- Network Security
- Endpoint Security
- Application Security
- Cloud Security
- Other Security Types
By Application Area
- 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 Data Sensitivity
- High-Sensitive Data
- Low And Moderate Sensitive Data
Regional Analysis
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for IoT security in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global IoT Security Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the IoT Security market include Microsoft (US), AWS (US), Google (US), IBM (US), Intel (US), Cisco (US), Ericsson (Sweden), Thales (France). Allot (Israel), Infenion (Germany), Atos (France). An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
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