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Internet of Things (IoT) Security Market Worth 36.95 Billion USD by 2021PUNE, India, July 7, 2016 /PRNewswire/ -- According to a new market research report "Internet of Things (IoT) Security Market by Technology (Network, Cloud and Application Security, Identity Access Management, Threat Intelligence, UTM, IDS/IPS, Device Management, Encryption), Industry Vertical and Application - Global Forecast to 2021" published by MarketsandMarkets, The IoT Security Market is estimated to grow from USD 7.90 Billion in 2016 to USD 36.95 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 36.1%. (Logo: http://photos.prnewswire.com/prnh/20160303/792302 ) Browse 81 market data Tables and 56 Figures spread through 183 Pages and in-depth TOC on "Internet of Things (IoT) Security Market" http://www.marketsandmarkets.com/Market-Reports/iot-security-market-67064836.html The major forces driving the IoT security market are rise in security concerns for critical infrastructures such as utilities, smart grids, and manufacturing facilities and stringent regulations and compliance requirements. Nowadays, cloud-based security solutions are providing good opportunities for the growth of the IoT security market by minimizing implementation and maintenance costs, thereby leading organizations to shift towards the deployment of cloud-based security solutions. IAM solution is expected to be the most promising solution segment during the forecast period Identity Access Management (IAM) solutions provide a security structure and allow the management of user identity and related access permissions in an automated fashion and hence is expected to hold the largest share of the IoT security solutions market. The solution includes components such as provisioning, directory technologies, password management, single sign on, advanced authentication, and audit. Risk over maintenance of sensitive data, increased spending pattern over security solutions, and enhanced enterprise mobility are the drivers for the growth of IAM. Cloud security is expected to grow at the most promising rate Cloud security addresses security across the different service models of software, platform, and infrastructure. The cloud services are on demand for sensitive data storage. Furthermore, the popularity of cloud-based software delvery and extensive use of cloud in IAM, encryption, and managed security services are also driving this market towards innovation. Application security is expected to grow at the next best CAGR during the forecast period. APAC to witness the highest growth rate in the Internet of Things (IoT) Security Market During the last decade, the Asia-Pacific (APAC) region has undergone tremendous economic growth, political transformation, and social change. Owing to the sophistication of threats, countries such as India, Japan, and Singapore have all updated or launched new national security policies. Factors such as continual growth in mobile workforce, increasing complexity of businesses, unregulated nature of Internet, and growth in the adoption of BYOD, which in turn comes up with strong security requirements, are now expected to push large as well as Small and Medium Businesses (SMBs) to adopt various security solutions. Furthermore, the Internet of Things (IoT) Security Market remains competitive with the presence of a large number of vendors. The major vendors in the IoT security market are Cisco, IBM, Infineon Technologies, Intel Corporation, Symantec, and Check Point Technologies, among others. The report also encompasses different strategies, such as mergers & acquisitions, partnerships & collaborations, and product developments, adopted by major players to increase their market share. Ask for Sample pages @ http://www.marketsandmarkets.com/requestsample.asp?id=67064836 Browse Related Reports Internet of Things (IoT) Market by Software Solution (Real-Time Streaming Analytics, Security, Data Management, Remote Monitoring, & Network Bandwidth Management), Platform, Service, Application Domain, and Region - Global Forecast to 2021 Internet of Things (IoT) Analytics Market by Application Platform (Telematics, Wearable, Building Automation, Manufacturing, Retail, and Healthcare), Solution (Sensor and Gateway Analytics), Deployment, Process, Region - Worldwide Market Forecasts and Analysis (2015-2020) Know More About our Knowledge Store @ http://www.marketsandmarkets.com/Knowledgestore.asp About MarketsandMarkets MarketsandMarkets is the world's No. 2 firm in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. M&M's flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. 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