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Global IoT Security Market Forecast to 2023 - Growing Need for IoT Security Solutions With Multiplying Variants of Attacks
[May 01, 2019]

Global IoT Security Market Forecast to 2023 - Growing Need for IoT Security Solutions With Multiplying Variants of Attacks

DUBLIN, May 1, 2019 /PRNewswire/ -- The "IoT Security Market by Type (Network Security & Cloud Security), Component, Solution (Identity Access Management, Security Analytics, & Device Authentication & Management), Service, Application Area, and Region - Global Forecast to 2023" report has been added to's offering.

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The global Internet of Things (IoT) security market size is expected to grow from USD 8.2 billion in 2018 to USD 35.2 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 33.7% during the forecast period.

Major factors driving the growth of the IoT security market are the increasing number of ransomware attacks on IoT devices across the globe, growing IoT security regulations, and rising security concerns over critical infrastructures. However, the new variants of IoT threats, lack of awareness, costly IoT security solutions, and budget constraints among SMEs for IoT security may limit the market growth.

The cloud security segment to grow at the highest CAGR during the forecast period

Cloud security addresses both physical and virtual security across the service models of software, platforms, and infrastructures. Various cloud application security solutions include risk assessment, application governance, identity access management, encryption, malware detection and protection, and Security Information and Event Management (SIEM). Cloud security is one of the most important aspects of IoT security, as IoT data is saved in Virtual Machines (VMs) and susceptible to cyber-attacks.

Asia Pacific (APAC) to grow at the highest growth rate during the forecast period

APAC has witnessed the advanced and dynamic adoption of new technologies and is expected to record the highest CAGR during the forecast period. The increasing government initiatives; growing requirements for quick computing, virtualized environments, analytics, security, digitalization, and high-volume networking; and rising overall internet speed and responsiveness are the major factors driving the IoT security market growth in this region. For instance, in 2016, the Australian government launched its Research and Development (R&D) IoT Innovation Centre in Melbourne to offer the benefits of IoT platform technologies to various process and discrete industries.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Market
4.2 Global IoT Security Market, Top 2 Types and Regions
4.3 Market By Region
4.4 Market Global Revenue Share

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers Increasing Number of Ransomware Attacks on IoT Devices to Be A Critical Threat Across the Globe Growing Number of IoT Security Regulations Rising Security Concerns for Critical Infrastructure
5.2.2 Restraints Significant Increase in New Variants of IoT Threats and Lack of Awareness ExpensiveIoT Security Solutions and Budget Constraints Among SMEs

5.2.3 Opportunities Increasing Data Risk in IoT Networks Growing Need for IoT Security Solutions With Multiplying Variants of Attacks
5.2.4 Challenges Lack of Understanding About Security Risks and Low-Security Budget Lack of Standardization for IoT Solutions
5.3 Regulatory Implications
5.3.1 ISO Standards
5.3.3 IEEE
5.3.4 CEN/ISO
5.3.6 ETSI
5.3.7 ITU-T
5.3.8 NIST
5.4 Use Cases
5.4.1 Symantec
5.4.2 Zingbox
5.4.3 Mocana
5.4.4 Trend Micro

6 IoT Security Market, By Component
6.1 Introduction
6.2 Solutions
6.2.1 Solutions Help Customers Meet Specific IoT Security Requirements
6.3 Services
6.3.1 Services Enable Customers to Safeguard the IoT Environment

7 Market, By Type
7.1 Introduction
7.2 Network Security
7.2.1 High Level of Data Transfer From IoT Devices to Increase the Demand for Network Security Solutions in the IoT Security Market
7.3 Endpoint Security
7.3.1 Large Number of IoT Devices Deployed on Networks Enforces Enterprises to Adopt Endpoint Security Solutions
7.4 Application Security
7.4.1 Increasing IoT Application Vulnerabilities and Convenience of End-User Enterprises to Drive the Demand for Application Security
7.5 Cloud Security
7.5.1 Large Amount of Data Generated From IoT Devices to Increase Security Concerns
7.6 Others

8 Market, By Solution
8.1 Introduction
8.2 Identity Access and Management
8.2.1 Increasing Attacks on IoT Devices to Increase the Demand for Identity Access and Management Solutions
8.3 Data Encryption and Tokenization
8.3.1 Increasing Concerns of Data Security to Drive the Growth of Data Encryption and Tokenization Segment in the IoT Security Market
8.4 Intrusion Detection System and Intrusion Prevention System
8.4.1 Security Vulnerabilities in the IoT Ecosystem to Increase the Demand for Intrusion Detection and Prevention System Solutions
8.5 Device Authentication and Management
8.5.1 Adoption of Different Types of IoT Devices on A Single Platform to Increase Data Security Concerns
8.6 Secure Software and Firmware Update
8.6.1 Need for Robust and Safe IoT Environment to Increase the Demand for Secure Software and Firmware Update Solutions
8.7 Secure Communications
8.7.1 Increasing Data Transfer Between IoT Devices to Enforce Enterprises to Adopt Secure Communications Solutions for Securing IoT Devices
8.8 Public Key Infrastructure Lifecycle Management
8.8.1 Public Key Infrastructure to Help Enterprises Manage Security of a Large Number of IoT Devices
8.9 Distributed Denial of Service Protection
8.9.1 Increasing Sophisticated Distributed Denial of Service Attacks on IoT Devices to Surge the Demand for Distributed Denial of Service Protection Solutions
8.10 Security Analytics
8.10.1 Increasing Threats and Attacks on IoT Devices to Drive the Growth of Security Analytics Solutions
8.11 Others

9 IoT Security Market, By Service
9.1 Introduction
9.2 Professional Services
9.2.1 Integration Service Growing Need for Deploying IoT Security Solutions Across Platforms to Increase the Demand for Integration Services
9.2.2 Consulting Service Rising Technological Advancements Across Industries to Increase the Need for Consulting Services
9.2.3 Support and Maintenance Service Need for Continuous Maintenance and Software Updates to Increase the Demand for Support and Maintenance Services
9.3 Managed Services
9.3.1 Rising Niche Requirements From Customers to Increase the Demand for Managed Services

10 Market, By Application Area
10.1 Introduction
10.2 Smart Manufacturing
10.2.1 Rise of Industrial IoT and Industry 4.0 Standards Enable Manufacturing Enterprises to Deploy IoT Devices at A Significant Scale
10.3 Smart Energy and Utilities
10.3.1 Malware Injections, Denial of Service, Attacks on Privacy, and Thefts of Data and Energy to Drive the Growth of the Market in the Energy and Utilities Industry
10.4 Connected Logistics
10.4.1 Increasing Trend of Connected Logistics to Drive the Growth of Security Solutions
10.5 Smart Home and Consumer Electronics
10.5.1 Vulnerability of Consumer Electronics to Increase the Demand for IoT Security Solutions
10.6 Connected Healthcare
10.6.1 Increasing Number of Connected Medical Devices to Significantly Contribute to the Growth of IoT Security in Healthcare
10.7 Smart Government and Defense
10.7.1 Increasing Adoption of Digital Solutions and Technologies in Government and Defense Industry to Lead the Demand for IoT Security Solutions and Services
10.8 Smart Transportation
10.8.1 Increasing Number of Connected Cars, Fleet Trucks, and Containers to Drive the Growth of the Market
10.9 Smart Retail
10.9.1 High Risk of Attacks on Monitory Transactions in Retail to Increase the Demand for IoT Security Solution
10.10 Others

11 IoT Security Market, By Region

12 Competitive Landscape
12.1 Overview
12.2 Competitive Leadership Mapping (Overall Market)
12.3 Competitive Leadership Mapping Overview (Startup)
12.4 Competitive Scenario

13 Company Profiles
13.1 Cisco
13.2 IBM
13.3 Intel
13.4 Infineon
13.5 Symantec
13.6 Gemalto
13.7 Allot
13.8 Fortinet
13.9 Zingbox
13.10 Mocana
13.11 Securithings
13.12 CENTRI
13.13 Armis
13.14 Forgerock
13.15 Newsky

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