IoT Security Market worth $40.3 Billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 27, 2021 /PRNewswire/ -- According to a research report "IoT Security Market by Type (Network Security, Endpoint Security, Application Security, and Cloud Security), Component (Solutions & Services), Application Area, Deployment Mode (On-premises & Cloud), Organization Size, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global IoT Security Market size to grow from USD 14.9 billion in 2021 to USD 40.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 22.1% during the forecast period.
The presence of various key players in the ecosystem has led to competitive and diverse market. The presence of various key players in the ecosystem has led to competitive and diverse market. The rapid increase in the number of Industry 4.0 IoT security incidents, stressing the need to strengthen cyber resilience; the growing IoT security regulations; and the proliferating security concerns for the critical infrastructure are expected to drive the global IoT Security Market. The development of smart infrastructure and the roll-out of the 5G network to accelerate a new wave of IoT applications are expected to shape the future of the IoT Security Market.
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The Network security segment to record the highest market share during the forecast period
In the IoT Security Market by Type, Network Security segment is expected to hold the larger market size in 2026. Every enterprise today needs a degree of network security solutions to secure it from the ever-increasing cyber threats. The network architecture is complex and always under threat. The network environment is always changing, and attackers are trying to find and exploit vulnerabilities. These vulnerabilities are found in a large number of areas, including devices, data, applications, users, and locations. There are several network security tools and applications that address the threats and vulnerabilities across the IoT ecosystem. The key trend contributing to the growth of the network security segment is the rising adoption of IoT applications among various industries.
Large Enterprises are expected to hold a larger market share during the forecast period
By Organisation size, large enterprises are expected to hold the largest market size. Large enterprises are reshaping their security policies and architectures to incorporate big data for protecting critical assets from various cyber-attacks. They majorly adopt the IoT security ecosystem to safeguard networks, endpoints, data centers, devices, users, and applications against unauthorized usage and malicious ransomware attacks. With the increasing sophistication of cyber-attacks, the demand for advanced IoT security solutions is growing in large enterprises to secure their networks.
Cloud Deployment is expected to have a higher growth rate during the forecast periodp>By Deployment Mode, cloud is expected to have a higher growth rate. The cloud deployment mode is the fastest-growing segment in the IoT Security Market. Organizations can avoid costs related to hardware, software, storage, and technical staff by using cloud-based IoT security solutions. Cloud-based platforms offer a unified way in the form of SaaS-based security services to secure business applications. These platforms are beneficial for organizations that have strict budgets for security investments. SMEs deploy their solutions in the cloud as it enables them to focus on their core competencies rather than investing their capital in security infrastructures. The cloud deployment mode is growing as cloud IoT security solutions are easy to maintain and upgrade.
Smart Home and Consumer Electronics segment is expected to have a higher growth rate during the forecast period
By Application areas, smart home is an integrated IoT-enabled living, security, comfort, entertainment, and overall home. Smart home and consumer electronics consist of devices, such as wristwear, eyewear, neckwear, and bodywear, and smart home appliances. In addition, consumer wearables include ring scanners, body-worn cameras, and special-purpose footwear. Consumer electronics and smart home appliances are vulnerable and susceptible to cyberattacks. This vulnerability and susceptibility provide IoT security vendors a great opportunity to address the security needs of these consumer wearables.
North America to hold the largest market size during the forecast period
North America is expected to hold the largest market size in the global IoT Security Market during the forecast period. North America has witnessed significant growth in the IoT Security Market, and it leads the market in terms of market share. North America has led in witnessing cyberattack incidents globally. It is regarded to be the most advanced region with regards to information technology security adoption and infrastructure. The rising concern to safeguard critical infrastructure and sensitive data has enlarged government intermediacy in recent years. Numerous government industry-collaborative efforts have been considered to boost the IoT Security Market. Peculiar budget allocation, along with mandated information consulting policies and collaboration with the private sectors, is expected to make North America the most lucrative market.
The key and emerging market 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), Infineon (Germany), Atos (France), Magiccube (US), Dragos Security (US), Claroty (US), Karamba Security (Israel), Vdoo (JFrog) (US), Forgerock (US), Ordr (US), Newsky (US), Armis (US), Mobileum (US), Trend Micro (Japan), Sophos (UK), Checkpoint) (US), Fortinet (US), Happiest Minds (India), Mocana (US), Palo Alto (US), Kaspersky (Russia) and Entrust (US). These players have adopted several organic and inorganic growth strategies, including new product launches, partnerships and collaborations, and acquisitions, to expand their offerings and market shares in the global IoT Security Market.
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