during the forecast period. The presence of various key players in the ecosystem has led to a competitive and diverse market. IoT security mainly deals with several malicious cyber attacks and fraudulent intrusions into the network of IoT devices.
New York, November 03, 2021 (GLOBE NEWSWIRE) – Reportlinker.com Announces the Publication of the “IoT Security Market by Type, Component, Scope, Mode of Deployment, Organization Size and Region – Global Forecast until 2026 “- https://www.reportlinker.com/p04975555/?utm_source=GNW
Regulations imposed by security authorities in North America and Europe have forced companies to seek better IoT security measures. IoT security includes various smart solutions, such as device authentication and management, secure connections, and data loss prevention. These solutions, integrated with IoT devices, provide real-time protection against threats. Connected devices can give businesses a real boost, but anything connected to the internet can be vulnerable to cyber attacks. These devices handle a large amount of data transfer which is crucial from the user’s point of view. As a result, the need for advanced, robust and scalable IoT security solutions is accelerating.
The segment of solutions to register larger market share during the forecast period
In the IoT security market by component, IoT security solutions are expected to register a higher market share during the forecast period. Security is an integral part of any IoT network to ensure data privacy and authorized control over connected devices.
With the growing reach of IoT across multiple industries, the security of IoT must be ensured based on the industry in which it is deployed. With the growing number of IoT deployments, the intensity of cyber attacks is also increasing.
IoT security solutions ensure security using various solutions including Identity Access Management, Data Encryption and Tokenization, Intrusion Detection System / Intrusion Prevention System, device authentication and management, secure software and firmware update, secure communications, PKI lifecycle management, DDoS protection, security scanning, and other solutions (virtual firewall and incident response system).
Large companies are expected to hold a larger market share during the forecast period
Depending on the size of the organization, large companies should hold the largest market size. The large enterprise segment is expected to account for a larger share, in terms of revenue, in the global IoT security market.
Large enterprises are reshaping their security policies and architectures to integrate big data to protect critical assets against various cyber attacks. ransomware attacks.
With the rapid adoption of the BYOD trend, large enterprises need to protect not only the systems and devices connected to corporate networks, but also the applications running on those devices. With the increasing sophistication of cyber attacks, the demand for advanced IoT security solutions is increasing in large enterprises to secure their networks.
Cloud Deployment Expected To Have Higher Growth Rate During Forecast Period
In deployment mode, the cloud is expected to have a higher growth rate. Organizations can avoid the costs of hardware, software, storage, and technical personnel by using cloud-based IoT security solutions.
Cloud-based platforms provide a unified way in the form of SaaS security services to secure business applications. These platforms are advantageous for organizations that have tight budgets for security investments.
SMBs deploy their solutions in the cloud because it allows them to focus on their core competencies rather than investing their capital in security infrastructure. Cloud deployment mode is growing because IoT cloud security solutions are easy to maintain and upgrade.
Smart Manufacturing is expected to hold larger market size during the forecast period
By application area, intelligent manufacturing is expected to hold larger market size. Manufacturing companies have fully focused on improving the efficiency of their business processes and production with optimal use of resources.
Smart manufacturing offers four major benefits for businesses: faster time to market, lower total cost of ownership, better use of assets, and enterprise risk management. Security is one of the most important factors when it comes to deploying IoT in manufacturing processes.
In most manufacturing operations, IoT sensors measure variables, such as speed, pressure, consumption and temperature, and actuators. These variables control physical systems that include brakes, valves, lights, power systems, and vending machines.
All of these systems affect the physical world, control critical infrastructure, and collect sensitive information about different intelligent operations and equipment. Hence, there is a need for IoT security and privacy protection in enterprises.
Asia-Pacific is expected to have higher growth rate during the forecast period
APAC includes major economies, such as Singapore, Japan, China, India, and Australia, which offer significant growth opportunities for IoT security providers. The region is expected to grow at the highest CAGR during the forecast period.
More and more government initiatives; increasing demands on fast compute, virtualized environments, analysis, security, digitization and high-volume networking; and the overall internet speed and responsiveness are the major factors driving the growth of the IoT security market in this region.
â¢ By type of business: level 1 – 15%, level 2 – 40% and level 3 – 45%
â¢ By designation: level C – 40%, directors – 35%, managers – 15% and others – 10%
â¢ By region: North America â45%, Europe â15%, APAC – 30%, ROW -10%
The report covers the competitive landscape and profiles the major market players including Microsoft (US), AWS (US), Google (US), IBM (US), Intel (US) ), Cisco (United States), Ericsson (Sweden), Thales (France), Allot (Israel), Infineon (Germany), Atos (France), Magiccube (United States), Dragos Security (United States), 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 ( United States), Kaspersky (Russia) and Entrust (United States). These players have adopted several organic and inorganic growth strategies, including new product launches, partnerships, collaborations and acquisitions, to expand their offerings and market share in the global IoT security market.
The market research covers the IoT security market in different segments. It aims to estimate the market size and the growth potential of this market in different segments based on component, solution, service, type, mode of deployment, size of organization and area of ââbusiness. application with the regions covered. .
The study also includes an in-depth competitive analysis of key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Main advantages of purchasing the report
The report is expected to assist the market leaders / new entrants in this market by providing them with information about the closest approximations to revenue figures for the overall IoT Security market and its segments. This report should also help stakeholders understand the competitive landscape and gain insight to improve the position of their companies and plan appropriate go-to-market strategies. The report also aims to help stakeholders understand the pulse of the market and provide them with insight into key market drivers, restraints, challenges, and opportunities.
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