Market Synopsis

Internet of things (IOT) has bring wide connectivity to the world through millions of things or devices. Smart television, smart refrigerator, smart cars, health monitors & wearable are some of the example of its vast connectivity applications. The increasing usage of software & data in enterprise assets and consumer driven gadgets is also increasing new cyber-attacks for the IOT device market thereby demanding for strong IOT security tools & services.

The major growth driver of IOT Security market is the high adoption of cloud based technology by organizations and government agencies. BFSI, healthcare, and manufacturing are increasingly shifting their traditional data storage methods towards cloud based data storage thereby required high security services.

Other factor such as increasing digital data transmission via smartphones, evolving network services namely 3G, 4G has increased growth of digital technology thereby has increased vulnerability for data loss or cyber-attacks, and high demand for IOT security services by healthcare sector is also driving growth in the market during forecast period 2018-2022. However, lack of awareness about various available security methods and complex security infrastructure has projected to be some of the growth constraints for IOT Security market.

 The prominent players in the IOT Security Market are-

Some of the major players in Global IOT Security Market includes Cisco Systems, Inc. (U.S.), IBM Corporation (U.S.), Verizon enterprise solutions (U.S.), Symantec AG (Germany), Infineon Technologies AG (Germany), Intel Corporation (U.S.), AT&T Inc. (U.S.), Gemalto NV (U.S.), General Electric (U.S.), Sophos Group PLC (UK), and others.

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IOT Security Market Segmentation:

• Global IOT Security Market can be segmented as follows:
• Segmentation by Type: Network security, application security, cloud security and others.
• Segmentation by End-Users: Retail, Manufacturing, Healthcare, Transportation, Energy & utilities, IT, BFSI and others

 Regional Analysis:

North America is expected to dominate the IOT Security market during the forecast period 2016-2022. High adoption of IOT technologies and devices by manufacturing and IT sectors in the region has shown impressive growth in the past few years. The high involvement of technology also lead to threat for cyber-attacks for an organization, for this reason many companies are deploying smart sensors & other security devices.

The early adoption IOT security services by companies in the region is fuelling North America dominance in the IOT Security market. In Europe, the European commission is planning to implement new cyber security platforms to protect confidential data of government as well as of organization from IOT devices which is propelling the growth for IOT Security market in the region.

Furthermore, Asia-Pacific is expected to be the fastest growing IOT Security market during the forecast period 2016-2022. Due to increasing cyber-crime in the region the demand for IOT security services especially by SMEs is increasing thereby witnessing high growth of IOT services market in the region.

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