The global internet of things security market was valued over US$ 7,550 million in 2017, and is expected to register a CAGR of over 34%.
In order to protect this confidential and private data and to provide secure access IoT security solution and services are needed. Internet of things connects multiple devices in an organization via wireless sensor networks and cloud services, this connection provides access to operational technology network and information technology.
Global Internet of Things Security Market Dynamics:
Increasing threat of virus attack is the major factor driving growth of the global internet of things security market. The rapid growth of the Internet of Things (IoT) security owing to threat from malicious and ransomware attacks on connected devices will increase investment on IoT security. The growth of the global internet of thing security market is attributed to this threat.
Increasing need for data-centric security solutions for various security controls for the information itself stored and processed in database systems, primary computing and network infrastructures, as well as applications accessing the data is driving the market. The cost of IoT security solutions may impact the growth of the market initially. But as consumers are increasingly drawn to the conveniences and benefits of IoT devices the IoT market is expected to witness the growth globally.
However, errors in real-time responses being generated by the security systems, over reliance on technology, and complexes in the systems could lead to damage. These are the major factors for the restraining the growth of the global IoT security market.
Market analysis by network security components:
On the basis of navigation security components segmentation, the hardware segment is expected to contribute major revenue share and expected to maintain its dominance over the forecast period. Host-based systems are better at detecting and reacting to long-term attacks such as data theft, and malware attacks, as compared to network-based systems. This is a major factor for consumer preference towards hardware components, which in-turn is fueling growth for the hardware segment.
Market analysis by end user:
Among all the end user segments, industrial sector segment accounted for highest revenue contribution to the global internet of things market, owing to factors such as increasing adoption of IoT solutions in manufacturing industry to boost production, improve quality, and cost efficiency of products. Digital transformation in the manufacturing industry has resulted in high data transmission between connected devices which is driving the adoption of IoT security solutions, and in turn fueling growth of industrial sector segment.
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Analysis by Region:
The market in the Americas is expected to dominate the global internet of things security market, and it accounts for largest market revenue over US$ 2,600 million in 2017 as compared to that of markets in other regions. Dominance by American market is expected to continue over the forecast period with a CAGR over 33.0%, owing to higher demand among users in countries in the region.
Growing demand for smart devices such as smartphones, tablets, windows desktop computers, wireless gaming, and smart TVs in the region, that are connected to Wi-Fi network are lagging in secure their network which results their personal information might be leaked or stolen, to avoid this kind of attack adoption of IoT security system is must to protect personal data which in turn is expected to fuel growth of the IoT security market in the region. Growing popularity of telemedicine is expected to further drive growth of the IoT security market in this region owing to security being a critical characteristic of any health information system
The research report on the global Internet of Things (IoT) security market includes detailed competitive analysis on major companies such as Cisco Systems, Inc., IBM, Infineon Technologies AG, Intel Corporation, Symantec Corporation, and Wurldtech Security Technologies.