The Internet of Things (IoT) Security market is growing at an astronomical rate on an account of rising incidence of cyberattacks & security breaches, imposition of strict regulations by governments across the globe, and prominent integration of IoT in the end-user industries. Moreover, escalating rate of adoption of mobile device applications, rising trend of bring your own devices (BYOD) for flexibility, and a spur in phishing threats among enterprisess is encouraging several enterprises to integrate Internet of Things (IoT)-based solutions. Thus, this is anticipated to promulgate the demand for IoT security in the forecast period.
According to MarkNtel Advisors’ research report titled “Global IoT Security Market Analysis, 2020”, the Global IoT Security market is anticipated to grow at a CAGR of around 25% during 2020-25. Based on End User, Healthcare is estimated to register fastest growth in the Global IoT Security market, followed by energy & utility, manufacturing, and BFSI. There is a huge demand for IoT developers amongst the healthcare and professionals in the medical sector. This is due to increasing deployment of connected medical devices in order to have real-time monitoring in the event of a medical emergencies like heart failure, diabetes, and growing amount of data in the hospitals. Moreover, the escalating use of IoT devices such as wearables and fitness trackers, blood glucose and diabetes monitors in the healthcare is expected to rise the requirement for the security and privacy for the devices.
“Global IoT Security Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for IoT Security providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
North America Acquired the Majority Market Share
North America dominated the Global IoT Security market in 2019 and is expected to remain the dominant region till 2025 on an account of rising demand for IoT solution amongst the manufacturers for protection against cyber-attacks on IoT devices and networks. Furthermore, the imposition of guideline for the IoT devices, rising collaborations amongst the government organizations with major technology companies to integrate the implementation IoT across smart and urban cities, and introduction of various smart city projects the region are anticipated to drive the growth of IoT Security market in this region as stated in MarkNtel Advisors’ research report “Global IoT Security Market Analysis, 2020”.
According to MarkNtel Advisors, the key players with a considerable market share in the Global IoT Security market are Cisco, Broadcom, Gemalto (Thales Group), Infineon, Verimatrix (Inside Secure), Allot, NXP Semiconductor, Fortinet, Cyber Xs, Palo Alto Network, Trend Micro etc.
Key questions answered in the study: