“IoT Security market worth $13.21 billion in 2020” says Visiongain report
23 March 2020
Visiongain’s new report the Internet of Things (IoT) Security Market Report 2020-2030: Forecasts by Type (Network Security, End-point Security, Cloud Security, Application Security, and Others), by Solution (Threat Analysis, Identity Access Management, Data Loss Protection, Encryption, Dispatch & Incident Response, Distributed Denial of Service Protection, and Others), by Application (Smart Home, Connected Car, Information & Communication Technology, Smart Factories, BFSI, Smart Retail, Smart Healthcare, Smart Transportation, Wearable, and Others), Plus Leading Companies indicates that the global IoT Security market will see $13.21bn in spending in 2020.
The lead analyst of the report said, North America generated the highest revenue in 2020 accounting for $5.07 billion. There is a huge market for IoT security in North America. North American homes have the highest density of internet of things (IoT) devices of any region in the world, according to researchers at Stanford University and Avast.
Together, Stanford University and Avast have published findings of their research in a paper entitled All Things Considered, which analyzes the global state of IoT. The survey was based on “data collected from user-initiated network scans of 83M devices in 16M households” in 2019.
The 150+ page report contains 90+ tables, charts and graphs that add visual analysis in order to explain developing trends within the IoT Security market. Visiongain provides various types of IoT Security forecasts for the period 2020-2030. The IoT Security market is segmented on the basis of different types such as Network Security, End-point Security, Cloud Security, Application Security, and Others. Further, the market is categorized into solution, including Threat Analysis, Identity Access Management, Data Loss Protection, Encryption, Dispatch & Incident Response, Distributed Denial of Service Protection, and Others. Also, based on application, the IoT security market is sub-segmented into Smart Home, Connected Car, Information & Communication Technology, Smart Factories, BFSI, Smart Retail, Smart Healthcare, Smart Transportation, Wearable, and Others.
The network security segment contributed the largest revenue of $4.64 billion in the world market in 2020 and is expected to grow at a CAGR of 14.6% during the forecast period. Intensive use of virtualization has raised the vulnerability of networks to certain threats such as, malware or defective processes that are reducing the efficiency of the hypervisor. Emergence of these kind of threats are encouraging the network security solution providers to further enhance their offerings, which includes firewall to perform exhaustive scanning of the packets transmuting all over the network. However, key challenge in the Network security market is the rising demand for solutions that are capable of supporting BYOD approach. With the introduction of BYOD policy companies allow their employees to access business information through their personal devices and to follow open and interconnected network policy. This creates difficulty for network security solutions to understand if the action has been taken up by the device, machine or human.
The IoT Security report offers market forecasts and analysis for 10 leading national markets and the rest of the world market. In addition, the report contains a dedicated leading companies’ chapter covering more than 10 companies leading the field in IoT Security and interviews with industry executives and experts from prominent companies.
The IoT Security market is classified based on geography into North America, Europe, Asia-Pacific, and LAMEA. North America generated the highest revenue in 2020 followed by Europe.
Key findings of the study:
• Application Security market is expected to exhibit a remarkable growth during the forecast period owing to the increasing innovation in the technologies and improvising security techniques across the globe
• Threat analysis is likely to maintain its leading position. Threat analysis needs to be an ongoing activity as part of system development process. The threat landscape changes over time and new threats may emerge. Likewise, the threat assessments get better over time and the understanding of how the product fits in its ecosystem.
• Smart Healthcare market is expected to notice highest CAGR owing to critical need to protect patient sensitive data related to its personal identity, and financial and health related information from multiple security threats such as device hacking, social media, forged websites selling medicines or devices, mobile workforces cloud data, and other cyber-attacks
• Industry participants focus on introducing new products with innovations and partnerships to improve their market share.
IoT Security market comprises dominant players such as Check Point Software Technologies Ltd., Cisco Systems, Dell, IBM, Palo Alto, Symantec, Trend Micro, Verizon, AT & T, and Microsoft, among others. These market players primarily focus on the development of new technology, launch of novel products with innovative variations, and partnerships & collaborations to strengthen their market position.
The IoT Security Market 2020-2030 report will be of value to anyone who wants to better understand the IoT Security market and its various segments. It will be useful for businesses who wish to better comprehend the part of the market they are already involved in, or those wishing to enter or expand into a different regional or technical part of the IoT industry.
Notes for Editors
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