According to the report, global IoT security market is expected to reach USD 464 million in 2020, growing at a CAGR of 42.4% till 2020.
IoT security is the area of venture-related with the protection of connected devices and networks in the internet of things. The IoT refers to the communication of myriad devices within a network, which facilitates data transmission between smart devices such as thermostats and sensors, which are further connected to end-users’ mobile devices. The Internet of Things (IoT) is witnessing a shift from a centralized structure to a multifaceted network of decentralized smart devices. This shift assures completely new services and business opportunities. More and more connected world will experience the growing networking and cloud-enablement of all sorts of physical devices from machines through cars to home appliances.
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Increasing security concerns in significant infrastructures such as utilities, smart networks, and manufacturing facilities are expected to be the key driving factors of the IoT security market. The IoT coordinates the interaction of certain devices in particular networks, which allows an effective data transmission among highly intelligent devices like sensors and thermostats. This effective data transmission using IoT is used by various activities, enterprises, retail stores, manufacturing industries and hospitals. The IoT security helps to keep this data carried by network confidential and more secured. In addition, innovations in technology improved the manufacturing capacity of communication products, which further speed up the development of low-cost communication devices. The rise in the use of IoT companies and connected devices also helps to grow the IoT security market. The need for a secure, relaxed, and convenient lifestyle among people has been leading to the fast development of the IoT security market globally.
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IoT security market can be segmented into different application areas such as utility or services, automotive, and healthcare etc. The utility application segment dominated the global IoT security market, accounting for a 37.95% market share in 2014. This application segment of IoT market is growing due to high demand for IoT in residences, water management utilities, and energy plants. Investment of network security is higher in the utility application compare to other application areas. Owing to strong demand for IoT in vehicles, automotive also have significant market share in global IoT security market. The healthcare segment was the third largest area of application of the global IoT security market. The others application segment includes manufacturing, retail, and transportation etc.
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On the basis of region, the global IoT security market is segmented into the Americas, EMEA, and APAC. America followed by EMEA and APAC was the leading region. Americas drives the IoT security market and accounted for the largest market share of 35.28% of global IoT security market in 2014. The IoT security market in Europe, North America, and APAC region is expected to grow at a rapid pace during the forecast period.
Key players operating in this market include Cisco System, Infineon Technologies, Intel, Siemens etc. Some of the other important industry participants in IoT security market include Alcatel-Lucent, Broadcom, IBM, Numerex, Ventus Wireless, Sophos, etc.