Albany, New York, March 14, 2017: The new report added to MarketResearchReports.biz evaluates the present scenario and growth prospects of the global Internet of Things security market. The report provides a summary of the market landscape and key vendors and discusses the main drivers and restraints of market growth. The report, titled ‘Global Internet of Things Security Market 2017-2021’, predicts the market to grow at a CAGR of 47.91% from 2017 to 2021.
The growing use of Internet of Things (IoT) and increased dependency on it has called for measures to provide security from cyber criminals and various other cyber threats. Several industries, retail stores, manufacturing units, and healthcare organizations depend on IoT to keep their data and data transfers secure and confidential. To provide a secure, convenient, and relaxed lifestyle to people, developments are underway to better the global IoT security market.
The global IoT security market is primarily driven by high adoption of cloud-based services. Authentication processes, modern video management systems, and storage of biometric information are boosting the demand for cloud-based services. In addition, banks and healthcare organizations are shifting from traditional methods of storing confidential data towards cloud technology, thereby driving the market for global IoT security.
On the basis of network security component, the global IoT security market is segmented into services, software, and hardware. The IoT security hardware segment has largely contributed to the market during 2016; however, this segment will witness a substantial fall in terms of share due to expensive implementation, replacement, and updates of the component.
The end user segment of the global IoT security market is presently dominated by the industrial sector. The segment growth can be attributed to the use of IoT technology in process control, maintenance, asset location, manufacturing execution system (MES), and smart agriculture and farming.
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Geographically, the global IoT security market is dominated by North America owing to the high concentration of automobile manufacturers, growing demand for electronic consumer goods, and rising presence of IoT vendors that provide IoT security solutions to these industries. On the contrary, this region is expected to lose ground during the forecast period as numerous industries are shifting towards other technologies such as integration of biometrics for authentication with IoT devices.
Small and medium sized enterprises are implementing IoT security solutions for the efficient and secure functioning of utilities like energy management are expected to make Asia Pacific the regional market leader over the forecast period.
The global IoT security market is fragmented with the presence of a large number of small regional as well as multinational vendors across the globe. The key players operating in the global IoT security market include Wurldtech Security Technologies, Secure Crossing, Infineon Technologies, Sierra Wireless, Palo Alto Networks, Digi International, Cisco, Ericsson, Kore Wireless, Tofino, Rockwell Automation, Symantec, Systech Solutions, Cypress, Eurotech, NetComm Wireless, Ventus Wireless, and IBM.
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