Published Date : Dec 04, 2017
ALBANY, New York, Dec 4, 2017: MarketResearchReports.biz has recently added a new market study to its repository, titled “IoT Security Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.” The global internet of things security market is anticipated to witness a high growth during the forecast period on account of the increasing adoption of cloud based services for the process of authentication. Cloud is also being used for storing biometrics information. Thus, it is essential for developing security measures so as to safeguard the cloud against unauthorized access and hacking. This is boosting the internet of things security market.
The rise in the use of laptops, smartphones, and tablets has exposed personal data for which there is a need for IoT security. Another factor slated to fuel the growth of this market is the introduction of integrated security solutions. With growing cyber crimes and hacking incidences, it has become essential to provide an overall security to devices as well as networks, and since standalone IT security solutions are expensive many end users prefer integrated IoT security solutions.
As the internet of things is steadily moving to become a more complex network of various decentralized smart devices, data security will become increasingly important and this will promote the growth of the global internet of things security market. The increasing risk of network manipulation, device manipulation, IP theft, data falsification, server manipulation, and identity theft will boost the demand for Internet of things security.
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On the other hand, the lack of knowledge about the availability of IoT security and the benefits of the same, will hamper the growth of this market. However, high demand for data security on account of stringent laws and regulatory compliances by governments across the globe will act as a great opportunity for growth.
On the basis of type, the global IoT security market is segmented into cloud security, application security, endpoint security, and network security. On the basis of application, the global IoT security market is segmented into manufacturing, energy and utilities, Information Technology, defense, telecommunications, government, Banking, Financial Services, and Insurance (BFSI), logistics, retail, and transportation.
On the basis of geography, the global IoT security market is segmented into Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. North America is estimated to lead in this market in the years to come. Extensive use of IoT devices across various domains and the strict enforcement of regulatory frameworks are the two factors driving the North American IoT security market. This market is also witnessing a fast growth in Asia Pacific on account of an increasing number of business organizations, unregulated usage of internet, and the rise in mobile workforce. Social transformation, expanding economy, and the new national security policies across Singapore, India, and Japan have also fuelled the growth of the IoT security solutions in Asia Pacific.
Leading players within the market are: IBM Corporation, Infineon Technologies, Hewlett Packard Development Company L.P., Cisco Systems, Inc., Sophos Plc, NSIDE Secure SA, Gemalto NV, ARM Holdings, Symantec Corporation, and Intel Corporation. The report studies the competitive landscape of this market in great detail. Not only the leading players are profiled in the report but also the business strategies adopted by these companies are revealed. The report also studies the business and financial overview of these companies. A discussion on the recent developments as well as expansion moves such as collaborations, partnerships, and mergers and acquisitions.
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