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Internet of Things (IoT) Security Market Size, 2022 – Industry Trends, Key Players, Manufacturing Process, Machinery, Raw Materials, Cost and Revenue 2031

Kenneth Research, in its repository of market research reports, have recently added a report on Internet of Things (IoT) Security Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Internet of Things (IoT) Security Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Internet of Things (IoT) Security Market products.

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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.

Internet of Things (IoT) Security Market Overview

Internet of Things (IoT) security refers to the safety of connected devices and networks in the Internet of Things (IoT). Internet of Things (IoT) security offers wide range of endpoint security such as antimalware and antivirus along with firewalls & interruption prevention and detection systems. IoT security is generally used to decrease the risk of IP theft, device manipulation and network manipulation.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

Market Size and Forecast

Global Internet of Things (IoT) security market is expected to expand at a robust CAGR of 41.3% over the forecast period i.e. 2018-2027. Increasing concern toward internet security is expected to drive the growth of the global Internet of Things (IoT) security market. Moreover, high demand for Internet of Things (IoT) security systems in the developing regions is anticipated to positively impact the growth of the global Internet of Things (IoT) security market.

On the basis of regional platform, global Internet of Things (IoT) security market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. In the regional market, North-America is projected to dominate the overall market of Internet of Things (IoT) security during the forecast period. Increasing cybercrime and rising adoption of IoT in various smart devices such as smartphones, PC’s and tablets is anticipated to fuel the growth of the North America Internet of Things (IoT) security market. Moreover, growing advancement in IoT based technology is anticipated significantly for the growth of Internet of Things (IoT) security market in North America.

Europe is poised to record fastest growth rate during the forecast period. Rising adoption of cloud based services by small and medium scale enterprises is predicted to trigger the growth of the global Internet of Things (IoT) security market over the forecast period. Asia Pacific Internet of Things (IoT) security market is expected to witness substantial growth over the forecast period. Growing use of 2G, 3G, and 4G (Long-Term Evolution (LTE)) wireless networks is envisioned to strengthen the growth of Internet of Things (IoT) security market in Asia Pacific.

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Based on security type, Internet of Things (IoT) security market is segmented into cloud security, network security, application security, endpoint security and others, out of which, network security segment is expected to dominate the overall Internet of Things (IoT) security market during the forecast period.

Leading Companies:

PTC, Cisco Systems Inc., IBM Corporation, Infineon Technologies, Gemalto NV, AT&T Inc., Verizon Enterprise Solutions, Check Point Software Technologies Ltd., Symantec Corporation, Trend Micro, And Other Key Players

What is the aim of the report?

  • The Internet of Things (IoT) Security Market report presents the estimated Internet of Things (IoT) Security Market size of Internet of Things (IoT) Security Market by the end of forecast period. Additionally, the historical and current Internet of Things (IoT) Security Market size is also examined in the report.
  • Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
  • An overview of the Internet of Things (IoT) Security Market based on geographical scope, Internet of Things (IoT) Security Market segmentation and financial performance of key players is presented in the report.
  • The report presents current trends in the industry and future scope of the Internet of Things (IoT) Security Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
  • The various parameters accelerating the growth of the Internet of Things (IoT) Security Market are incorporated in the research report.
  • The report analyzes growth rate, Internet of Things (IoT) Security Market size and valuation of the Internet of Things (IoT) Security Market during the forecast period.

Growth Drivers & Challenges

Rising concern regarding monitoring and safety features across the globe is anticipated to intensify the growth of the global Internet of Things (IoT) security market. In addition, increasing number of network protocols such as IEEE 802.15.4, and IEEE 802.11ah is projected to positively drive the growth of the global Internet of Things (IoT) security market.

In 2015, Indian government launched “100 Smart Cities Mission”, this launch increased the smart city initiative in India. This factor is expected to increase the growth of global Internet of Things (IoT) security market over the forecast period. Apart from this, firewalls & data loss prevention are being integrated with IoT security solutions which is anticipated to be the dynamic factor behind the growth of the global Internet of Things (IoT) security market. Growing safety & aid features offered by the usage of Internet of Things (IoT) security has increased the protection. This factor is anticipated to supplement the growth of the global Internet of Things (IoT) security market.

Further, adoption of IoT technologies in various application areas such as smart manufacturing and healthcare is likely to further strengthen the growth of the global Internet of Things (IoT) security market. In addition, rising demands of cloud technology is expected to increase the growth of global Internet of Things (IoT) security market over the forecast period.

However, lack of awareness about the availability and benefits of IoT security solutions is one of the key factors which are expected to limit the growth of global Internet of Things (IoT) security market in upcoming years.

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