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IoT Security Market to Grow at a CAGR of 12.40% & Earning Revenue of Around USD 61.6 Billion by the End of 2028 | BlueWeave Consulting

North America dominates the IoT security market owing to the rising adoption of advanced technologies such as IoT sensors, machine learning, increasing penetration of 5G technologies, etc., among various verticals including manufacturing, energy, logistics, transportation, etc. Furthermore, a high concentration of leading IoT security providers including Google, Microsoft, IBM, etc., along with stringent government regulations in developing countries is also driving the market growth.

New Delhi, April 20, 2022 (GLOBE NEWSWIRE) -- The IoT security market is growing at a high CAGR because of the rising adoption of IoT systems among various verticals including manufacturing, logistics, healthcare, government, transportation, etc., along with increasing threats of cyber security and breaches…

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global IoT security market was worth USD 15 billion in the year 2021. It is estimated to grow at a CAGR of 12.40%, earning revenue of around USD 61.6 billion by the end of 2028. The IoT security market is flourishing at a high rate owing to the rising adoption of IoT systems among various verticals including manufacturing, logistics, healthcare, government, transportation, etc., along with increasing threats of cyber security and breaches. Furthermore, expanding government investment towards the establishment of smart cities and the increasing need for advanced solutions for boosting protection from potential cyber attacks is anticipated to fuel the market growth in the forecast period.

Rising Demand for Cloud Deployment is Driving IoT Security Market

Based on deployment, the IoT security market is segmented into on-premises and cloud. The cloud-based segment accounted for the largest share in the market in 2021. This type of deployment witnessed the highest growth post the COVID-19 pandemic owing to the higher security and low-cost solutions and services it offers along with real-time detection and security analytics. However, the on-premises segment also covers a substantial market share as some large enterprises opt for this deployment type.


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Increasing Adoption of IoT Security among Small and Medium-Sized Enterprises is Propelling the Overall Market Growth

Based on organization size, the IoT security market is segmented into small and medium-sized enterprises and large enterprises. The large organization segment holds the largest market share owing to the high financial capability for the integration of advanced technologies into business operations. However, the small and medium-sized enterprises segment is projected to witness the highest CAGR during the forecast period. The IoT systems are gaining significant traction among SMEs as it allows them to reduce costs, which is estimated to fuel the demand for IoT security.

IoT Security Market - By Application

Based on application, the IoT security market is segmented into smart manufacturing, smart energy and utilities, connected logistics and transportation, smart home and consumer electronics, connected healthcare, smart government and defense, smart retail, and others. The smart manufacturing segment accounts for the largest market share owing to the rising adoption of connected devices and sensors, etc., to increase efficiency, reduce errors, along with leveraging on the benefits of predictive maintenance. Therefore, various leading manufacturers are investing in IoT technology, which is anticipated to boost the growth of the IoT security market in the forecast period.

Please Visit Press Release of IoT Security Market: https://www.blueweaveconsulting.com/press-release/iot-security-market-to-grow-at-a-cagr-of-12-40-in-the-forecast-period

IoT Security Market - Regional Insights

Geographically, the IoT security market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa. North America dominates the IoT security market. However, the Asia-Pacific region is projected to witness the highest growth rate during the forecast period. Countries such as China, India, Japan, etc., are emerging as manufacturing hubs with China already dominating the market. The leading manufacturers in this region are investing in the adoption of IoT systems to boost their business efficiency, which is anticipated to drive the IoT security market in the forecast period.

Impact of COVID-19 on IoT Security Market

The IoT security market was negatively impacted by the unprecedented COVID-19 pandemic outbreak. The lockdown imposed by the countries to mitigate the virus spread resulted in restrictions on the manufacturing and supply chains of various end-user industries including manufacturing, logistics, transportation, energy, etc. Furthermore, the supply of IoT sensors and components was also halted due to a shortage of semiconductor chips which obstructed the adoption of IoT systems in the business. All these factors contributed to the hindrance in the overall growth of the IoT security market.

Competitive Landscape

The leading market players of the IoT security market are Microsoft Corporation, Amazon Web Services, Entrust Corp., Google, Kaspersky Lab, IBM Corporation, Palo Alto, Intel Corporation, Mocana, Cisco Systems, Inc., Happiest Minds, Telefonaktiebolaget LM Ericsson, Fortinet, Thales Group, Check Point Software Technologies, Allot Ltd., Infineon Technologies AG, MagicCube, Inc., Forgerock, and other prominent players.

The market is highly fragmented due to the presence of several global and regional industry players. However, multinational conglomerates such as Google, IBM, Cisco, still dominate a major portion of the market. The companies significantly focus on boosting their security and often launch innovative solutions and services to expand their market presence. The adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.

Don’t miss the business opportunity of the IoT security market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the IoT security market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the IoT security market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

Recent Development:

  • In February 2022, Identiv, Inc., a US-based digital security solutions provider, announced its partnership with Wiliot, an Israeli IoT company to boost the supply of active and passive IoT solutions.
  • In December 2021, Karamba Security, an Israeli cyber security solutions provider, announced to have raised USD 10 million in funding, which is aimed towards advancing its commercial expansion and building products with machine learning capabilities.

Scope of the Report:

Attributes Details
Years Considered Historical data – 2018-2021
Base Year – 2021
Forecast – 2022 – 2028
Facts Covered Revenue in USD Billion
Market Coverage U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia
Product Service/Segmentation By Component, By Type, By Deployment Mode, By Organization Size, By Application, By Region
Key Players Microsoft Corporation, Amazon Web Services, Entrust Corp., Google, Kaspersky Lab, IBM Corporation, Palo Alto, Intel Corporation, Mocana, Cisco Systems, Inc., Happiest Minds, Telefonaktiebolaget LM Ericsson, Fortinet, Thales Group, Check Point Software Technologies, Allot Ltd., Infineon Technologies AG, MagicCube, Inc., Forgerock, and other prominent players.

By Component

  • Solutions
  1. Identity and Access Management
  2. Data Encryption and Tokenization
  3. Intrusion Detection System and Intrusion Prevention System
  4. Device Authentication and Management
  5. Secure Communications
  6. Public Key Infrastructure Lifecycle Management
  7. Distributed Denial Of Service Protection
  8. Security Analytics
  9. Other Solutions
  • Services
  1. Professional Services
  2. Managed Services

By Type

  • Network Security
  • Endpoint Security
  • Application Security
  • Cloud Security
  • Others

By Deployment Mode

  • On-Premises
  • Cloud

By Organization Size

  • Small And Medium-Sized Enterprises
  • Large Enterprises

By Application

  • Smart Manufacturing
  • Smart Energy and Utilities
  • Connected Logistics and Transportation
  • Smart Home and Consumer Electronics
  • Connected Healthcare
  • Smart Government and Defense
  • Smart Retail, Others

By Region

  • North America
  • Europe
  • Asia-Pacific (APAC)
  • Latin America (LATAM)
  • Middle-East & Africa (MEA)

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