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Global IoT Security Market: Focus on Solutions, Services, Industry and Region - Analysis and Forecast, 2019-2024

  • ID: 4825361
  • Report
  • Region: Global
  • 217 Pages
  • BIS Research
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Global IoT Security Market to Grow at a CAGR of 22.26% from 2019-2024

Key Questions Answered in the Report:

  • What was the total revenue generated by the global IoT security market in 2018 and how is it expected to grow during 2019-2024?
  • What are the major driving forces, trends, challenges and growth opportunities that can tend to influence the global IoT security market during the forecast period, 2019-2024?
  • Which security solution, such as network security, endpoint security, application security, and cloud security of the global IoT security market is expected to dominate during the forecast period?
  • Which security service, such as consulting, maintenance, and managing of the global IoT security market is expected to dominate during the forecast period?
  • What are the potential points of vulnerabilities in IoT security?
  • Which industry, such as manufacturing, automotive, energy and utilities, government, and consumer electronics of the global IoT security market is expected to dominate during the forecast period?
  • Which region from North America, Europe, Asia-Pacific, and Rest-of-the-World (ROW) is expected to lead the global IoT security market?
  • Which are the key security solution and service providers operating in the global IoT security market?

Global IoT Security Market Forecast, 2019-2024

As per the analyst, the global IoT security market generated $16.55 billion in 2018 and is expected to witness a CAGR of 22.26%, during the forecast period from 2019 to 2024.

The growth in the IoT security market is due to the increasing number of data breaches along with rising security demand for critical infrastructure. Additionally, the growing demand for IoT security regulations and guidelines for protecting the ecosystem is further expected to drive the market.

Expert Quote on Global IoT Security Market

“The IoT security market is witnessing a high growth rate due to the inclination of consumer and enterprises toward safe and secure communication. Moreover, the demand for cloud security solutions is further going to increase in the coming years owing to the launch of more number of cloud service platforms for security and storage purposes. Further, the growth of IoT security market in North America is the highest, due to strong economic growth, high disposable income, and efforts made by the government and federal bodies to mandate security regulations in the region. The IoT security market in this region is expected to grow at a CAGR of 22.56% during the forecast period (2019-2024).”

Scope of the Market Intelligence on Global IoT Security Market

The report constitutes an in-depth study of the global IoT security market, including a thorough analysis of the types of solutions and services. The study also presents a detailed analysis of the market dynamics and the estimation of the market size over the forecast period 2019-2024. The scope of this report is focused on the solutions and services catering to IoT security for different regions. The industry analysis presents a detailed insight into the major market players in the global IoT security market using the value chain analysis.

The market analysis includes an in-depth examination of the key ecosystem players and key strategies and developments taking place in this market. It includes market dynamics (market drivers, opportunities, and challenges) and industry analysis. The purpose of the study is to gain a holistic view of the global IoT security market in terms of various factors influencing it. The market has been segmented into ‘solution’, ‘service’, ‘industry’, and ‘regions’.

Market Segmentation

The IoT security market has been tracked along the lines of security solutions, security services, industry, and regions (North America, Europe, Asia-Pacific, and Rest-of-the-World). Revenue generated from security solution (network security, endpoint security, application security, and cloud security, among others), industry (manufacturing, automotive, energy and utilities, government, and consumer electronics, among others) and security service (consulting service, maintenance service, and managed service, among others) has been analyzed. The report also covers the IoT security market on a global scale and consequently provides revenue data of the key regions. A separate segment specifically has been dedicated to the key global regions: North America, Europe, Asia-Pacific (APAC), and Rest-of-the-World (RoW).

Based on the security solution, the global IoT security market is segmented into network security, endpoint security, application security, and cloud security, among others. The cloud security segment is the highest revenue-generating segment among all the solutions of IoT security market and is expected to grow at the highest rate during the forecast period. The high growth rate of cloud security is attributed to the increasing demand for cloud services from enterprises and consumers for safety and storage. Apart from solutions, the report also provides the overall revenue generated from services. The revenue is expected to increase at a significant rate in the coming future owing to the rise in demand for security services from enterprises.

Key Companies in the Global IoT Security Market

A list of 500 IoT security companies has been analyzed in the report, including Gemalto NV, Cisco Systems, Inc., International Business Machines Corporation, and Symantec Corporation, among others.

Enterprise Licence customers will receive an Excel spreadsheet containing additional data.

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Executive Summary

1 Market Dynamics
1.1 Introduction
1.2 Market Drivers
1.2.1 Increasing Number of Data Breaches
1.2.2 Growing Demand of IoT Security Regulations and Guidelines
1.2.3 Rising Security Demand for Critical Infrastructure
1.3 Market Restraints
1.3.1 Growing Complexity Among IoT Devices
1.3.2 Lack of IoT Security Skill Sets and Awareness Within the Organization
1.4 Market Opportunities
1.4.1 Integration of Blockchain in IoT Security
1.4.2 Role of Machine Learning in IoT Security

2 Competitive Insights
2.1 Key Strategies and Developments
2.1.1 Product Launches
2.1.2 Partnerships and Collaborations
2.1.3 Business Expansions
2.1.4 Mergers and Acquisitions
2.1.5 Other Developments
2.2 Market Ranking

3 Industry Analysis
3.1 Potential Points of Vulnerabilities in IoT System
3.2 Guidepost for Stronger IoT Security
3.3 Asset Taxonomy
3.4 Threat Taxonomy
3.5 Regulations/Acts
3.6 Consortium
3.7 Standards
3.8 Patent Analysis
3.9 Value Chain Analysis

4 Global IoT Security Market (by Classification), Analysis and Forecast
4.1 Assumptions and Limitations
4.2 Market Overview
4.3 Global IoT Security Market (by Solution)
4.3.1 Market Overview
4.3.2 Network Security
4.3.2.1 Global IoT Network Security Market (by Region), $Million, 2018-2024
4.3.3 Endpoint Security
4.3.3.1 Global IoT Endpoint Security Market (by Region), $Million, 2018-2024
4.3.4 Application Security
4.3.4.1 Global IoT Application Security Market (by Region), $Million, 2018-2024
4.3.5 Cloud Security
4.3.5.1 Global IoT Cloud Security Market (by Region), $Million, 2018-2024
4.3.6 Others
4.3.6.1 Global IoT Others Security Market (by Region), $Million, 2018-2024
4.4 Global IoT Security Market (by Service)
4.4.1 Market Overview
4.4.2 Consulting Services
4.4.2.1 Global IoT Security Consulting Services Market (by Region), $Million, 2018-2024
4.4.3 Maintenance Services
4.4.3.1 Global IoT Security Maintenance Services Market (by Region), $Million, 2018-2024
4.4.4 Managed Services
4.4.4.1 Global IoT Security Managed Services Market, by Region, $Million, 2018-2024
4.4.5 Others
4.4.5.1 Global IoT Security Others Services Market (by Region), $Million, 2018-2024

5 Global IoT Security Market, (by Industry)
5.1 Market Overview
5.2 Manufacturing
5.2.1 Global IoT Security Manufacturing Market (by Region), $Million, 2018-2024
5.3 Energy and Utilities
5.3.1 Global IoT Security Energy and Utilities Market (by Region), $Million, 2018-2024
5.4 Automotive
5.4.1 Global IoT Security Automotive Market (by Region), $Million, 2018-2024
5.5 Consumer Electronics
5.5.1 Global IoT Security Consumer Electronics Market (by Region), $Million, 2018-2024
5.6 Government
5.6.1 Global IoT Security Government Market (by Region), $Million, 2018-2024
5.7 Others
5.7.1 Global IoT Security Others Market (by Region), $Million, 2018-2024

6 Global IoT Security Market (by Region)
6.1 Market Overview
6.2 North America
6.2.1 North America IoT Security Market (by Security Solution)
6.2.2 North America IoT Security Market (by Security Service)
6.2.3 North America IoT Security Market (by Industry)
6.2.4 North America IoT Security Market (by Country)
6.2.4.1 U.S.
6.2.4.1.1 The U.S. IoT Security Market (by Industry)
6.2.4.2 Canada
6.2.4.2.1 Canada IoT Security Market (by Industry)
6.2.4.3 Mexico
6.2.4.3.1 Mexico IoT Security Market (by Industry)
6.3 Europe
6.3.1 Europe IoT Security Market (by Security Solution)
6.3.2 Europe IoT Security Market (by Security Service)
6.3.3 Europe IoT Security Market (by Industry)
6.3.4 Europe IoT Security Market (by Country)
6.3.4.1 Germany
6.3.4.1.1 Germany IoT Security Market (by Industry)
6.3.4.2 U.K.
6.3.4.2.1 U.K. IoT Security Market (by Industry)
6.3.4.3 France
6.3.4.3.1 France IoT Security Market (by Industry)
6.3.4.4 Rest-of-Europe
6.3.4.4.1 Rest-of-Europe IoT Security, (by Industry)
6.4 Asia-Pacific
6.4.1 Asia-Pacific IoT Security Market (by Security Solution)
6.4.2 Asia-Pacific IoT Security Market (by Security Service)
6.4.3 Asia-Pacific IoT Security Market (by Industry)
6.4.4 Asia-Pacific IoT Security Market, (by Country)
6.4.4.1 China
6.4.4.1.1 China IoT Security Market (by Industry)
6.4.4.2 Japan
6.4.4.2.1 Japan IoT Security Market (by Industry)
6.4.4.3 South Korea
6.4.4.3.1 South Korea IoT Security (by Industry)
6.4.4.4 Rest-of-Asia-Pacific
6.4.4.4.1 Rest of Asia-Pacific IoT Security Market
6.5 Rest-of-the-World
6.5.1 Rest-of-the-World IoT Security Market (by Security Solution)
6.5.2 Rest-of-the-World IoT Security Market (by Security Service)
6.5.3 Rest-of-the-World IoT Security Market (by Industry)
6.5.4 Rest-of-the-World IoT Security Market (by Country)
6.5.4.1 Middle East and Africa
6.5.4.1.1 Middle East and Africa IoT Security Market (by Industry)
6.5.4.2 Latin America
6.5.4.2.1 Latin America IoT Security Market (by Industry)

7 List of 500 Companies Active in IoT Security Market

8 Report Scope and Methodology
8.1 Report Scope
8.2 Global IoT Security Market Research Methodology

List of Tables
Table 1.1: Impact Analysis of Market Drivers
Table 1.2: Impact Analysis of Market Restraints
Table 1.3: Impact Analysis of Market Opportunities
Table 1.4: Prominent Cyber-Attack Cases
Table 1.5: Prominent IoT Security Regulations
Table 2.1: Market Ranking
Table 3.1: Potential Points of Vulnerabilities in IoT System
Table 3.2: Guideposts for Stronger IoT Security
Table 3.3: Protection of Asset Groups
Table 3.4: Threat Taxonomy
Table 3.5: Key Regulation/Acts in IoT Security
Table 3.6: Key Consortiums in IoT Security
Table 3.7: Key IoT-Enabling Technology Standards
Table 4.1: Global IoT Security Market (by Classification), $Billion, 2018-2024
Table 4.2: Global IoT Security Market (by Solution), $Billion, 2018-2024
Table 4.3: IoT Network Security: Market Scope
Table 4.4: Global IoT Network Security Market (by Region), $Million, 2018-2024
Table 4.5: IoT Endpoint Security: Market Scope
Table 4.6: Global IoT Endpoint Security Market (by Region), $Million, 2018-2024
Table 4.7: IoT Application Security: Market Scope
Table 4.8: Global IoT Application Security Market (by Region), $Million, 2018-2024
Table 4.9: IoT Cloud Security: Market Scope
Table 4.10: Global IoT Cloud Security Market (by Region), $Million, 2018-2024
Table 4.11: IoT Others Security: Market Scope
Table 4.12: Global IoT Others Security Market (by Region), $Million, 2018-2024
Table 4.13: Global IoT Security Market (by Service), $Billion, 2018-2024
Table 4.14: IoT Security Consulting Services: Market Scope
Table 4.15: Global IoT Security Consulting Services Market (by Region), $Million, 2018-2024
Table 4.16: IoT Security Maintenance Services: Market Scope
Table 4.17: Global IoT Security Maintenance Services Market (by Region), $Million, 2018-2024
Table 4.18: IoT Security Managed Services: Market Scope
Table 4.19: Global IoT Security Managed Services Market (by Region), $Million, 2018-2024
Table 4.20: IoT Security Others Services: Market Scope
Table 4.21: Global IoT Security Others Services Market (by Region), $Million, 2018-2024
Table 5.1: Global IoT Security Market (by Industry), $Billion, 2018-2024
Table 5.2: Global IoT Security Manufacturing Market (by Region), $Million, 2018-2024
Table 5.3: Global IoT Security Energy and Utilities Market (by Region), $Million, 2018-2024
Table 5.4: Global IoT Security Automotive Market (by Region), $Million, 2018-2024
Table 5.5: Impact of Economic Factors on IoT Security
Table 5.6: Global IoT Security Consumer Electronics Market (by Region), $Million, 2018-2024
Table 5.7: Global IoT Security Consumer Electronics Market (by Region), $Million, 2018-2024
Table 5.8: Application of IoT in Healthcare
Table 5.9: IoT Application in Retail
Table 5.10: Global IoT Security Others Market (by Region), $Million, 2018-2024
Table 6.1: Global IoT Security Market (by Region), $Billion, 2018-2024
Table 6.2: North America IoT Security Market (by Security Solution), $Million, 2018-2024
Table 6.3: North America IoT Security Market (by Service), $Million, 2018-2024
Table 6.4: North America IoT Security Market (by Industry), $Million, 2018-2024
Table 6.5: North America IoT Security Market (by Country), $Million, 2018-2024
Table 6.6: The U.S. IoT Security Market (by Industry), $Million, 2018-2024
Table 6.7: Canada IoT Security Market (by Industry), $Million, 2018-2024
Table 6.8: Mexico IoT Security Market (by Industry), $Million, 2018-2024
Table 6.9: Europe IoT Security Market (by Security Solutions), $Billion, 2018-2024
Table 6.10: Europe IoT Security Market (by Service), $Million, 2018-2024
Table 6.11: Europe IoT Security Market (by Industry), $Million, 2018-2024
Table 6.12: Europe IoT Security Market Value (by Country), $Million, 2018-2024
Table 6.13: Germany IoT Security Market (by Industry), $Million, 2018-2024
Table 6.14: U.K. IoT Security Market (by Industry), $Million, 2018-2024
Table 6.15: France IoT Security Market (by Industry), $Million, 2018-2024
Table 6.16: Rest-of-Europe IoT Security Market (by Industry), $Million, 2018-2024
Table 6.17: Asia-Pacific IoT Security Market (by Security Solution), $Million, 2018-2024
Table 6.18: Asia-Pacific IoT Security Market (by Service), $Million, 2018-2024
Table 6.19: Asia-Pacific IoT Security Market (by Industry), $Million, 2018-2024
Table 6.20: Asia-Pacific IoT Security Market (by Country), $Million, 2018-2024
Table 6.21: China IoT Security Market (by Industry), $Million, 2018-2024
Table 6.22: Japan IoT Security Market (by Industry), $Million, 2018-2024
Table 6.23: South Korea IoT Security Market (by Industry), $Million, 2018-2024
Table 6.24: Rest-of-Asia-Pacific IoT Security Market (by Industry), $Million, 2018-2024
Table 6.25: Rest-of-the-World IoT Security Market (by Security Solution), $Million, 2018-2024
Table 6.26: Rest-of-the-World IoT Security Market (by Service), $Million, 2018-2024
Table 6.27: Rest-of-the-World IoT Security Market (by Industry), $Million, 2018-2024
Table 6.28: Rest-of-the-World IoT Security Market Value (by Country), $Million, 2018-2024
Table 6.29: Middle East and Africa IoT Security Market (by Industry), $Million, 2018-2024
Table 6.30: Rest of Asia-Pacific IoT Security Market (by Industry), $Million, 2018-2024
Table 7.1: Key 500 Companies Active in IoT Security Market

List of Figures
Figure 1: Global IoT Security Market Outlook, $Billion, 2019 and 2024
Figure 2: Global IoT Security Market (by Classification), $Billion, 2018 and 2024
Figure 3: Global IoT Security Market (by Solution), $Billion, 2018 and 2024
Figure 4: Global IoT Security Market (by Service), $Billion, 2018 and 2024
Figure 5: Global IoT Security Market (by Industry), $Billion, 2018 and 2024
Figure 6: Global IoT Security Market (by Region), $Billion, 2018 and 2024
Figure 7: Global IoT Security Market (by Region), $Billion, 2018
Figure 1.1: Market Dynamics
Figure 2.1: Key Strategies and Developments
Figure 2.2: Product Launch, 2017-2019
Figure 2.3: Partnerships and Collaborations
Figure 2.4: Business Expansions
Figure 2.5: Mergers and Acquisitions
Figure 2.6: Other Developments, 2017-2019
Figure 3.1: Patent Filings for IoT Security Solutions (2017-19)
Figure 3.2: Value Chain Analysis
Figure 4.1: IoT Security Market: Solutions and Services
Figure 4.2: Global IoT Security Market (by Classification), $Billion, 2018 and 2024
Figure 4.3: IoT Security Market: Solutions
Figure 4.4: Network Security Components
Figure 4.5: Types of Network Security
Figure 4.6: IoT Network Security Market, $Billion, 2018-2024
Figure 4.7: Key Elements in the Endpoint Security Management
Figure 4.8: IoT Endpoint Security Market, $Billion, 2018-2024
Figure 4.9: Application Security Implementation in SDLC
Figure 4.10: IoT Application Security Market, $Billion, 2018-2024
Figure 4.11: Benefits of Cloud Security
Figure 4.12: Key Elements in the Cloud Security Management
Figure 4.13: IoT Cloud Security Market, $Billion, 2018-2024
Figure 4.14: IoT Others Security Market, $Million, 2018-2024
Figure 4.15: IoT Security Market: Services
Figure 4.16: Global IoT Security Market (by Service), $Billion, 2018 and 2024
Figure 4.17: Key Elements in the IoT Consulting Services
Figure 4.18: IoT Security Consulting Services Market, $Billion, 2018-2024
Figure 4.19: IoT Security Maintenance Services Market, $Billion, 2018-2024
Figure 4.20: Need for Managed Services
Figure 4.21: IoT Security Managed Services Market, $Billion, 2018-2024
Figure 4.22: Others IoT Security Services
Figure 4.23: IoT Security Others Services Market, $Billion, 2018-2024
Figure 5.1: Global IoT Security Market (by Industry), $Billion, 2018 and 2024
Figure 5.2: Security Challenges in Smart Manufacturing
Figure 5.3: IoT Security Manufacturing Market, $Billion, 2018-2024
Figure 5.4: IoT Security Energy and Utilities Market, $Billion, 2018-2024
Figure 5.5: Benefits of Connected Logistics
Figure 5.6: Improvement in Areas With Implementation of IoT Security Solutions
Figure 5.7: IoT Security Automotive Market, $Billion, 2018-2024
Figure 5.8: IoT Security Consumer Electronics Market, $Billion, 2018-2024
Figure 5.9: Key Requirements for Smart Governance
Figure 5.10: IoT Security Government Market, $Billion, 2018-2024
Figure 5.11: Key Challenges for Smart Governance
Figure 5.12: Reasons to Focus on Healthcare IoT Security
Figure 5.13: IoT Security Others Market, $Billion, 2018-2024
Figure 6.1: IoT Security Market by Region
Figure 6.2: Global IoT Security Market (by Region), $Billion, 2018 and 2024
Figure 6.3: North America IoT Security Market, $Billion, 2018 and 2024
Figure 6.4: North America IoT Security Market (by Security Solution), $Million, 2018 and 2024
Figure 6.5: North America IoT Security Market (by Security Service), $Million, 2018 and 2024
Figure 6.6: North America IoT Security Market (by Industry), $Million, 2018 and 2024
Figure 6.7: North America IoT Security Market (by Country), $Million, 2018 and 2024
Figure 6.8: The U.S. IoT Security Market, $Billion, 2018 and 2024
Figure 6.9: The U.S. IoT Security Market (by Industry), $Million, 2018 and 2024
Figure 6.10: Canada IoT Security Market, $Billion, 2018 and 2024
Figure 6.11: Canada IoT Security Market (by Industry), $Million, 2018 and 2024
Figure 6.12: Mexico IoT Security Market, $Million, 2018 and 2024
Figure 6.13: Mexico IoT Security Market (by Industry), $Million, 2018 and 2024
Figure 6.14: Europe IoT Security Market, $Billion, 2018-2024
Figure 6.15: Europe IoT Security Market (by Security Solutions), $Million, 2018 and 2024
Figure 6.16: Europe IoT Security Market (by Security Service), $Million, 2018 and 2024
Figure 6.17: Europe IoT Security Market (by Industry), $Million, 2018 and 2024
Figure 6.18: Europe IoT Security Market Value (by Country), $Million, 2018 and 2024
Figure 6.19: Germany IoT Security Market, $Billion, 2018 and 2024
Figure 6.20: Germany IoT Security Market (by Industry), $Million, 2018 and 2024
Figure 6.21: U.K. IoT Security Market, $Million, 2018 and 2024
Figure 6.22: U.K. IoT Security Market (by Industry), $Million, 2018 and 2024
Figure 6.23: France IoT Security Market, $Million, 2018 and 2024
Figure 6.24: France IoT Security Market (by Industry), $Million, 2018 and 2024
Figure 6.25: Rest-of-Europe IoT Security Market, $Billion, 2018 and 2024
Figure 6.26: Rest-of-Europe IoT Security Market (by Industry), $Million, 2018 and 2024
Figure 6.27: Asia-Pacific IoT Security Market, $Billion, 2018-2024
Figure 6.28: Asia-Pacific IoT Security Market (by Security Solution), $Million, 2018 and 2024
Figure 6.29: Asia-Pacific IoT Security Market (by Security Service), $Million, 2018 and 2024
Figure 6.30: Asia-Pacific IoT Security Market (by Industry), $Million, 2018 and 2024
Figure 6.31: Asia-Pacific IoT Security Market (by Country), $Million, 2018 and 2024
Figure 6.32: China IoT Security Market, $Billion, 2018 and 2024
Figure 6.33: China IoT Security Market (by Industry), $Million, 2018 and 2024
Figure 6.34: Japan IoT Security Market, $Million, 2018 and 2024
Figure 6.35: Japan IoT Security Market (by Industry), $Million, 2018 and 2024
Figure 6.36: South Korea IoT Security Market, $Million, 2018 and 2024
Figure 6.37: South Korea IoT Security Market (by Industry), $Million, 2018 and 2024
Figure 6.38: Rest of Asia-Pacific IoT Security Market, $Million, 2018 and 2024
Figure 6.39: Rest of Asia-Pacific IoT Security Market (by Industry), $Million, 2018 and 2024
Figure 6.40: Rest-of-the-World IoT Security Market, $Billion, 2018-2024
Figure 6.41: Rest-of-the-World IoT Security Market (by Security Solution), $Million, 2018 and 2024
Figure 6.42: Rest-of-the-World IoT Security Market (by Security Service), $Million, 2018 and 2024
Figure 6.43: Rest-of-the-World IoT Security Market (by Industry), $Million, 2018 and 2024
Figure 6.44: Rest-of-the-World IoT Security Market (by Country), $Million, 2018 and 2024
Figure 6.45: Middle East and Africa IoT Security Market, $Million, 2018-2024
Figure 6.46: Middle East and Africa IoT Security Market (by Industry), $Million, 2018 and 2024
Figure 6.47: Latin America IoT Security Market, $Million, 2018-2024
Figure 6.48: Latin America IoT Security Market (by Industry), $Million, 2018 and 2024
Figure 8.1: Global IoT Security Market Coverage
Figure 8.2: Report Design
Figure 8.3: Secondary Research
Figure 8.4: Data Triangulation
Figure 8.5: Bottom-Up Approach (Segment-wise Analysis)
Figure 8.6: Top-Down Approach (Segment-wise Analysis)
Figure 8.7: Assumption and Limitations

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The IoT ecosystem revolves around extraction and analyzation of digital data from the physical world. With the launch of more number of devices, the IoT system offers many advantages, for instance, in the healthcare industry, connected medical devices allow the customers to work alongside their physicians. Similarly, in the energy and utility sector, smart meters enable energy providers to analyze consumer energy use, enable consumers to be more energy-conscious, and identify issues with home appliances. Along with the potential benefits, IoT presents a variety of security risks which could be exploited to harm end-users by creating risks to personal safety, enabling unauthorized access and misuse of personal information, and facilitating attacks on other systems. As a result, it could be interpreted that if perceived risks to security and privacy are not realized, it could undermine the end-user confidence which is necessary for technologies to meet their full potential, thereby resulting in less widespread adoption.

The growing demand for IoT security regulations and guidelines coupled with rising security demand for critical infrastructures are some of the factors substantiating the need for cyber security measures in devices, communication channel, and cloud. Moreover, an increasing number of data breaches in the devices and networks have also led to the advent of IoT security to cater to the growing need of connected devices in industries including automotive, manufacturing, and energy and utilities, among others. The global IoT security market is growing at a high rate and is expected to reach a substantial level by 2024. There is a huge demand emerging from the manufacturing sector for cyber security measures. The global IoT security market is presently witnessing a pattern of transition due to the increasing market demand for security regulations and measures in various industries including automotive, consumer electronics, energy and utilities, and manufacturing, among others.

According to the latest report, titled ‘Global IoT Security Market – Analysis and Forecast (2019-2024)’, the global IoT security market generated $16.55 billion in 2018 and is expected to witness a CAGR of 22.26%, during the forecast period from 2019 to 2024. The high growth is supported by the growing demand for cyber security regulations in the IoT ecosystem from enterprises and consumers, requiring better protection from external malware and threats. Moreover, in recent years, due to strong demand for cyber security measures from other application areas such as healthcare, government, finance, and aerospace, among others, there has been a surge in demand for faster IoT security adoption.

Key Questions Addressed in the Report:

  • What was the total revenue generated by the global IoT security market in 2018 and how is it expected to grow during 2019-2024?
  • What are the major driving forces, trends, challenges and growth opportunities that can tend to influence the global IoT security market during the forecast period, 2019-2024?
  • Which security solution, such as network security, endpoint security, application security, and cloud security of the global IoT security market is expected to dominate during the forecast period?
  • Which security service, such as consulting, maintenance, and managing of the global IoT security market is expected to dominate during the forecast period?
  • What are the potential points of vulnerabilities in IoT security?
  • Which industry, such as manufacturing, automotive, energy and utilities, government, and consumer electronics of the global IoT security market is expected to dominate during the forecast period?
  • Which region from North America, Europe, Asia-Pacific, and Rest-of-the-World (ROW) is expected to lead the global IoT security market?
  • Which are the key security solution and service providers operating in the global IoT security market?
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