IoT Security Market to Garner $73.92 Bn, Globally, by 2026 at 31.2% CAGR, Says Allied Market Research

Increase in malware and phishing threats among enterprises, rise in adoption of IoT and BYOD trend, and numerous benefits provided by IoT security solutions drive the growth of the global IoT security market.

PORTLAND, Oregon, Jan. 20, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "IoT Security Market by Component (Solution and Services), Deployment Model (On-Premise and Cloud), Organization Size (Large Enterprises and Small & Medium Enterprises), Product Type (Device Authentication & Management, Identity Access & Management, Intrusion Detection System & Intrusion Prevention System, Data Encryption & Tokenization and Others), Security Type (Network Security, Endpoint Security, Application Security, Cloud Security, and Others), and Industry Vertical (Manufacturing, Retail & E-Commerce, Government & Defense, Transportation & Logistics, Energy & Utilities, Healthcare and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global IoT security industry was pegged at $8.47 billion in 2018 and is projected to reach $73.92 billion by 2026, registering a CAGR of 31.2% from 2019 to 2026.

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Major motivators for market growth

Increase in malware and phishing threats among enterprises, rise in adoption of IoT and BYOD trend, and numerous benefits provided by IoT security solutions drive the growth of the global IoT security market. However, constant need to conform to industry standards and regulations and complexities of device security hamper the market growth. On the contrary, the need for strong authentication methods and transformation in traditional anti-virus software industry are expected to create lucrative opportunities in the near future.

Solution segment dominated the market

Based on component, the solution segment held the largest share in 2018, accounting for around three-fourths of the global IoT security market, owing to rise in the adoption of this IoT security solution among various enterprises. However, the services segment is expected to portray the fastest CAGR of 33.9% during the forecast period, owing to surge in different types of services which include professional and managed services.

Manufacturing segment held the largest share

Based on industry verticals, the manufacturing segment dominated the market in 2018, contributing to nearly one-fourth of the global IoT security market, owing to rise in the number of IoT devices and to increase the security and privacy for the devices. However, the healthcare segment is expected to register the fastest CAGR of 36.2% during the study period, owing to its capabilities of accessing from anywhere across the world.

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North America held the lion's share

The global IoT security market across North America held the largest share in 2018, contributing to more than one-third of the market, owing to rapid improvements in operational efficiency in IT infrastructures in the region. However, the market across the Asia-Pacific region is expected to register the fastest CAGR of 33.8% during the study period, owing to rise in digitalization in emerging economies such as China and India.

Major market players

• IBM Corporation
• Infineon Technologies AG
• Intel Corporation
• Broadcom
• Cisco Systems Inc.
• Fortinet Inc.
• Gemalto NV
• Palo Alto Networks Inc.
• SecuriThings
• Trend Micro Incorporated

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