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Global IoT Security Market Growth to Surge with Rising Demand for IoT Applications

According to the estimations put forth by Inkwood Research, the Global IoT Security Market is predicted to project a CAGR of 21.99% in terms of revenue during the forecasting years of 2021-2026.

“Browse 61 Market Data Tables and 61 Figures spread over 180 Pages, along with an in-depth TOC on the Global IoT Security Market Forecast 2021-2026.”

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IoT encompasses internet connectivity to a system of interrelated computing devices. Enabling connection to the internet incurs serious threats and vulnerabilities. IoT security has thus become a prime area of focus.

Growing Demand for IoT Applications drives Market Growth

There is an emerging trend of IoT in organizations, making devices and applications vulnerable to advanced persistent threats (APTs). The growing number of mobile devices within organizations is obstructing the IT teams from tracking and managing data flow in several systems. This has further increased the adoption of IoT security systems for protecting sensitive information by resolving, monitoring, and classifying all kinds of attacks.

Moreover, the surging adoption of IoT devices in industrial, residential, and commercial sectors, is set to drive the market growth. Several government initiatives with regard to smart cities, smart homes, and connected building, fuel market growth. Furthermore, the trend of automation in energy management through smart grids has increased the threat of cyberattacks in the utility industry. The rising deployment of IoT-based security products is set to contribute to the overall growth of the market.



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Consulting is the Leading Service, with the Largest Market Share

IoT consulting services aid the business or enterprise evaluate strategies in accordance with current market challenges and opportunities, and defend against IoT attacks. Most security consulting companies offer end-to-end system integration, intelligent platform architecture, and testing. Consulting services entail device management, where consultants oversee the efficiency of the device in maintaining the desired level of connectivity and longevity. The growing demand for consulting security services is a result of enterprises planning to secure their networks and device by hiring a consultant. Security consultants aid in executing the risk assessment program.

Asia Pacific harbors the highest CAGR

The Asia Pacific region encompasses increasing penetration of the internet, the rising trend of BYOD, and the growing usage of mobile data. There has also been an increase in IoT security usage in industry verticals like healthcare, retail, tourism, and IT & Telecom. Moreover, there is a growing volume of data and rising digitization, along with the increasing investment in IoT security solutions & services by the government. This is further set to surge the demand and growth of the IoT security market.

The market entails several global and regional players. The R&D costs borne by the company indicate the tough barriers to exit. Moreover, innovations are evaluated to sustain a competitive advantage. Cisco Systems Inc, Microsoft Corporation, Palo Alto Networks Inc, Fortinet Inc, IBM Corporation, etc., are some of the eminent companies in the market.

About Inkwood Research

Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals such as technology, automotive, chemicals, materials, healthcare, and energy, with an objective comprehension that acknowledges the business environments. Our geographical analysis comprises North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.

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