The global Internet of Things (IoT) Security Product market is expected to develop at a 14.9% CAGR from 2017 to 2027, from USD 12 billion in 2017.
Increased acceptance of digital technologies such as web-based services, online education, and online banking has boosted smartphone usage among individuals, necessitating the security of such technology against cyber-attacks. Various governments throughout the world have enacted tough legislation to safeguard a secure environment and the privacy of connected devices.
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North America will Remain Dominant in the Global IoT Security Product Market
North America will continue to dominate the global IoT security product market, with sales expected to reach roughly US$ 16,000 Mn by 2027’s end. Government organizations from many North American countries have partnered with big technology corporations to adopt IoT in metropolitan areas.
These organizations also provide grants to technology suppliers to help them build IoT applications. Furthermore, the growing number of smart city initiatives in North America has resulted in the widespread use of sensor applications. The factors mentioned above are expected to boost the growth of the IoT security product market in this region.
APEJ will Register the Fastest Expansion in the Global IoT Security Products Market
The Asia Pacific Excluding Japan (APEJ) will continue to be the fastest-growing market for IoT security products, registering a high double-digit CAGR through 2027. A growing number of connected devices is leading to expansion of the IoT ecosystem in APEJ. This is further prompting the region’s leading companies for developing services and platforms, helping them in efficient management and analysis of real-time data streams gathered from multiple data sources.
With rapidly changing technologies, enterprises are faced with difficulties in deploying technology-specific networks, which in turn is expected to impede market growth in this APEJ. In addition, rapid adoption of IoT among enterprises has led to a surge in cyber-attacks, owing to increasing internet exposure to a number of devices.
Manufacturing to Remain the Largest Vertical for IoT Security Products
Manufacturing is estimated to remain the largest vertical for IoT security products in the global market. Revenues amassed from sales of IoT security products in manufacturing are expected to reach US$ 15,088.9 Mn by 2027-end. In addition, healthcare will be the fastest growing vertical in the global IoT security products market, followed by energy & utility, and transportation & logistics.
Although smart grid will remain sough-after among applications, home & building automation is expected to witness fastest expansion in the market through 2027. Revenues amassed from smart grid, and home & building automation applications of IoT security products will collectively account for revenues worth US$ 26,753.5 Mn by 2027-end.
Network security will remain preferred solution for IoT security products, with sales anticipated to account for nearly US$ 15,000 Mn by 2027-end. End-point/ device security will continue to be the second largest solution for IoT security products. In addition, vulnerability management solution for IoT security products will register fastest expansion through 2027.
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Internet of Things (IoT) Security Product Market: Segmentation
By Component
- Hardware
- Software
By Deployment Type
- End-point or Device Security
- Network Security
- Identity and Access Management
- Vulnerability Management
- Messaging Security
- Web Security
- Others
By Application
- Machine-to-Machine (M2M) Communication
- Smart Grid
- Home and Building Automation
- Wearable Computing Devices
- Vehicle-to-Vehicle (V2V) Communication
By Verticals
- Consumer Goods and Retail
- Manufacturing
- Transportation and Logistics
- Healthcare
- Energy and Utility
- Others
By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- MEA
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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