The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on IoT Security Market . The growth sectors of the IoT Security Market are identified with precision for a better growth perspective.
Market Research Future (MRFR) has disclosed in its latest study that the global IoT security market is projected to thrive saliently striking a CAGR of 31% during the forecast period 2016 to 2022. The market is estimated to reach a valuation of USD 41 Bn by the end of the assessment period.
The large-scale integration of IoT services into enterprise assets and consumer-driven gadgets have led to an increase in cyber-crimes. This, in turn, has fueled demand for IoT security solutions in the world. Additionally, the adoption of cloud-based technology by organizations and governments is expected to favor the growth and expansion of the global IoT security market.
IoT security solutions have been efficiently embraced by different industry verticals such as retail, healthcare, BFSI, etc. and the trend is poised to perpetuate over the next few years. However, complex security infrastructure and lack of awareness about various available security methods are projected to restrict the market proliferation during the assessment period.
Market Segmentation:
By type, the global IoT security market has been segmented into network security, application security, cloud security and others.
By end-users, the IoT security market is segmented into retail, manufacturing, healthcare, transportation, energy & utilities, IT, BFSI and others.
Regional Analysis:
By region, the global IoT security market has been segmented into North America, Europe, Asia Pacific, and Rest of the World. North America is expected to capture a relatively higher share of the market globally. The early adoption of the IoT technology in the region has opened avenues of growth opportunities for the IoT security market players. The presence of key players in the region coupled with increasing cybersecurity threats has paved the way for innovations in IoT security solutions. This, in turn, is poised to fuel demand in the market over the next couple of years.
Europe is one of the significant growth pockets in the global market. The tremendous potential exhibited by the region can be ascribed to the initiatives undertaken by the European Commission and other government bodies for the promotion of IoT security solutions for shoring up cybersecurity in the region.
Asia Pacific is projected to show a steeper rise in the growth of the IoT security market during the forecast period. The increasing cyber-crime in the region has fueled the demand for IoT security services especially by SMEs, which is likely to drive the growth of the market in the region.
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