“Final Report will add the analysis of the impact of COVID-19 on industry.”
A comprehensive market research report has recently analyzed the worldwide “IoT Security Market” industry, employing segmentation based on Geographical Regions, Country, Company, Types, and Applications. Within the Beauty and Personal Care Packaging sector, numerous prominent Key Players[Microsoft Corporation, Amazon Web Services, Entrust Corp., Google, Kaspersky Lab, IBM Corporation, Palo Alto, Intel Corporation, Mocana, Cisco Systems, Inc., Happiest Minds, Telefonaktiebolaget LM Ericsson, Fortinet, Thales Group, Check Point Software Technologies, Allot Ltd., Infineon Technologies AG, MagicCube, Inc., Forgerock], have emerged as leaders by implementing diverse strategies aimed at extending their market presence and strengthening their industry position. This report furnishes valuable insights to stakeholders and participants operating in the global market, equipping them with a competitive edge and offering a robust resource to fulfill their business needs effectively.
Governmental organizations are boosting their maintenance budgets for system infrastructure while simultaneously funding initiatives for project development, modernization, and enhancement. As a result of the investments’ success, ICT vendors now annually set aside funding for the growth of the online market.Global ICT exports are anticipated to increase 3.9% on average year fromUS$ 784.3 billion in 2021 to US$ 955.19 billion in 2030. Global supply has increased by 9.5% yearly since 2009. In terms of global ICT exports in 2021, Ireland came in first place with US$ 169. 32 billion. The rankings placed China at number 4, the United States at number 2, and India at number 3. Since 2009, Brunei has increased by228.2%year over year, while Sierra Leone has decreased by 61.7% year over year.
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By 2026, European ICT Revenue is likely to increase by 1.5% annually, from US$ 1,802,413 Million in 2021 to US$ 1,933,429 Million.The European market has increased by 3.1% annually since 2016. In terms of ICT Revenue in Europe in 2021,Germany came in first place with US$ 339,074 million.Positions 2, 3, and 4 in this ranking were held by the United Kingdom, France, and Ireland, respectively. Since 2016, Malta has increased by16.5% year over year, while Italy ha s decreased by 0.2%.
IoT Security Market to Grow at a CAGR of 12.40% in the Forecast Period
The IoT security market is growing at a high CAGR because of the rising adoption of IoT systems among various verticals including manufacturing, logistics, healthcare, government, transportation, etc., along with increasing threats of cyber security and breaches..
A recent study conducted by the strategic consulting and market research firm,Report Ocean, revealed that the global IoT security market was worth USD 15 billion in the year 2021. It is estimated to grow at a CAGR of 12.40%, earning revenue of around USD 61.6 billion by the end of 2028. The IoT security market is flourishing at a high rate owing to the rising adoption of IoT systems among various verticals including manufacturing, logistics, healthcare, government, transportation, etc., along with increasing threats of cyber security and breaches. Furthermore, expanding government investment towards the establishment of smart cities and the increasing need for advanced solutions for boosting protection from potential cyber attacks is anticipated to fuel the market growth in the forecast period.
Rising Demand for Cloud Deployment is Driving IoT Security Market
Based on deployment, the IoT security market is segmented into on-premises and cloud. The cloud-based segment accounted for the largest share in the market in 2021. This type of deployment witnessed the highest growth post the COVID-19 pandemic owing to the higher security and low-cost solutions and services it offers along with real-time detection and security analytics. However, the on-premises segment also covers a substantial market share as some large enterprises opt for this deployment type.
Increasing Adoption of IoT Security among Small and Medium-Sized Enterprises is Propelling the Overall Market Growth
Based on organization size, the IoT security market is segmented into small and medium-sized enterprises and large enterprises. The large organization segment holds the largest market share owing to the high financial capability for the integration of advanced technologies into business operations. However, the small and medium-sized enterprises segment is projected to witness the highest CAGR during the forecast period. The IoT systems are gaining significant traction among SMEs as it allows them to reduce costs, which is estimated to fuel the demand for IoT security.
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IoT Security Market – By Application
Based on application, the IoT security market is segmented into smart manufacturing, smart energy and utilities, connected logistics and transportation, smart home and consumer electronics, connected healthcare, smart government and defense, smart retail, and others. The smart manufacturing segment accounts for the largest market share owing to the rising adoption of connected devices and sensors, etc., to increase efficiency, reduce errors, along with leveraging on the benefits of predictive maintenance. Therefore, various leading manufacturers are investing in IoT technology, which is anticipated to boost the growth of the IoT security market in the forecast period.
IoT Security Market – Regional Insights
Geographically, the IoT security market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa. North America dominates the IoT security market. However, the Asia-Pacific region is projected to witness the highest growth rate during the forecast period. Countries such as China, India, Japan, etc., are emerging as manufacturing hubs with China already dominating the market. The leading manufacturers in this region are investing in the adoption of IoT systems to boost their business efficiency, which is anticipated to drive the IoT security market in the forecast period.
Impact of COVID-19 on IoT Security Market
The IoT security market was negatively impacted by the unprecedented COVID-19 pandemic outbreak. The lockdown imposed by the countries to mitigate the virus spread resulted in restrictions on the manufacturing and supply chains of various end-user industries including manufacturing, logistics, transportation, energy, etc. Furthermore, the supply of IoT sensors and components was also halted due to a shortage of semiconductor chips which obstructed the adoption of IoT systems in the business. All these factors contributed to the hindrance in the overall growth of the IoT security market.
Competitive Landscape
The leading market players of the IoT security market are Microsoft Corporation, Amazon Web Services, Entrust Corp., Google, Kaspersky Lab, IBM Corporation, Palo Alto, Intel Corporation, Mocana, Cisco Systems, Inc., Happiest Minds, Telefonaktiebolaget LM Ericsson, Fortinet, Thales Group, Check Point Software Technologies, Allot Ltd., Infineon Technologies AG, MagicCube, Inc., Forgerock, and other prominent players.
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Market Segment:
By Component(Solutions, Services)
By Type(Network Security, Endpoint Security, Application Security, Cloud Security, Others)
By Deployment Mode(On-Premises, Cloud)
By Organization Size(Small And Medium-Sized Enterprises, Large Enterprises),
By Application(Smart Manufacturing, Smart Energy And Utilities, Connected Logistics And Transportation, Smart Home And Consumer Electronics, Connected Healthcare, Smart Government And Defense, Smart Retail, Others)
By Region(North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)
The market is highly fragmented due to the presence of several global and regional industry players. However, multinational conglomerates such as Google, IBM, Cisco, still dominate a major portion of the market. The companies significantly focus on boosting their security and often launch innovative solutions and services to expand their market presence. The adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
Dont miss the business opportunity of the IoT security market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the IoT security market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the IoT security market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
Key questions answered in the global High Performance Composites market report are:
- How does a global company acquire markets?
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