IT

IoT Security Market Reaching at US$ 29.02 Billion Revenue by 2024 Overview of Network, Cloud Security, Threat Detection, Device Authentications Application

Internet of Things
Internet of Things
Press Release

Report provides an in-depth analysis of Internet of Things security market and its segments, including solution, type, end-user application and country. It discusses the different segments of IoT security solutions to derive specific market estimations. The rise in the global cyber-attacks, increased dependency on connected devices, & need to keep the connected device secure drive the market growth. Many upcoming IoT projects intend to implement in-house security systems to implement various security solutions.

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The report segments the IOT security market based on type, solution, services, end users, and region. By type, it is divided into network security, endpoint security, application security, cloud security, and others. North American IoT security markets are experiencing good market growth rate, which is creating intense competition.

In recent years, the IoT security markets in the U.S. has benefitted solution developers, which should drive the development and penetration of new technologies and solutions. Solution and service providers should be attuned to new developments and identify which new solutions would fit their IoT portfolio. During the forecast period, a considerable amount of this activity is expected in the U.S. market.

Key Target Audience for IoT Security Market

  • IoT security solution vendors
  • Third-party system integrators
  • IoT security professionals and consultants
  • IoT Security agencies
  • Machine-to-Machine (M2M), IoT, and telecommunication companies
  • Consultancy firms/advisory firms
  • Third Party system integrators
  • Regulatory agencies
  • Investors and venture capitalists

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IoT technologies has left organization network and devices vulnerable to security breaches, thereby driving awareness regarding cyber-attacks among consumers as well as businesses. Consequently, many cloud and managed service providers are facing intense competition from in-house IT teams for IoT security solution deployment.

Premium Insights

1 Attractive Opportunities in the Market

2 Global IoT Security Market, Top 2 Types and Regions

3 Market By Region

4 Market Global Revenue Share

IoT environment. Whether accidental or malicious, malfunctioning of connected devices such as components of smart grids or connected car can pose a significant risk to businesses and consumers as well as society. IoT has created issues such privacy violation and monetary loss (for instance, denial-of-service attacks or ransomware) within devices, networks, cloud, infrastructure, applications, and services.

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IoT security market is segmented by type, solution, service, application area, and region. The service segment is expected to grow at a higher CAGR than the solution segment during the forecast period because services help organizations to easily deploy the software on the cloud. The services segment is further categorized into professional services and managed services. Furthermore, the professional services segment is classified into consulting service, support and maintenance, and integration services.

IoT solution providers who can benefit such companies with purpose built, modular solutions are using SaaS model. This is expected to be best prepared to meet the demand for IoT security as the IoT market matures and the need for security increases.