DUBLIN--(BUSINESS WIRE)--The "IoT Security Global Market Report 2021: COVID-19 Growth and Change to 2030" report has been added to ResearchAndMarkets.com's offering.
The global IoT security market is expected to grow from $1.95 billion in 2020 to $2.22 billion in 2021 at a compound annual growth rate (CAGR) of 13.8%. The market is expected to reach $6.43 billion in 2025 at a CAGR of 30.5%.
Major players in the Internet of Things (IoT) security market are Cisco, IBM, Intel, Infineon and Symantec Corporation.
The Internet of Things (IoT) security market consists of sales of Internet of Things (IoT) security devices/ software and related services. The IOT security is a technological area that provides solutions for safeguarding smart devices, networks, other connected devices and centralized user hubs from unwanted manipulation. This industry includes establishments that provide security solutions to counter IoT security threats such as remote vehicle hijacking, privacy leaks, brute force attacks on passwords and others.
The IoT security market covered in this report is segmented by type into network security, endpoint security, application security, cloud security, others. It is also segmented by application into healthcare & life sciences, infrastructure & cities, industrial system & sensors, smart home & consumer, transport & urban mobility and by component into solution, services.
Lack of awareness regards the importance of IoT security and risk mitigating measures among the people may hinder the IOT security market growth. The IoT security service providers are impacted due to the lack of awareness as there are instances where the IoT devices have been attacked by malicious software and viruses. Installing an IoT device does not simply solve the problem of security concerns.
The increasing usage of block chain technology in order to protect data of IoT devices, enhance transparency and security, reduce costs, and increase efficiency is a new trend in the IoT Security market. Block chain is a distributed decentralized ledger and underlying technology of bitcoin (a cryptocurrency) which is shared database (can be saved, owned, updated at different levels), not managed by central authority, comprising secure transactions, authenticated and verifiable.
The block chain technology is integrated into IoT networks to provide additional privacy and security. It helps in reduction of processing time and cost, records transactions of all connected IOT devices, ensures tracking connected devices, coordinates these devices and aid smooth transaction process, provides efficiency to compliance issues, avoid re-entries, data leakages and frauds, minimize time to settle losses and ensures cryptographic security.
For instance, Atonomi provides IoT security solution to IoT developers and manufacturers with block chain based immutable identity and reputation tracking. In 2019, According to a survey by Gemalto, a digital security firm, the adoption of block chain technology to help secure IoT data, services and devices in the IOT sector doubled from 9% to 19%.
The emergence of smart city concept is the driving force for the rise in demand for IoT Security. As the population is growing, the need for sustainable development is of more important. Smart cities are well equipped with handling high traffic, population control, and better security for people.
The execution for such a task can be done by installing IoT Devices in the smart cities. This involves connecting devices to one another, exchange data in a secured manner, forming a pattern and then providing a final solution. The remotely connected CCTV and automated incident detection (the use of computers to continuously monitor traffic conditions and detect incidents or traffic queues) allow a quicker response to threats.
IoT led crowd management solutions help monitor and manage crowds of people across all sorts of gatherings. Smart street lighting helps to lower crime rates and improve driving conditions. This rising demand for security in the smart cities increases investment in the IoT Security Market.
The European Telecommunications Standards Institute (ETSI), a Technical Committee on Cybersecurity (TY Cyber) released a first globally applicable standard for consumer IOT security, ETSI TS 103 645, so as to keep a security baseline for all internet-connected consumer products and provide a basis for future IoT certification schemes.
This standard state that the IoT devices must make it easy for consumers to delete their personal data when there is a transfer of ownership. The standard also requires the implementers to stop using universal default passwords as it may lead to a large number of security issues. It also allows the security researchers to report any kind of security flaw in the IoT device.
Key Topics Covered:
1. Executive Summary
2. IoT Security Market Characteristics
3. IoT Security Market Trends and Strategies
4. Impact Of COVID-19 On IoT Security
5. IoT Security Market Size and Growth
5.1. Global IoT Security Historic Market, 2015-2020, $ Billion
5.1.1. Drivers Of the Market
5.1.2. Restraints On the Market
5.2. Global IoT Security Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers Of the Market
5.2.2. Restraints On the Market
6. IoT Security Market Segmentation
6.1. Global IoT Security Market, Segmentation by Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Network Security
- Endpoint Security
- Application Security
- Cloud Security
- Others
6.2. Global IoT Security Market, Segmentation by Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Healthcare & Life Sciences
- Infrastructure & Cities
- Industrial System & Sensors
- Smart Home & Consumer
- Transport & Urban Mobility
6.3. Global IoT Security Market, Segmentation by Component, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Solution
- Services
7. IoT Security Market Regional and Country Analysis
7.1. Global IoT Security Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global IoT Security Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Companies Mentioned
- Cisco
- IBM
- Intel
- Infineon
- Symantec Corporation
- Check Point Security Software
- Gemalto
- AT&T Inc.
- Alcatel-Lucent S.A
- Allot
- Fortinet
- Mocana
- Securithings
- Centri
- Armis
- Forgerock
- Newsky
- PTC Inc.
- Verizon Enterprises Solutions
- Trustwave
- Siemens AG
- Wurldtech Security
- Axeda Machine Cloud
- Huawei Technologies Co. Ltd
- NETCOM On-Line Communication Services
- Sophos
- NSIDE Secure
- ARM Holding
For more information about this report visit https://www.researchandmarkets.com/r/rcnkyk