IoT is a network of internet-connected objects, which collect and exchange data using embedded sensors. Today, IoT has managed to penetrate day to day life and thus, companies offering IoT-based solutions have started investing a lot on its security aspect.
The rise in the global cyber-attacks, increased dependency on the connected devices, and the need to keep the connected device secure drive the market growth. However, factors such as lack of trained workforce and less awareness about the importance of the IoT security solutions hinder the market growth. Moreover, the increase in the IoT security expenditure by the enterprises in the developing economies is projected to provide the lucrative growth opportunities to the market.
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. By solution, it is classified into identity access management, intrusion detection system/intrusion prevention system, distributed denial of service protection, security analytics, and others. By services, it is categorized into consulting, maintenance, and training. By end users, it is segmented into healthcare, information technology (IT), telecom banking, financial services, and insurance (BFSI), automotive, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.