IoT Security Market Extrapolated to Reach $40.3 Billion by 2026
IoT Security Market size to grow from $14.9 billion in 2021 to $40.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 22.1%.
Northbrook, IL 60062 -- (SBWire) -- 03/22/2022 --According to a new market research report "IoT Security Market by Type (Network Security, Endpoint Security, Application Security, and Cloud Security), Component (Solutions & Services), Application Area, Deployment Mode (On-premises & Cloud), Organization Size, and Region - Global Forecast to 2026" published by MarketsandMarkets™, the IoT Security Market size to grow from USD 14.9 billion in 2021 to USD 40.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 22.1% during the forecast period. Rapid increase in the number of Industry 4.0 IoT security incidents stressing the need to strengthen cyber resilience worldwide is expected to drive the overall growth of the IoT Secruity market across the globe.
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Cloud Deployment is expected to have a higher growth rate during the forecast period
By Deployment Mode, cloud is expected to have a higher growth rate. Organizations can avoid costs related to hardware, software, storage, and technical staff by using cloud-based IoT security solutions. Cloud-based platforms offer a unified way in the form of SaaS-based security services to secure business applications. These platforms are beneficial for organizations that have strict budgets for security investments. SMEs deploy their solutions in the cloud as it enables them to focus on their core competencies rather than investing their capital in security infrastructures. The cloud deployment mode is growing as cloud IoT security solutions are easy to maintain and upgrade.
By Application Areas, the Smart Manufacturing segment is expected to hold a larger market size during the forecast period
By Application Area, Smart Manufacturing is expected to hold a larger market size. Manufacturing companies have been integrally focusing on enhancing the efficiency of their business processes and production output with optimum resource utilization. Smart manufacturing delivers four major advantages to enterprises: faster time to market, the lower total cost of ownership, improved asset utilization, and enterprise risk management. Security is one of the most important factors when it comes to the deployment of IoT into manufacturing processes. In most manufacturing operations, IoT sensors measure variables, such as speed, pressure, consumption and temperature, and actuators. These variables control physical systems that include brakes, valves, lights, power circuits, and automated drug dispensers. All these systems affect the physical world, control critical infrastructures, and gather sensitive information about different operations and smart equipment. Hence, there is a need for IoT security and privacy protection in enterprises.
Asia Pacific (APAC) region to record the highest growing region in the IoT Security market
APAC comprises major economies, such as Singapore, Japan, China, India, and Australia, which offer significant growth opportunities for IoT security vendors. The region is expected to grow at the highest CAGR during the forecast period. The increasing government initiatives; growing requirements for quick computing, virtualized environments, analytics, security, digitalization, and high-volume networking; and rising overall internet speed and responsiveness are the major factors driving the IoT security market growth in this region.
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Key and innovative vendors in the Road Safety market are , Microsoft (US), AWS (US), Google (US), IBM (US), Intel (US), Cisco (US), Ericsson (Sweden), Thales (France), Allot (Israel), Infineon (Germany), Atos (France), Magiccube (US), Dragos (US), Claroty (US), Karamba Security (Israel), VDOO (Israel), ForgeRock (US), ORDR (US), NewSky (US), Armis (US), Mobileum (US), Trend Micro (Japan), Sophos (UK), CheckPoint (US), Fortinet (US), Happiest Minds (India), Mocana (US), Palo Alto (US), Kaspersky (Russia), Entrust (US).
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