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Global IoT Security Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024

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Global IoT Security Market: Overview

Internet of things (IoT) refers to the interconnected continuum of devices, objects and things using technology. IoT has become a ubiquitous term to describe billions of devices connected over the internet. However, this large amount of data and information is vulnerable to hacking and malware attacks owing to t increasing diversity of IoT devices. Hence, to ensure secure and safe communication between these devices and their effective functioning, it is imperative to maintain the security of network by implementing IoT security solutions. 

In recent years, enterprises globally have been incorporating various technologies such as cloud and social media which has led to the generation of large amounts of data. The larger the volume of data transferred over the IoT, the greater the risk of data theft, identity theft, device manipulation and network manipulation. 
Additionally, the increased adoption of smartphones, tablets and other such media exposes the data to more risk, loss and breach. This mandates the need to adopt IoT security solutions to secure data against threats originating from the internet. Thus, due to the rising malware threat, businesses are looking for security solutions which is driving the global IoT security market. 

Global IoT Security Market: Trends and Drivers

Furthermore, concepts such as Bring Your Own Device (BYOD), Bring Your Own Phone (BYOP) and Bring Your Own PC (BYOPC) are a growing trend. These concepts help to increase flexibility in the working environment of employees in turn swelling their productivity. However, security is of prime concern to any organization when an external device accesses the internal network. This is driving more organizations to implement security solutions in turn supporting the global IoT security market. 

The increasing demand for cyber security has pushed the government to make stringent cyber and IT laws, legal and regulatory compliances for data security. Furthermore, there are various security standards that need to be adhered across various industry verticals. For instance, Health Insurance Portability and Accountability Act (HIPPA) for healthcare and Payment Card Industry Data Security Standard (PCI DSS) for BFSI mandate security standards and have specific guidelines to have secure data access and transfer across mobile devices. Such mandatory standards across different industry verticals are propelling the use of security solutions in turn driving the global IoT security market. 

Global IoT Security Market: Competitive Insight

Leading IoT security solutions providers such as Cisco Systems, Inc. offer physical and cyber security solutions. These solutions work coherently to produce security intelligence in real time. There are some players such as IBM Corporation and Hewlett-Packard Development Company L.P. among others that offer IT security consulting services. This enables organizations to identify possible threats. IT security services are widely used across various industry verticals such as IT, banking, financial services and insurance (BFSI), manufacturing, healthcare and entertainment among others. Thus, in addition to physical and cyber security solutions, security consulting services are expected to rise during the forecast period.

Geographically, the global IoT market is classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Currently, North America has the largest share in the global IoT security market. Some of the leading players in the global IoT security marketplace include Cisco Systems, Inc., IBM Corporation, Hewlett Packard Development Company L.P., Symantec Corporation, Intel Corporation and Infineon Technologies among others.

The report offers a comprehensive evaluation of the market. It does so via in-depth insights, understanding market evolution by tracking historical developments, and analyzing the present scenario and future projections based on optimistic and likely scenarios. Each research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology developments, types, applications, and the competitive landscape. 

The study is a source of reliable data on:

  • Key market segments and sub-segments
  • Evolving market trends and dynamics
  • Changing supply and demand scenarios
  • Quantifying market opportunities through market sizing and market forecasting
  • Tracking current trends/opportunities/challenges
  • Competitive insights
  • Opportunity mapping in terms of technological breakthroughs

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, Luxembourg)
  • Eastern Europe (Poland, Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, North Africa) 

TMR estimates the market size of various sectors using a combination of available data on the number and revenue of companies within each sub-sector and tiers of companies. The basic components used to determine market size and forecast for a specific product area are not only limited to supply-side data, but are also related to demand, industry trends, and the economic outlook. All the above data points are utilized to generate a statistical model targeting the sector marketplace. More than 300 TMR analysts across the world integrate these elements into a framework to determine the subsector market size for a base year and then forecast growth within each market.

TMR regularly interviews technology and business professionals as an ongoing effort to track the latest developments within each sector. These continuous surveys are stratified by company size and industry segment and weighted to reflect the global market place.  All data are collected on an ongoing effort through a structured questionnaire rolled over the web or conducted via telephones. This provides the TMR team opportunities to request for detailed question sets, complex skip patterns, and real-time calculations, which assists respondents in answering questions involving numbers and percentages. Respondents, who are interviewed as experts, are screened and qualified based on certain criteria in addition to their decision-making authority and the scope of activity within their organizations.

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.


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