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Internet of Things Security Market by End-user and Geography - Forecast and Analysis 2021-2025

  • Published: Mar 2021
  • Pages: 120
  • SKU: IRTNTR43566
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The internet of things (IoT) security market share is expected to increase by USD 83.25 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 30%. This internet of things (IoT) security market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The internet of things (IoT) security market report also offers information on several market vendors, including Allot Ltd., Broadcom Inc., CENTRI Technology Inc., Cisco Systems Inc., Fortinet Inc., Infineon Technologies AG, Intel Corp., International Business Machines Corp., Mocana Corp., and Thales Group among others. Furthermore, this report extensively covers internet of things (IoT) security market segmentation by end-user (industrial sector, commercial sector, and consumer sector) and geography (North America, Europe, APAC, MEA, and South America).

What will the Internet of Things (IoT) Security Market Size be During the Forecast Period?

Internet of Things Security Market Size

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Internet of Things (IoT) Security Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a neutral impact on the market growth during and post COVID-19 era. The increasing incidence of cyberattacks is notably driving the internet of things (IoT) security market growth, although factors such as emerging IoT ransomware and DDoS attacks may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the internet of things (IoT) security industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Internet of Things (IoT) Security Market Driver

One of the key factors driving the internet of things (IoT) security market growth is the increasing incidence of cyberattacks. In the rapidly changing IT infrastructure, attackers are finding new ways of stealing valuable information and disrupting businesses and individuals by infiltrating IoT devices and acquiring sensitive information. The increase in dependence on IoT devices and platforms for critical purposes such as transactions, purchases, and other related activities is driving the number of data theft cases. IoT security is becoming a vital component of the IT infrastructure of enterprises due to the rising number of cyberattacks and cybersecurity threats. Globally, cybersecurity is a growing concern, which is intensifying due to digital innovations, especially large-scale initiatives such as smart cities, smart grids, and big data. The rising volume of digital information that consists of sensitive data, such as health records, enterprise-related data, retail transactions, and financial transactions, also causes potential cyberthreats. An increase in interoperability among sectors, such as healthcare and BFSI, for digitalized service developments is driving the volume of cross-vertical data exchange. Concerns over the security of data have increased the adoption of IoT security by enterprises, thus propelling the growth of the IoT security market during the forecast period.

Key Internet of Things (IoT) Security Market Trend

Another key factor driving the internet of things (IoT) security market growth is the emergence of IoT in video surveillance. The increased demand for improved efficiency in areas such as energy plant management, waste management, and traffic control is driving the adoption of IoT. Although data transmission between devices has become efficient with the help of wireless networks, the chances of network hacking are high in IoT, which is expected to fuel the demand for network security solutions. These solutions consist of hardware and software products and managed security services, which are used to monitor, detect, and prevent unauthorized access. A secure platform helps end-users perform critical tasks without the fear of data loss. IoT is expected to have some impact on how enterprise commercial video surveillance projects are implemented. Security cameras will also act as sensors for buildings to assess room capacity as well as to curb the movement of the people and to detect their identity. Retail video surveillance and small commercial systems will become more interactive, which leverages IoT through automated access control and better communication with all devices.

Key Internet of Things (IoT) Security Market Challenge

Emerging IoT ransomware and DDoS attacks is one of the key challenges hindering the internet of things (IoT) security market growth. The increasing penetration of the IoT in the consumer electronics sector has drastically driven the threat of cyberattacks over the years. The rising number of connected devices in individual homes and enterprises has increased the need for effective security software for mobile devices. For instance, cyberattacks of IoT-enabled devices increased by 250%-300% in 2019 compared with 2018. This attack is carried out using (distributed denial-of-service) DDoS attacks. Hackers are mainly focusing on attacking networks that have poor security. Hackers are currently shifting toward the use of DDoS techniques, which are the improved versions of DoS. They initiate a coordinated attack from multiple systems using DDoS techniques, which have a more powerful impact than DoS. The need to protect networks from advanced cyber threats has influenced companies around the world to adopt multiple security solutions such as transaction monitoring solutions to ensure messaging security, web security, e-mail security, data loss prevention, endpoint security, and network security. Constant advancements in the IoT and DDoS attacks are expected to hinder the growth of the global IoT security market during the forecast period.

This internet of things (IoT) security market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global internet of things (IoT) security market as a part of the global systems software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the internet of things (IoT) security market during the forecast period.

Who are the Major Internet Of Things (IoT) Security Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

  • Allot Ltd.
  • Broadcom Inc.
  • CENTRI Technology Inc.
  • Cisco Systems Inc.
  • Fortinet Inc.
  • Infineon Technologies AG
  • Intel Corp.
  • International Business Machines Corp.
  • Mocana Corp.
  • Thales Group

This statistical study of the internet of things (IoT) security market encompasses successful business strategies deployed by the key vendors. The internet of things (IoT) security market is fragmented and the vendors are deploying growth strategies such as pricing and marketing strategies to compete in the market.

Product Insights and News

  • Allot Ltd. - The company offers Allot IoTSecure. It protects IoT customers from infection and protects networks from rogue IoT device activity.
  • Allot Ltd. - In May 2020, the company launched Allot BusinessSecure, a new solution that CSPs can offer their SMB and Enterprise customers to protect them from emerging cybersecurity threats, including malware, phishing, ransomware, and crypto-mining, while increasing revenue.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The internet of things (IoT) security market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Internet of Things (IoT) Security Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the internet of things (IoT) security market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.

Which are the Key Regions for Internet of Things (IoT) Security Market?

Internet of Things Security Market Market segmentation by region

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35% of the market's growth will originate from North America during the forecast period. US is the key market for internet of things (IoT) security in North America. Market growth in this region will be faster than the growth of the market in Europe regions.

The IoT security market in North America is driven by the rapid growth of the industrial, automotive, and healthcare sectors due to the adoption of IoT in these sectors to achieve operational efficiency and competitive gains. The adoption of IoT in the healthcare sector is growing rapidly in the US due to the federal government initiatives undertaken to reduce healthcare expenses and offer remote patient monitoring. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the outbreak of COVID-19 in North America, especially in the US and Canada, led to the imposition of lockdown measures. The lockdowns affected the business activities of telecom and network operators, retailers, the manufacturing sector, the automotive sector, the energy sector, smart building and smart city projects, and IoT- based device manufacturers. As a result, the demand for IoT devices and platforms declined, and manufacturers faced revenue losses and slow growth. Furthermore, the decline in demand for IoT devices and platforms affected the sales of IoT security solutions. However, the market is expected to grow significantly from 2021due to the rising investments in smart city projects as well as industrial infrastructure developments.

What are the Revenue-generating End-user Segments in the Internet of Things (IoT) Security Market?

Internet of Things Security Market Segmentation

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The internet of things (IoT) security market share growth by the industrial sector will be significant during the forecast period. The segment is expected to witness robust growth during the forecast period owing to the adoption of IoT in the manufacturing, automotive, energy, and telecommunication sectors. One of the key factors driving this growth is the need to safeguard critical data in these sectors.

Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the internet of things (IoT) security market size and actionable market insights on post COVID-19 impact on each segment.

 

Internet of Things (IoT) Security Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 30%

Market growth 2021-2025

$ 83.25 billion

Market structure

Fragmented

YoY growth (%)

23.33

Regional analysis

North America, Europe, APAC, MEA, and South America

Performing market contribution

North America at 35%

Key consumer countries

US, China, Germany, South Korea (Republic of Korea), and UK

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Allot Ltd., Broadcom Inc., CENTRI Technology Inc., Cisco Systems Inc., Fortinet Inc., Infineon Technologies AG, Intel Corp., International Business Machines Corp., Mocana Corp., and Thales Group

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

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What are the Key Data Covered in this Internet Of Things (IoT) Security Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive internet of things (IoT) security market growth during the next five years
  • Precise estimation of the internet of things (IoT) security market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the internet of things (IoT) security industry across North America, Europe, APAC, MEA, and South America
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of internet of things (IoT) security market vendors

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1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
  • 2.2 Market characteristics
    • Exhibit 02: Market characteristics
  • 2.3 Value chain analysis
    • Exhibit 03: Value chain analysis: global systems software market

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
  • 3.4 Market outlook: Forecast for 2020 - 2025
    • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ billion)
    • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

4 Five Forces Analysis

  • 4.1 Five forces summary
    • Exhibit 08: Five forces analysis 2020 & 2025
  • 4.2 Bargaining power of buyers
    • Exhibit 09: Bargaining power of buyers
  • 4.3 Bargaining power of suppliers
    • Exhibit 10: Bargaining power of suppliers
  • 4.4 Threat of new entrants
    • Exhibit 11: Threat of new entrants
  • 4.5 Threat of substitutes
    • Exhibit 12: Threat of substitutes
  • 4.6 Threat of rivalry
    • Exhibit 13: Threat of rivalry
  • 4.7 Market condition
    • Exhibit 14: Market condition - Five forces 2020

5 Market Segmentation by End-user

  • 5.1 Market segments
    • Exhibit 15: End user - Market share 2020-2025 (%)
  • 5.2 Comparison by End user
    • Exhibit 16: Comparison by End user
  • 5.3 Industrial sector - Market size and forecast 2020-2025
    • Exhibit 17: Industrial sector - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 18: Industrial sector - Year-over-year growth 2020-2025 (%)
  • 5.4 Commercial sector - Market size and forecast 2020-2025
    • Exhibit 19: Commercial sector - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 20: Commercial sector - Year-over-year growth 2020-2025 (%)
  • 5.5 Consumer sector - Market size and forecast 2020-2025
    • Exhibit 21: Consumer sector - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 22: Consumer sector - Year-over-year growth 2020-2025 (%)
  • 5.6 Market opportunity by End user
    • Exhibit 23: Market opportunity by End user

6 Customer landscape

7 Geographic Landscape

  • 7.1 Geographic segmentation
    • Exhibit 25: Market share by geography 2020-2025 (%)
  • 7.2 Geographic comparison
    • Exhibit 26: Geographic comparison
  • 7.3 North America - Market size and forecast 2020-2025
    • Exhibit 27: North America - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 28: North America - Year-over-year growth 2020-2025 (%)
  • 7.4 Europe - Market size and forecast 2020-2025
    • Exhibit 29: Europe - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 30: Europe - Year-over-year growth 2020-2025 (%)
  • 7.5 APAC - Market size and forecast 2020-2025
    • Exhibit 31: APAC - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 32: APAC - Year-over-year growth 2020-2025 (%)
  • 7.6 MEA - Market size and forecast 2020-2025
    • Exhibit 33: MEA - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 34: MEA - Year-over-year growth 2020-2025 (%)
  • 7.7 South America - Market size and forecast 2020-2025
    • Exhibit 35: South America - Market size and forecast 2020-2025 ($ billion)
    • Exhibit 36: South America - Year-over-year growth 2020-2025 (%)
  • 7.8 Key leading countries
    • Exhibit 37: Key leading countries
  • 7.9 Market opportunity by geography
    • Exhibit 38: Market opportunity by geography ($ billion)

8 Drivers, Challenges, and Trends

  • 8.1 Market drivers
  • 8.2 Market challenges
  • 8.3 Market trends

9 Vendor Landscape

  • 9.1 Overview
    • Exhibit 40: Vendor landscape
  • 9.2 Competitive scenario
  • 9.3 Landscape disruption
    • Exhibit 41: Landscape disruption
    • Exhibit 42: Industry risks

10 Vendor Analysis

  • 10.1 Vendors covered
    • Exhibit 43: Vendors covered
  • 10.2 Market positioning of vendors
    • Exhibit 44: Market positioning of vendors
  • 10.3 Allot Ltd.
    • Exhibit 45: Allot Ltd. - Overview
    • Exhibit 46: Allot Ltd. - Business segments
    • Exhibit 47: Allot Ltd. – Key news
    • Exhibit 48: Allot Ltd. - Key offerings
  • 10.4 Broadcom Inc.
    • Exhibit 49: Broadcom Inc. - Overview
    • Exhibit 50: Broadcom Inc. - Business segments
    • Exhibit 51: Broadcom Inc. – Key news
    • Exhibit 52: Broadcom Inc. - Key offerings
    • Exhibit 53: Broadcom Inc. - Segment focus
  • 10.5 CENTRI Technology Inc.
    • Exhibit 54: CENTRI Technology Inc. - Overview
    • Exhibit 55: CENTRI Technology Inc. - Product and service
    • Exhibit 56: CENTRI Technology Inc. – Key news
    • Exhibit 57: CENTRI Technology Inc. - Key offerings
  • 10.6 Cisco Systems Inc.
    • Exhibit 58: Cisco Systems Inc. - Overview
    • Exhibit 59: Cisco Systems Inc. - Business segments
    • Exhibit 60: Cisco Systems Inc. – Key news
    • Exhibit 61: Cisco Systems Inc. - Key offerings
    • Exhibit 62: Cisco Systems Inc. - Segment focus
  • 10.7 Fortinet Inc.
    • Exhibit 63: Fortinet Inc. - Overview
    • Exhibit 64: Fortinet Inc. - Business segments
    • Exhibit 65: Fortinet Inc. – Key news
    • Exhibit 66: Fortinet Inc. - Key offerings
  • 10.8 Infineon Technologies AG
    • Exhibit 67: Infineon Technologies AG - Overview
    • Exhibit 68: Infineon Technologies AG - Business segments
    • Exhibit 69: Infineon Technologies AG – Key news
    • Exhibit 70: Infineon Technologies AG - Key offerings
    • Exhibit 71: Infineon Technologies AG - Segment focus
  • 10.9 Intel Corp.
    • Exhibit 72: Intel Corp. - Overview
    • Exhibit 73: Intel Corp. - Business segments
    • Exhibit 74: Intel Corp. – Key news
    • Exhibit 75: Intel Corp. - Key offerings
    • Exhibit 76: Intel Corp. - Segment focus
  • 10.10 International Business Machines Corp.
    • Exhibit 77: International Business Machines Corp. - Overview
    • Exhibit 78: International Business Machines Corp. - Business segments
    • Exhibit 79: International Business Machines Corp. – Key news
    • Exhibit 80: International Business Machines Corp. - Key offerings
    • Exhibit 81: International Business Machines Corp. - Segment focus
  • 10.11 Mocana Corp.
    • Exhibit 82: Mocana Corp. - Overview
    • Exhibit 83: Mocana Corp. - Product and service
    • Exhibit 84: Mocana Corp. – Key news
    • Exhibit 85: Mocana Corp. - Key offerings
  • 10.12 Thales Group
    • Exhibit 86: Thales Group - Overview
    • Exhibit 87: Thales Group - Business segments
    • Exhibit 88: Thales Group – Key news
    • Exhibit 89: Thales Group - Key offerings
    • Exhibit 90: Thales Group - Segment focus

11 Appendix

  • 11.1 Scope of the report
  • 11.2 Currency conversion rates for US$
    • Exhibit 91: Currency conversion rates for US$
  • 11.3 Research methodology
    • Exhibit 92: Research Methodology
    • Exhibit 93: Validation techniques employed for market sizing
    • Exhibit 94: Information sources
  • 11.4 List of abbreviations
    • Exhibit 95: List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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Internet of Things (IoT) Security Market market growth will increase by $83.25 bn during 2021-2025.
The internet of things (iot) security market market is expected to grow at a CAGR of 30% during 2021-2025.
Technavio has segmented the internet of things (iot) security market market by end-user (industrial sector, commercial sector, and consumer sector) and geography (North America, Europe, APAC, MEA, and South America).
Allot Ltd., Broadcom Inc., CENTRI Technology Inc., Cisco Systems Inc., Fortinet Inc., Infineon Technologies AG, Intel Corp., International Business Machines Corp., Mocana Corp., Thales Group are a few of the key vendors in the internet of things (iot) security market market.
North America will register the highest growth rate of 35% among the other regions. Therefore, the internet of things (iot) security market market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
  • US
  • China
  • Germany
  • South Korea (Republic of Korea)
  • UK
The key factors driving the internet of things (iot) security market market growth are:
  • increasing incidence of cyberattacks
  • emergence of IoT in video surveillance
The internet of things (iot) security market market vendors should focus on grabbing business opportunities from the industrial sector segment as it accounted for the largest market share in the base year.
  • What are the key global market and the regional market share?
  • What are the revenue-generating key market segments?
  • What are the key factors driving and challenging this market’s growth?
  • Who are the key market vendors and their growth strategies?
  • What are the latest trends influencing the growth of this market?
  • What are the variables influencing the market growth in the primary regions?
  • What are the factors influencing the growth of the parent market?
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  • Five-force market analysis

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