Internet of Things (IoT) Security Product Market Set to Surge Significantly by US$ 50,000 Mn During 2017-2027 – Future Market Insights

Network Security will Remain Preferred Solution for IoT Security Products

VALLEY COTTAGE, N.Y., July 10, 2018 (GLOBE NEWSWIRE) -- Increasing adoption of digital technologies including web-based services, online education, and online banking has accelerated adoption of smartphone among individuals, which in turn has necessitated security of such technologies against cyber-attacks. Various governments across the globe have imposed stringent laws, in order to ensure secure environment and maintain privacy for connected devices. In addition, several enterprises are focusing on implementation of Internet of Things (IoT)-based solutions, encouraging employees in bringing their own devices for flexibility.

In its recent research, Future Market Insights (FMI) projects the global IoT security product market to register a staggering expansion at 14.9% CAGR through 2027. In 2017, the market will account for revenues worth US$ 12,007.9 Mn, and it is further estimated to reach nearly US$ 50,000 Mn by 2027-end. This growth is primarily attributed to continuous launches of IoT security offerings by enterprises, soaring number of service providers, and emergence of niche players in the market.

North America will Remain Dominant in the Global IoT Security Product Market

North America will remain dominant in the global IoT security product market, with sales estimated to reach nearly US$ 16,000 Mn in revenues by 2027-end. Government organisations of various North American countries have entered into partnership with major technology companies in order to implement IoT across urban cities. These organisations are also providing funds to technology vendors for development of IoT applications. In addition, increasing smart city projects in North America have led to a significant adoption of sensor applications. The aforementioned factors are anticipated to drive growth of IoT security product market in this region.

Request a Sample Report with Table of Contents and Figures: https://www.futuremarketinsights.com/reports/sample/rep-gb-1264

A number of government authorities have issued guidelines to be followed by IoT device manufacturers for protection against cyber-attacks on IoT devices and networks. However, several device manufacturers and users are not adhering to these guidelines, ignoring precautionary measures. This further has resulted into security lapses, incurring challenges for IoT security solutions providers, which is expected to restrain growth of the market in North America.

APEJ will Register Fastest Expansion in the Global IoT Security Products Market

Asia Pacific Excluding Japan (APEJ) will continue to be the fastest growing market for IoT security products, registering a high double-digit CAGR through 2027. Growing number of connected devices is leading towards expansion of IoT ecosystem in APEJ. This is further prompting the region’s leading companies for developing services and platforms, helping them in efficient management and analysis of real-time data streams gathered from multiple data sources. These companies are now focusing on IoT data analytics, and setting up strategies for procuring and deploying adequate tools in order to enable successful IoT adoption, and real-time analysis of operations. These factors are anticipated to drive demand for IoT security products in APEJ.

With rapidly changing technologies, enterprises are faced with difficulties in deploying technology-specific networks, which in turn is expected to impede market growth in this APEJ. In addition, rapid adoption of IoT among enterprises has led to a surge in cyber-attacks, owing to increasing internet exposure to a number of devices. This has further resulted into an increased chances of cyber-threats, which in turn is estimated to inhibit growth of the IoT security product market in APEJ.

Preview Analysis Global Internet of Things (IoT) Security Product Market Segmentation By Component- Hardware, Software; Deployment Type- End-point or Device Security, Network Security, Identity and Access Management, Vulnerability Management, Messaging Security, Web Security, Others; Application- Machine-to-Machine (M2M) Communication, Smart Grid, Home and Building Automation, Wearable Computing Devices, Vehicle-to-Vehicle (V2V) Communication : https://www.futuremarketinsights.com/reports/internet-of-things-security-products-market

Manufacturing to Remain the Largest Vertical for IoT Security Products

Manufacturing is estimated to remain the largest vertical for IoT security products in the global market. Revenues amassed from sales of IoT security products in manufacturing are expected to reach US$ 15,088.9 Mn by 2027-end. In addition, healthcare will be the fastest growing vertical in the global IoT security products market, followed by energy & utility, and transportation & logistics.

Although smart grid will remain sough-after among applications, home & building automation is expected to witness fastest expansion in the market through 2027. Revenues amassed from smart grid, and home & building automation applications of IoT security products will collectively account for revenues worth US$ 26,753.5 Mn by 2027-end.

Network security will remain preferred solution for IoT security products, with sales anticipated to account for nearly US$ 15,000 Mn by 2027-end. End-point/ device security will continue to be the second largest solution for IoT security products. In addition, vulnerability management solution for IoT security products will register fastest expansion through 2027.

By component, software will continue to retain its dominance in the global IoT security product market, with sales expanding at 15.2% CAGR through 2027. In addition, sales of hardware in the market is expected to surpass revenues worth US$ 20,000 Mn by 2027-end.

Key market players identified in FMI’s report include IBM Corporation, Cisco System Inc., Intel Corporation, Check Point Software Technologies Ltd., Trend Micro Inc., Infineon Technologies, Symantec Technologies, Sophos Group PLC, Palo Alto Networks, ARM Holding PLC.

Our advisory services are aimed at helping you with specific, customised insights that are relevant to your specific challenges. Let us know about your challenges and our trusted advisors will connect with you methodology: https://www.futuremarketinsights.com/askus/rep-gb-1264

More from FMI’s Electronics, Semiconductors, and ICT Market Intelligence: 

• Traffic Management Systems Market Segmentation By Component- Hardware, Software, Services; Application- Urban Traffic Management Systems, Adaptive Traffic Control Systems, Journey Time Management Systems, Incident Detection & Location Systems, Others; End User- Railways, Roads, Air, Maritime : https://www.futuremarketinsights.com/reports/traffic-management-systems-market
  
  
• Gigabit Wi-Fi Access Point Market Segmentation By Maximum Data Delivery Rate- Less than 868 Mbps, 868 to 1300 Mbps, More than 1300 Mbps; End User- Residential, Commercial/Industrial: Retail, Education, Manufacturing, Hospitality, Healthcare, Others; Component- Wireless Access Points: Indoor, Outdoor, Special-purpose, Wireless LAN Controllers : https://www.futuremarketinsights.com/reports/gigabit-wi-fi-access-point-market
  
  
• RFID Readers Market Segmentation By Types- Fixed RFID Readers: Integrated RFID Readers, Non-Integrated RFID Readers; Handheld RFID Readers; Frequency- Low Frequency (125 kHz, 134.2 kHz), High Frequency (13.56 MHz), Ultra High Frequency (865- 928 MHz); Communication- Wi-Fi, Ethernet, Others (Bluetooth); Industry- Logistics and Transportation, Aerospace and Defense, Automotive, Retail, Agriculture, Healthcare, Government : https://www.futuremarketinsights.com/reports/rfid-readers-market

About Us

Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.

Browse More Electronics, Semiconductors, and ICT Market Insights

Contact Us

Mr. Sudip Saha
Future Market Insights
616 Corporate Way, Suite 2-9018,
Valley Cottage, NY 10989,
United States
T: +1-347-918-3531
F: +1-845-579-5705
T (UK): + 44 (0) 20 7692 8790
Sales: sales@futuremarketinsights.com
Press Office: Press@futuremrketinsights.com
FMI Blog: http://www.fmiblog.com/
Website: www.futuremarketinsights.com