[404 pages Report] The global Internet of Things (IoT) Security Product market is estimated to grow from USD 12 Billion in 2017 to USD 48 Billion by 2027, expanding at a CAGR of 14.9% from 2017 to 2027.
| Attribute | Details |
|---|---|
| The estimated value of the Global Internet of Things (IoT) Security Product Market by 2027 | USD 48 Billion |
| Market Value of Global Internet of Things (IoT) Security Product in 2017 | USD 12 Billion |
| Estimated CAGR from 2017 to 2027 | 14.9% |
The emergence of players and the rise in the launch of IoT security offerings are likely to boost the market. The increasing number of service providers is also enhancing the growth of the industry.
The smart grid segment is anticipated to witness the maximum growth during the review period. The ongoing development of smart grid applications is likely to augment the market.
The East Asia Region has been predicted to acquire the forefront position in the IoT Security market due to the increasing usage of IoT-enables smart connected devices.
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In order to offer cutting-edge technology and cater to the rising demand for IoT among businesses, prominent players in the IoT space are focussing on entering into partnerships and collaborations with other players in the IoT market.
Various connected device manufacturers such as Cisco Systems Inc., telecommunication network solution providers such as AT&T Inc., and technology companies such as IBM Corporation are opting to offer smart solutions for advanced data analytics by utilizing IoT platforms.
Future Market Insights forecasts revenue from the global IoT security product market to increase from USD 12 Billion in 2017 to about USD 48 Billion by 2027 end, representing a CAGR of 14.9% from 2017 to 2027.
This increasing revenue growth is attributed to the continuous launching of IoT security offerings and the emergence of niche players in the market. Moreover, an increasing number of service providers is also supporting the revenue growth of this market.
Government organisations of various countries have partnered with major technology companies for implementing IoT across urban cities. These organisations are also providing funds for the development of IoT applications to technology vendors. Due to increasing smart city projects, the adoption of sensor applications is rising significantly.
A growing number of connected devices is expected to fuel demand for IoT security in North America. For instance, the USA government invested USD 8.8 Billion in 2015 in IoT for infrastructure, software and cyber security solutions.
Growing number of devices connected to each other via IoT has resulted in increasing vulnerability in terms of security of the entire IoT ecosystem. Increasing intensity of cyber-attacks on IoT networks and devices has prompted solution providers to focus more on security aspects, which is driving market demand for IoT security solutions globally.
In December 2016, Dyn Inc., which is a USA based managing domain name system (DNS) Infrastructure Company, witnessed a Distributed Denial of Service (DDoS) attack from a malware known as Mirai botnet, wherein a number of interconnected IoT devices were being used to conduct cyber-attacks, resulting in disruption of Internet services across the USA
Although a number of governing authorities have issued guidelines to be followed by IoT device manufacturers so as to protect against cyber-attacks on IoT networks and devices, many device manufacturers and users are not strictly adhering to these guidelines and taking precautionary measures.
Non-adherence to these guidelines results in security lapses, which cyber attackers can take advantage of and this creates challenges for IoT security solution providers. This factor is expected to hamper growth of the IoT security product market to a large extent.
In terms of value, the smart grid segment is projected to be the most attractive in the global IoT security product market during the forecast period. However, the home and building automation segment is expected to register high Y-o-Y growth rates throughout the forecast period.
In terms of value, the home and building automation segment is expected to register a CAGR of 16.2% during the forecast period. In 2016, the smart grid segment was valued at USD 3,697.8 Million and is expected to witness steady growth in terms of revenue throughout the forecast period.
The global Internet of Things (IoT) Security Product is anticipated to hold a market value of USD 48 Billion by 2027.
IBM Corporation, Cisco Systems Inc., and AT&T Inc. are some of the key players in the market.
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Internet of Things (IoT) Security Product Market
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