According to the report published by Allied Market Research, the global IoT security market generated $8.47 billion in 2018 and is estimated to reach $73.92 billion by 2026, registering a CAGR of 31.2% from 2019 to 2026. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Rise in awareness regarding benefits provided by IoT security solutions, increase in number of ransomware attacks on various IoT devices, and surge in the number of IoT security regulations among the developing economies drive the growth of the global IoT security market. However, complexity in security of devices may hinder the market growth. On the other hand, transformation in the traditional anti-virus software industry creates new opportunities in the coming years.
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The report offers a detailed segmentation of the global IoT security market based on component, deployment mode, organization size, product type, security type, industry vertical, and region.
Based on component, the solution segment contributed to the largest share in 2018, accounting for nearly three-fourths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the services segment is expected to register the highest CAGR of 33.9% from 2019 to 2026.
Based on industry vertical, the manufacturing segment accounted for the largest share in 2018, holding nearly one-fourth of the total share, and is expected to maintain the largest share throughout the forecast period. However, the healthcare segment is estimated to portray the highest CAGR of 36.2% during the forecast period.
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Based on region, North America contributed the highest share, accounting for more than one-third of the total market share in 2018, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 33.8% from 2019 to 2026.
Leading market players analyzed in the research include Intel Corporation, IBM Corporation, Cisco Systems Inc., Infineon Technologies AG, Gemalto NV, Broadcom, SecuriThings, Fortinet Inc., Trend Micro Incorporated, and Palo Alto Networks Inc.
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