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Growing IoT deployment, the increasing number of ransomware attacks on IoT devices, the rising demand to protect connected network infrastructure, the increasing number of IoT security regulations, and the growing importance of security & privacy concerns are the key factors driving the growth of the IoT security market. However, the increase in new variants of IoT threats and degrading global economic conditions due to the COVID-19 pandemic restrain the growth of the IoT security market.
The proliferation of IoT devices, the advent of IPv6, and the wide deployment of Wi-Fi networks have increased cyberattacks on IoT. For instance, according to Kaspersky, between January and May 2021, the organization has detected more than 1.5 billion IoT attacks, up from 639 million during the previous half-year, which is more than twice the volume. Also, in 2019, cyber-attacks on IoT devices surged 300%. Such alarming vulnerabilities found on IoT devices are compelling organizations worldwide to deploy IoT security solutions to safeguard connected devices. Thus, the growing IoT deployments and the increasing number of cyber-attacks compel IoT vendors to develop IoT security solutions for connected devices.
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? Smart Manufacturing
? Smart Retail
? Smart Energy Management
? Smart Supply Chain
? Connected Healthcare
? Connected Logistics
? Connected Cars
? Other Applications (Smart Education, Smart Agriculture)
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Based on component, the solutions segment accounted for the largest share of the IoT security market in 2021. The growing number of IoT deployments, the increasing focus on solution-centric security capabilities, and the rising vulnerabilities on IoT devices are factors driving the growth of this segment. In addition, the benefits offered by IoT security, such as high performance, reliability, comprehensive vulnerability coverage, efficiency, and security of real-time applications, further augment the growth of this segment. Several providers are investing in R&D to improve the solution and make them more affordable for small and medium-scale enterprises. However, the service segment is expected to grow at a faster rate during the forecast period.
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In 2021, North America accounted for the largest share of the IoT security market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. However, Asia-Pacific is expected to witness rapid growth during the forecast period. The high market growth in Asia-Pacific is mainly driven by the increasing adoption of technologies, such as AI and ML.
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1.?? ?Introduction?? ??? ??? ?? ? ?
2.?? ?Market Dynamics?? ??? ??? ?? ? ? ? ? ? ? ?
2.1.?? ?Global IoT Security Market Drivers: Impact Analysis (2022–2029)?? ??? ?? ? ? ? ? ? ? ? ? ? ? 2.1.1.?? ?Rising Number of IoT Security Regulations?? ??? ??? ?? ? ? ? ? ? ? ? ? ? ? ? ? ? ? 2.1.2.?? ?Growing Significance of IoT Security Solutions in the Manufacturing Sector
2.1.3.?? ?Increasing IoT Deployment?? ??? ??? ?? ? ? ? ? ? ?
2.2.?? ?Global IoT Security Market Restraints: Impact Analysis (2022–2029)?? ??? ?? ? ? ? ? ? ?2.2.1.?? ?Failure to Manage Device Updates?? ??? ??? ?? ? ? ? ? ? ?
2.3.?? ?Global IoT Security Market Opportunities: Impact Analysis (2022–2029)?? ??? ?? ? ? 2.3.1.?? ?Development of Smart Infrastructure?? ??? ??? ?? ? ? ? ? ? ? ? ? ? ? ? ? ?
2.3.2.?? ?Growing Need for IoT Security Solutions Among SMEs?? ??? ??? ?? ? ? ? 2.4.?? ?Global IoT Security Market Challenges: Impact Analysis (2022–2029)?? ??? ?? ? ? ? ? 2.4.1.?? ?Threat of Shadow IoT Devices for Enterprise Networks?? ??? ??? ?? ? ? ? ? ? ? ? ? ?2.4.2.?? ?Misconceptions & A Lack of Knowledge Regarding IoT Security Solutions?? ?? ? ? ? ? ? ? ?
2.5.?? ?Global IoT Security Market Trends?? ??? ??? ?? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
2.5.1.?? ?Technology Trends?? ??? ??? ?? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?
? ? ? ? 2.5.1.1.?? ?Consistently Rising Adoption of Cloud Security Solutions Among Businesses?? ??? ??? ?? ? ? ? ? ? ? ? ? ? ? ? ?
? ? 2.5.2.?? ?Market Trends?? ??? ??? ?? ? ? ? ? ? ? ? ? ? ? ? ?
? ? ? ? ? ? ? ? ? 2.5.2.1.?? ?Growing Availability of IoT Security-As-A-Service??
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