IoT security market is expected witness substantial rise over the estimated period owing to the increasing demand for data security solutions. Adoption of IoT technology in various sectors is proving to be a boon for the market growth. Rising investments in IoT is considered as a major factor for the future development of the market. One such example is that of the manufacturing sector. In 2016, the global spending in IoT manufacturing sector was USD 178 Billion. With the adoption of Industry 4.0, the spending on IoT technology is bound to increase. Thus, the demand for IoT security solutions is anticipated to rise over the forecast period.
Increasing usage of online platforms for shopping has led to the demand for solutions that provide customer data security among various retailers. Further, retailers are opting for software that helps them keep track of products, their lifetime, inventory and much more. Lack of awareness about the benefits of IoT security solutions is considered as a major drawback for the market development. However, digitalization in developing economies of Asia Pacific region is expected to open new prospects for the market growth over the forecast timespan.
The IoT security market is segmented on the basis of component, type, end use industry, and region. Based on component, the global IoT security market is segmented into software and services. The software segment is estimated to hold a notable share of the market over the forecast period. This share is due to the increasing adoption of technology in various sectors. On the basis of end use industry, the market is divided into retail, BFSI, IT & telecom, healthcare, government sector, manufacturing, transportation, and others. The retail segment will grow at a considerable rate during the forecast timespan.
North America is projected to hold a notable chunk of the global IoT Security market during the estimated timespan. The U.S. is estimated to make major contributions in the IoT security market owing to the increasing demand in the IT & telecom sector. Further, the presence of market players such as IBM Corporation, PTC Inc., Symantec Corporation, and many more in the U.S., it is expected that the market in this region will propel over the coming years. Europe is expected to witness notable rise in the demand for IoT security solution due to the growing demand in manufacturing sector. Several automotive manufacturers in UK and Germany are focusing on the usage of IoT technology for manufacturing cars.
Major players in the IoT Security market are IBM Corporation, Symantec Corporation, PTC Inc., Trustwave, Verizon Enterprises Solutions, Gemalto NV, Cisco Systems, Inc., Check Point Security Software Technologies Ltd., Infineon Technologies, and AT&T Inc. among others. Key market players are focusing on acquisition to leverage their product offerings and expand their business at a global level.