Industry Insights | Market Trends | Highest number of Tables | 24/7 Analyst Support
According to a new report Global IoT Security Market, published by KBV Research, the global IoT Security market is expected to attain a market size of $29.2 billion by 2022, growing at a CAGR of 27.9% during the forecast period.
The anticipated growth is due to growing security concerns within critical infrastructure along with diversified applications of IoT. Additionally, the growth of social media and rising need to secure personal data are also fuelling the growth of market. The Identity and Access Management (IAM) solutions are majorly incorporated into business verticals such as BFSI, telecommunication and IT, energy, oil and gas, public sector, education, healthcare, and retail.
In 2015, Network security dominated the Global Internet of Things ( IOT ) Security Market by Type. The segment has generated revenue of USD 1,705.0 million in 2015 growing at a CAGR of 23.4% during the forecast period. However, Cloud Security would witness highest CAGR of 34.9% during the forecast period (2016-2022).
Identity Access Management segment dominated the Global Internet of Things ( IOT ) Security Market by solution type. The segment has generated revenue of USD 985.7 million in 2015. However, Distributed Denial of Service Protection segment is expected to witness highest CAGR of 34.2% during the forecast period (2016-2022).
Based on the verticals, BFSI segment dominated the Global IOT Security market by industry, with market share of around 19%, in 2015. Others segment would witness highest CAGR of 43.6% during the forecast period (2016-2022).
The North America region contributed the largest revenue share to the market worldwide due to early adoption of technology, followed by Europe region. LAMEA would grow at a fastest CAGR of 34.2% during 2016-2022. In North America, U.S continues its dominance in this market with a market size of $2.2 billion, in 2015.
The report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key influencing factors of the global IoT Security market have been discussed in the report along with the elaborated company profiles namely IBM Corporation, Symantec Corporation, HP Enterprise Company, FireEye, Inc., Intel Corporation, Cisco Systems, Inc., Check Point Software Technologies and Infineon Technologies AG.