Future Market Insights forecasts revenue from the global IoT security product market to increase from US$ 12 Bn in 2017 to about US$ 48 Bn by 2027 end, representing a CAGR of 14.9% from 2017 to 2027. This increasing revenue growth is attributed to continuous launching of IoT security offerings and emergence of niche players in the market. Moreover, an increasing number of service providers is also supporting revenue growth of this market.
Government initiatives in smart cities projects
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 U.S. government invested US$ 8.8 Bn in 2015 in IoT for infrastructure, software and cyber security solutions.
Growing intensity of cyber-attacks on IoT devices and networks
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 U.S. 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 U.S.
Non-adherence to guidelines issued by governing authorities deterring the growth of the IoT security product market
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.
Increasing collaborations and partnerships in the North America region fostering revenue growth of the IoT security product market
In order to offer cutting-edge technology and to 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 devices 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 utilising IoT platforms. In March 2017, AT&T Inc. partnered with IBM Corporation to offer enterprise customers data insights of industrial IoT. AT&T utilises various IBM products such as Watson IoT Platform, IBM Watson Data Platform and IBM Machine Learning Service to manage apps and devices and offer insights from multiple data sources. In June 2016, Cisco Systems Inc. collaborated with IBM Corporation to offer instant IoT insights at the edge of the network. Customers at remote and autonomous locations would be benefited with the combined solutions of IBM Watson IoT and business analytics technologies and Cisco’s edge analytics capabilities to better understand critical data on the network edge.
Global IoT Security Product Market Attractiveness, By Application, 2017–2027
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 US$ 3,697.8 Mn and is expected to witness steady growth in terms of revenue throughout the forecast period.
The report ‘Internet of Things (IoT) Security Product Market: Global Industry Analysis 2012-2016 and Opportunity Assessment 2017-2027’ is a comprehensive take on the Internet of Things (IoT) security product market and elaborates the various dimensions of the IoT security product market based on component, deployment type, application and vertical. Internet of Things (IoT) refers to a rapidly expanding network of electronic devices having IP address or physical address for providing Internet connectivity, which enables seamless communication between IoT devices and other Internet enabled systems over the network. IoT brings Internet connectivity beyond traditional devices such as laptops, computers, smart phones and tablets, to a varied range of products used in everyday life. These products use embedded technology and are able to communicate with the external environment with the help of the Internet. At the same time, this connectivity also poses certain challenges such as unauthorised access to people or hackers, who could intrude into the organisation’s infrastructure by hacking the main controlling device. In order to address this issue, implementation of IoT security in the IoT infrastructure of organisations and individuals is increasingly becoming a primary necessity as these products help in securing their infrastructure and data.
The first part of the report covers the market introduction of the IoT security product market. The second part contains the regional analysis of the Internet of Things (IoT) security product market with the regions being selected as per the market taxonomy. The third part of the report consists of the competition landscape, which features important players operating in the global Internet of Things (IoT) security product market and contains important information about these companies. The last part of the report consists of the global Internet of Things (IoT) security product market analysis by component, deployment type, application, vertical and region.
In the introduction, pertinent market numbers of the most lucrative region and segment have been covered. This section also contains the executive summary, which is valuable for the report audience to have a cursory glance at this vast market. Besides the executive summary, the introduction also contains the definitions of the Internet of Things (IoT) security product market and solutions. The various macroeconomic factors influencing the global Internet of Things (IoT) security product market are also discussed in the introduction. Besides this, the opportunity analysis of the global Internet of Things (IoT) security product market is also given. Also, the views of various market participants in the IoT security product market are presented in the introduction. In addition, the value chain analysis of the global Internet of Things (IoT) security product market is highlighted here.
The second part of the report contains a region wise market analysis and opportunity assessment of the global Internet of Things (IoT) security product market. This section of the report depicts the regional market dynamics of the global Internet of Things (IoT) security product market and highlights the drivers that encourage the growth of this market as well as the restraints that hamper the growth of this market. Besides the drivers and restraints, the various opportunities and trends that the global Internet of Things (IoT) security product market offers are also discussed. Also, for each regional analysis and opportunity assessment subsection, the key regulations pertaining to that particular region are also given. This offers readers a glimpse of the legal framework for each of the regions and helps in navigating the market more tactfully.
The third part of the report contains the competitive landscape of the Internet of Things (IoT) security product market. This part comprises information on the leading companies operating in the global Internet of Things (IoT) security product market. This competition landscape gives a dashboard view of the key companies operating in the IoT security product market along with their important information and broad strategy adopted to stay as leaders in the global Internet of Things (IoT) security product market. Each of the leading companies is also profiled individually and important information about the company such as company details, company description and product portfolio along with key developments concerning the company and strategic analysis is presented. The last part of the report presents the global Internet of Things (IoT) security product market analysis by component, deployment type, application, vertical and region. This section of the report contains important information about the market such as BPS analysis, year-on-year growth rates, absolute dollar opportunity and market attractiveness index.
Overall market size has been analysed through historical data, primary responses, and public domain data. Revenue of companies in the global Internet of Things (IoT) security product market has been benchmarked to ascertain the market size for the base year. Macroeconomic indicators such as GDP and industry growth have been considered to forecast the market size over the forecast period. The historical growth trend of end-use industries, market participants’ performance, as well as the present macro-economic outlook has been taken into consideration for estimating the overall market trend forecast. This data is then validated using the triangulation method and is extensively scrutinised using advanced tools to garner quantitative and qualitative insights into the global Internet of Things (IoT) security product market.
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