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17 Sep 2021, 23:21 GMT+10
According to latest report by IMARC Group, titled "IoT Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026", the global IoT security market size exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the global IoT security market to grow at a CAGR of around 25% during 2021-2026.
Internet of things (IoT) assists in creating smart communication environments by connecting devices like industrial equipment and consumer objects to a network, gathering information and managing these devices using software to increase efficiency. Some of the key components of IoT are radio frequency identification (RFID), wireless sensor network (WSN), near field communication (NFC), cloud services, gateways, data storage and analytics, and visualization elements. At present, there is a rise in the demand for IoT security as it eradicates vulnerabilities and equips IoT devices with the means to detect, resist and recover from malicious attacks.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
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Global IoT Security Market Trends:
Several high-profile data breach incidents have been reported recently wherein a common IoT device was employed as a tool to attack a larger network. Such incidences, in confluence with the rising threat of cyber terrorism and rapid adoption of IoT technologies, is strengthening the market growth. Besides this, increasing automation in various industry verticals, along with the construction of smart cities, is creating a requirement for enhanced and effective security solutions. This aids in safeguarding highly sensitive personal and organizational data from malware injection. Moreover, the growing trend of Bring Your Own Device (BYOD) in corporate organizational setups is anticipated to contribute to the market growth in the coming years.
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Key Market Segmentation:
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Market Breakup by Component:
Market Breakup by Security Type:
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Key Highlights of the Report:
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About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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