The global IoT security market size is expected to reach USD 20,776.1 million by 2027, exhibiting an excellent CAGR of 32.3 % during the forecast period. The increasing implementation of blockchain technology for improved security will have a massive effect on the growth of the market, states Fortune Business Insights, in a report, titled “IoT Security Market Size, Share COVID-19 Impact Analysis, By Component (Software, and Services), By Enterprise Size (SMEs, and Large Enterprises), By Deployment (Cloud and On-Premise), By Product Type (Network Security, Endpoint Security, Application Security, Cloud Security, and Others), By Application (Smart Homes, Smart Manufacturing, Connected Logistics, Connected Healthcare, Smart Retail, and Others), By End-use Industry (Consumer IoT, Manufacturing, Retail, IT and Telecommunication, BFSI, Government, Transportation Automotive, Energy Utilities, Healthcare, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 2,221.0 million in 2019.
The report on the IoT security market encompasses:
· Comprehensive analysis of dominant regions
· Key Drivers and restraints
· Latest trends
· Key information about prominent players
· Bird-eye view of the COVID-19 situation
Market Driver:
Rising Security Concerns Associated with Malware Attacks to Augment Growth
The growing malware attacks pertaining to IoT devices is expected to fuel demand for IoT security in the forthcoming years. For instance, Telnet, Mirai, and denial-of-service attacks (DDoS) have become prevalent. The Mirai malware can penetrate and attack enterprise IoT devices such as digital signage television sets (TV) or wireless presentation systems. The increasing need for security to prevent DDoS attacks by hackers will enable speedy expansion of the market. Besides, the escalating malware attacks will drive the IoT network security solutions among organizations.
The inclination towards machine learning, artificial intelligence, will influence the healthy growth of the market during the coronavirus. The improvements in controlled vehicles and devices will simultaneously incite the development of the market. Moreover, the surging demand for wirelessly connected devices in the healthcare industry can have a tremendous impact on the market amid COVID-19. Besides, AI can assist in getting accurate data of COVID-19 symptoms in individuals, thus Promoting the scope of the market.
Regional Analysis:
Rising Government Initiatives to Propel Market in Europe
The IoT security market in Europe is expected to exhibit a rapid CAGR in the forthcoming years. The growth in the region is attributed to the rising government support for robust security integrated into wireless products. For instance, in October 2018, the government published the code of practice for consumer IoT security. Moreover, the announcement of regulatory proposals by the government will further foster the healthy growth of the market. For instance, in May 2019, the government of the U.K introduced a consultation on regulatory proposals regarding consumer connected devices security.
Key Development:
January 2020: Mocana Corporation announced that it has collaborated with automotive-grade Linux (AGL), a Linux Foundation open source project to drive the security of connected and autonomous vehicles.