The global Internet of Things (IoT) Security Market size is expected to grow from USD 12.5 billion in 2020 to USD 36.6 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 23.9% during the forecast period. Major growth factors driving the IoT security market are the increasing number of ransomware attacks on IoT devices across the globe, growing IoT security regulations, and rising security concerns over critical infrastructures.
The solutions segment to account for a higher market share during the forecast period
Major trends contributing to the market are the increasing security breaches in critical infrastructures and personal data. IoT security solutions include identity and access management, data encryption and tokenization, intrusion detection system/intrusion prevention system, device authentication and management, secure software and firmware update, secure communications, Public Key Infrastructure (PKI) lifecycle management, Distributed Denial of Service (DDoS) protection, security analytics, and others (virtual firewall and incidence response system). These solutions enable enterprises to meet their key requirements, which help in securing their IoT devices.
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The smart home and consumer electronics segment to witness the highest growth during the forecast period
Smart home and consumer electronics consist of devices, such as wrist wear, eyewear, neckwear, and body wear, and smart home appliances. Consumer electronics and smart home appliances are vulnerable and susceptible to cyber-attacks. This vulnerability and susceptibility provide IoT security vendors a great opportunity to address the security needs of these consumer wearables. Increasing adoption of smart home devices such as smart glass and smart speakers are enhancing the vulnerability of smart homes. Rise in the number of attacks over smart homes is fueling the demand for integrated security solutions.
The major IoT security market vendors include Cisco (US), IBM (US), Infineon (Germany), Intel (US), Symantec (US), Gemalto (Netherlands), Allot (Israel), Fortinet (US), Zingbox (US), Mocana (US), SecuriThings (Israel), CENTRI (Germany), Armis (US), ForgeRock (US), and NewSky (US). These players have adopted various growth strategies, including partnerships, agreements, and collaborations and new product launches, to further expand their presence in the global IoT security market. New product launches, partnerships, and agreements have been the most adopted strategies by the major players from 2018 to 2020, which helped them innovate their offerings and increase their customer base.
Infineon is one of the leading players in the global IoT security market. The company has been instrumental in offering various products and solutions to automotive and industrial electronics companies. In the space of IoT security, Infineon offers a variety of IoT security products and services in its chip card and security segment by integrating security microcontrollers with security chips and security applications. The company has adopted both inorganic and organic growth strategies, such as new product launches, and agreements and collaborations. For instance, in August 2019, Infineon launched OPTIGA Trust M to improve the security and performance of cloud connected devices and services.
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Intel is another leading vendor in the IoT security market. The company is a leader in designing, manufacturing, and selling computing and communication components, such as microprocessors, chipsets, motherboards, and wireless and wired connectivity products. In the field of IoT security, Intel offers Intel Enhanced Privacy ID (Intel EPID), a cost-effective solution for end-to-end IoT security. The Intel EPID identity technology is being adopted by different organizations for improving interoperability in securing IoT solutions. Intel follows both organic and inorganic growth strategies. It has focused on increasing its product portfolio with the help of strategies, such as partnerships and collaborations, and new product launches. For instance, in February 2019, Intel collaborated with Mocana, a leading provider of mission-critical IoT security solutions for industrial control systems and IoT, to simplify IoT device security.
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