According to a new market report published by Future Market Insights “Internet of Things (IoT) Security Products Market: Global Industry Analysis and Opportunity Assessment, 2015 – 2020,” the global IoT security products market was valued at US$ 7.8 Bn in 2014 and is expected to register a CAGR of 16.5% from 2015 to 2020. The growth of the IoT security products market is primarily driven by the rise in the number of Internet-enabled devices across the globe, which directly or indirectly have a major impact on the global IoT security products market. Also, increasing adoption rate of IoT security products in the BFSI industries, because of the growing security concerns related to critical data infrastructure is an important factor driving growth of the global IoT security products market currently.
On the basis of technology, the IoT security products market is segmented into hardware and software. The hardware segment was valued US$ 3.9 Bn in 2014 and is anticipated to register a CAGR of 15.9% during the forecast period. The growth of the segment is primarily driven by the various regulations imposed by the concerned regulatory authorities, mandating the implementation of IoT security products. The software segment was valued US$ 3.9 Bn in 2014 and is anticipated to register a CAGR of 17.2% during the forecast period.
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The growth is driven mainly by increasing demand for Internet-enabled devices across different verticals, as organizations are becoming increasingly aware about the risks posed by these devices when connected to the Internet, and thereby take all the necessary precautionary measures, such as device inspection and network monitoring, to control and secure data access. Manufacturers of IoT devices are providing additional embedded security systems in order to secure IoT devices from data and application security threats.
This report also covers trends driving each market segment and offers analysis and insights on the potential of the IoT security products market in some of the major global regions, including North America, Latin America, Eastern Europe, Western Europe, Asia Pacific (excluding Japan), Japan and the Middle East & Africa. Furthermore, the market is sub-segmented on the basis of the major countries in each region in order to provide a better regional analysis of the global IoT security products market.
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Some of the leading IoT security products providers in the global IoT security products market include Symantec Corporation, IBM Corporation, Intel Corporation, Cisco Systems, Inc., Infineon Technologies AG, Trend Micro, Inc., Check Point Software Technologies Ltd. and INSIDE SECURE.