- In terms of region, North America dominates the global IoT security market
- The Asia Pacific will see the witness fastest growth in the global IoT security market during the forecast period
The global IoT Security market is expected to grow at a robust pace of around 17 per cent until 2025 as per a report by Reportlinker. The report titled “Global IoT Security Market, By Component, By Deployment, By Enterprise, By Security Type, By Application, By Region, Competition, Forecast & Opportunities, 2025” said that the solutions segment is expected to dominate the market over the next few years due to rise in the adoption of this IoT security solution among various enterprises.
Smart manufacturing segment took the largest market share in 2019
The report also said that the growing demand for cloud-based services for authentication process and an increasing number of malware attacks on IoT devices are some factors that will contribute to this growth. It also added that the increasing expenditure by the major vendors operating in the industry on the Internet of Things and enhancements is expected to positively impact the growth of the market over the next few years.
It also said that the absence of standardisation for IoT devices and lack of awareness of security risks are impacting the market growth negatively. The smart manufacturing segment took the largest market share in 2019. This was due to the increasing number of IoT devices along with the rising security and privacy requirements of such devices. The report added that based on deployment, the Cloud segment accounted for a majority market share in 2019.
Asia Pacific will see the witness fastest growth
In terms of region, North America dominates the global IoT security market. It is followed by Europe, APAC, MEA, and South America. It is expected that the same trend will continue in the coming years. The report said that North America is the largest contributing region in the global IoT security market with more than one-third of the global market share in 2019. This is due to the rise in cyber-attacks and growth in the region’s IoT sector.
The report also showed that the Asia Pacific will see the witness fastest growth in the global IoT security market during the forecast period. This is mainly due to the growth of IoT connectivity in China, Japan, India, and Australia along with increasing internet penetration and the rising number of cyber-attacks in Asia-Pacific.