- The services segment is expected to register the highest CAGR of 33.9 per cent from 2019 to 2026
- The healthcare segment is estimated to show the highest CAGR of 36.2 per cent during the forecast period
The global IoT security market is estimated to reach $73.92 billion by 2026, registering a CAGR of 31.2 per cent from 2019 to 2026 as per a report by Allied Market Research. It also said that the valuation stood at $8.47 billion in 2018.
The report stated that boost in the growth of the global IoT security market will be due to a rise in awareness regarding benefits provided by IoT security solutions, increase in the number of ransomware attacks on various IoT devices. It will also be due to an increase in the number of IoT security regulations among the developing economies
As per the report, “During the coronavirus pandemic, IoT security helps to protect the systems and data of the employees who are working from home. IoT security companies need to devise new tools to counter new techniques and increase in attacks of hackers during lockdown across the globe.”
Solution segment To dominate
Based on component, the solution segment contributed to the largest share in 2018 with nearly three-fourths of the total share. It is estimated to maintain its dominance during the forecast period. The report said that the services segment is expected to register the highest CAGR of 33.9 per cent from 2019 to 2026.
In terms of industry vertical, the manufacturing segment accounted for the largest share in 2018. It held one-fourth of the total share and is expected to maintain the largest share throughout the forecast period as per the report. The healthcare segment is estimated to show the highest CAGR of 36.2 per cent during the forecast period.
Asia-Pacific to grow at the highest CAGR
North America contributed the highest share with more than one-third of the total market share in 2018. It will maintain its position throughout the forecast period. Asia-Pacific is expected to grow at the highest CAGR of 33.8 per cent from 2019 to 2026.