IoT Security Market by Component, Deployment Model, Organization Size, Product Type, Security Type, and Industry Vertical

IoT security is the process of securing the Internet of Things and the network in which they are connected. In addition, organizations and individuals are looking forward to enabling IoT enabled devices in their systems and processes, owing to which there has been an increase of various malicious activities, which drives the growth of the IoT security market. Furthermore, IoT security helps in finding different vulnerabilities in IoT devices and helps in securing unprotected and unsecured devices and services from various viruses, hacks, and attacks. In addition, it provides an integrated solution that helps in delivering protection, visibility, and segmentation throughout the entire network infrastructure of idp network.

An increase in the number of ransomware attacks on various IoT devices and a rise in a number of IoT security regulations among the developing economies drive the growth of the market. In addition, rise in malware and phishing threats among different enterprises propels the growth of the market. However, budget constraints among organizations and expensive IoT security solutions hamper the growth of the market. Furthermore, the rise in need for IoT security solutions and the adoption of IoT security solutions by various developing nations is expected to present major opportunities for the expansion of the market in the future.

The global IoT security market is segmented into component, deployment model, organization size, product type, security type, industry vertical and region. In terms of component, it is bifurcated into solution and service. Based on the deployment model, the market is segmented into on-premise and cloud. By organization size, it is divided into large enterprises and small- and medium-sized enterprises (SMEs). In terms of product type the market is classified into device authentication & management, identity access & management, intrusion detection system & intrusion prevention system, data encryption & tokenization and others. By security type, the market is categorized into network security, endpoint security, application security, cloud security, and others. As per industry vertical, the market is segmented into manufacturing, retail & e-commerce, government & defense, transportation & logistics, energy & utilities, healthcare, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.