Global Internet of Things Security Market to Grow at an Impressive CAGR of 48% Through 2021

Global Internet of Things Security Market to Grow at an Impressive CAGR of 48% Through 2021
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According to the latest market study released by Technavio, the global internet of things (IOT) security market is expected to grow at a CAGR of close to 48% during the forecast period.

The global IoT security market by hardware is expected to grow at a CAGR of close to 45%. IoT systems tend to have a long product deployment and usage lifecycle. The major priorities for IoT systems, especially for industrial sectors, are safety, reliability, productivity, and efficiency. The industrial sector is vulnerable to several threats, and a software-based system alone does not provide adequate protection to the IoT systems used in the enterprises. For instance, in December 2015, the power grid in Ukraine was hacked, which affected over 200,000 people.

The global IoT security market by software is expected to grow at a CAGR of close to 49%. Security software enhances and automates the network monitoring process and can be easily integrated with IoT applications, resulting in the high adoption of the software among end-users, especially in the automotive and healthcare sectors. IoT security software monitors the network for possible incidences of malware attacks and automates IDP to block the intrusion of malicious codes.

The global IoT security market by services is expected to grow at an impressive CAGR of more than 52%. This is because the initial investment required by organizations to support IoT security infrastructure is low when compared to those of hardware and software security components. In addition, cloud-based services allow organizations to focus on their core competencies as the service providers monitor the security infrastructure. These services do not involve upgrade and replacement costs. Therefore, the adoption of IoT security services will increase among SMEs, resulting in the growth of the market share.

The top vendors highlighted by Technavio’s ICT market research analysts in this report are Cisco, Wurldtech Security Technologies, IBM, Infineon Technologies, Intel and Symantec.