Government organizations of various countries have partnered with IoT technology companies for implementing IoT across urban cities. These organizations are also providing funds for the development of IoT applications to technology vendors. Due to increasing smart city projects, the adoption of sensor applications is rising significantly. A growing number of connected devices is expected to fuel demand for Internet of Things (IoT) security product market. Rising penetration of mobile network connectivity increases security threat and industry guidelines to implement embedded hardware solutions, drives the Internet of Things (IoT) security product market.
The value of the global Internet of Things (IoT) Security Product market is anticipated to witness a CAGR of 14.9% during the forecast period of 2020-2030.
Key Takeaways of Internet of Things (IoT) Security Product Market Study
- Among the application segment, the smart grid sub-segment is expected to witness a high growth rate during the forecast period, owing to the security and privacy considerations for IoT application on smart grids.
- East Asia is expected to create lucrative growth opportunities for players in the Internet of Things (IoT) Security Product market, due to increasing number of projects implemented by using IoT tools and data sets, in the countries of this region.
“Demand for IoT is significantly increasing owing to rising demand for connected devices such as smart cars, smart meters and machine to machine (M2M) communications, such factors increasing demand for Internet of Things (IoT) security product market,” Says the FMI Analyst
Increasing Adoption of Internet of Things (IoT) Security Product Market amid the COVID-19 Pandemic outbreak
The COVID-19 pandemic outbreak has disrupted many industries, such as the Internet of Things (IoT) security product market. Many private, as well as government organizations, have allowed their employees to work from home amid the lockdowns, which has created the need for monitoring the network security proactively, as people are remotely connected consuming enterprise resources and sharing documents using collaboration tools. For Instance, East Asia accounted for 42% of the total installed connected devices such as smart meters, and among others, in 2019, which is estimated to increase in the forecast period for remote monitoring of the infrastructure during times of such pandemic. Business is increasingly adopting security solutions to manage such security risks in the new home-working environment. Amid the COVID-19 pandemic, there has been led IoT healthcare security solution providers to quickly render solutions for combatting the increasing demand for a high-quality solution for protection against the COVID-19 virus. The growth of the Internet of Things (IoT) security product software solutions will be profoundly impacted in different application, such as Machine-to-Machine (M2M) communication, Vehicle-to-Vehicle (V2V) communication, and among others.
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Adoption of IoT devices in the medical sector
Enterprises are required to upgrade their health IT infrastructure for shifting to the Internet of Things and to keep up with increasing adoption of connected medical devices. This technological advancement enables patients and service providers to enable more efficient management and security measures of information and data in the healthcare sector. At the same time, adoption of connected devices has loop-holes for hackers to steal data such as patient records and also conceal services being offered by healthcare service providers. As a result of such cyber threats, healthcare organizations adopting connected medical devices also prefer adopting cyber security solutions.
More Valuable Insights on Internet of Things (IoT) Security Product Market
FMI’s report on the Internet of Things (IoT) security product market is segmented into five major sections such as component (hardware, and software), deployment type (end-point or device security, network security, identity and access management, vulnerability management, messaging security, web security, others), applications (Machine-to-Machine (M2M) communication, smart grid, home and building automation, wearable computing devices, Vehicle-to-Vehicle (V2V) communication), Vertical (consumer goods and retail, consumer goods and retail, transportation and logistics, healthcare, energy and utility, others) and region to help readers understand and lucrative evaluate opportunities in the Internet of Things (IoT) security product market.