Newly released market study: Internet of Things (IoT) Security Market - Global Forecast to 2021

Internet of Things (IoT) Security Market by Technology (Network, Cloud and Application Security, Identity Access Management, Threat Intelligence, UTM, IDS/IPS, Device Management, Encryption), Industry Vertical and Application - Global Forecast to 2021

"Growing security concerns for critical infrastructure and strict regulatory compliances are expected to drive the IoT security market"

The Internet of Things (IoT) security market is projected to grow from USD 7.90 billion in 2016 to USD 36.95 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 36.1% due to rising concerns for security in critical infrastructures and strict security regulations imposed by regulating bodies.

"Network security to have the largest market size in 2016"

Network security is estimated to have the largest market size in 2016. The key trends contributing to this market growth are the growing virtualization of servers and increased usage of connected devices, resulting in the rise of security breaches targeting enterprise networks.

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"BFSI vertical to have the largest market size during the forecast period"

The Banking, Financial Services, and Insurance (BFSI) vertical is expected to witness the largest market size during the forecast period because of the increasing adoption of web and mobile applications, which are prone to advanced cyber-attacks. Smart banking, internet banking, and mobile banking are the factors, which have led the BFSI sector to focus more on IoT security.

"Asia-Pacific to witness the highest growth during 2016-2021"

North America is expected to hold the largest market share of the IoT security market in 2016 due to strict regulations and technological advancement. Asia-Pacific (APAC) is expected to have the highest growth rate during the forecast period due to high rate of adoption of IoT security solutions.

In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews were conducted with key industry personnel. The break-up of the profiles of primary discussion participants is given below.

* By Company Type: Tier-1 (55%), Tier-2 (20%), and Tier-3 (25%) companies
* By Designation: C-level (60%), Director Level (25 %), and Others (15%)
* By Region: North America (10 %), Europe (20%), APAC (40%), and Rest of World (30%)

The major trends in the IoT security market include increasing sophistication of threats and attacks, diversified reach of the connected devices, and risks over personal data. Huge opportunities are prevailing for IoT security in the untapped geographic regions, especially in the Middle East and Latin America.

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