This latest market research study identifies Cisco Systems, Wurldtech Security Technologies, IBM, Infineon Technologies, Intel, and Symantec as the leading players in the global internet of things (IOT) security market. A comprehensive analysis of this market is also presented by the network security components (services, software, and hardware), end-users (industrial, commercial, and consumer), and geography (the Americas, APAC, and EMEA).

The analysts predict that the increasing adoption of cloud-based services will drive the growth prospects for the global IOT security market in the forthcoming years. Some of the major factors driving the demand for cloud-based services include modern video management systems, authentication processes, and storage of biometrics information. Also, a multitude of organisations such as banks and healthcare organisations are increasingly shifting from the conventional method of storing confidential data towards the cloud technology. With this growing trend of cloud technology, becomes imperative for service providers to make the use of cloud platform secured against any unauthorised access.

In terms of geography, the Americas accounted for the maximum market share during 2016 due to the high concentration of electronic consumer goods, automobile manufacturers, and IoT vendors that provide IoT security solutions to these industries. However, during the forecasted period, the market share of the Americas is expected to decline due to the rapid shift of industries towards other technologies such as IoT devices integrated with biometrics for authentication. Furthermore, according to the industry research report, the APAC region is expected to dominate the market in the future because of the high adoption of IoT security solutions among SMEs, especially for the efficient and secure functioning of utilities like energy management.

The global IoT security market is highly fragmented and competitive due to the presence of a large number of multinational vendors and small regional vendors across the globe. Some of the international vendors increasingly focus on expanding their product portfolio and market share by acquiring small vendors. Also, vendors are trying to distinguish their product and service offerings through a clear and unique selling proposition to sustain and survive in this intensely competitive environment.

In terms of network security components, the IoT security hardware segment accounted for the maximum market share during 2016 and will continue to dominate the market until the end of 2021. However, over the next four years, the segment’s market share is estimated to decline due to the high cost of implementation, replacement, and updates of the components.  And as far as end user sector is concerned, the researchers found that the industrial segment accounted for the maximum market share during 2016 and will continue to dominate the market for the next four years. The increasing use of IoT technology in process control, maintenance, manufacturing execution system (MES), asset location, and smart agriculture and farming will drive the prospects for growth in this market segment.