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IoT Security Market to Reach USD 20,776.1 Million by 2027; Growing Adoption of Blockchain Technology to Amplify Business, states Fortune Business Insights™

Pune, Oct. 14, 2020 (GLOBE NEWSWIRE) — The global IoT security market size is expected to reach USD 20,776.1 million by 2027, exhibiting an excellent CAGR of 32.3 % during the forecast period. The increasing implementation of blockchain technology for improved security will have a massive effect on the growth of the market, states Fortune Business Insights, in a report, titled “IoT Security Market Size, Share & COVID-19 Impact Analysis, By Component (Software, and Services), By Enterprise Size (SMEs, and Large Enterprises), By Deployment (Cloud and On-Premise), By Product Type (Network Security, Endpoint Security, Application Security, Cloud Security, and Others), By Application (Smart Homes, Smart Manufacturing, Connected Logistics, Connected Healthcare, Smart Retail, and Others), By End-use Industry (Consumer IoT, Manufacturing, Retail, IT and Telecommunication, BFSI, Government, Transportation & Automotive, Energy & Utilities, Healthcare, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 2,221.0 million in 2019.The coronavirus crisis has disrupted the supply chain of every industry around the world. We understand that this health emergency has negatively impacted various sectors across the globe. Rising support from governments and several companies can help in the fight against this highly infectious virus. There are some industries that are struggling and some are thriving. More or less, nearly every sector is estimated to be impacted by this pandemic.We are making endless efforts to uplift businesses in this crucial need of the hour. Our expertise and experience can offer enormous benefits to help regain during this global pandemic. 
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The report on the IoT security market encompasses:Comprehensive analysis of dominant regionsKey Drivers and restraintsLatest trendsKey information about prominent playersBird-eye view of the COVID-19 situation Market Driver:Rising Security Concerns Associated with Malware Attacks to Augment GrowthThe growing malware attacks pertaining to IoT devices is expected to fuel demand for IoT security in the forthcoming years. For instance, Telnet, Mirai, and denial-of-service attacks (DDoS) have become prevalent. The Mirai malware can penetrate and attack enterprise IoT devices such as digital signage television sets (TV) or wireless presentation systems. The increasing need for security to prevent DDoS attacks by hackers will enable speedy expansion of the market. Besides, the escalating malware attacks will drive the IoT network security solutions among organizations.
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Shift towards Smart Connected Devices to Elevate Market Amid CoronavirusThe inclination towards machine learning, artificial intelligence, will influence the healthy growth of the market during the coronavirus. The improvements in controlled vehicles and devices will simultaneously incite the development of the market. Moreover, the surging demand for wirelessly connected devices in the healthcare industry can have a tremendous impact on the market amid COVID-19. Besides, AI can assist in getting accurate data of COVID-19 symptoms in individuals, thus Promoting the scope of the market.Regional Analysis:Rising Government Initiatives to Propel Market in EuropeThe IoT security market in Europe is expected to exhibit a rapid CAGR in the forthcoming years. The growth in the region is attributed to the rising government support for robust security integrated into wireless products. For instance, in October 2018, the government published the code of practice for consumer IoT security. Moreover, the announcement of regulatory proposals by the government will further foster the healthy growth of the market. For instance, in May 2019, the government of the U.K introduced a consultation on regulatory proposals regarding consumer connected devices security.
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Key Development:January 2020: Mocana Corporation announced that it has collaborated with automotive-grade Linux (AGL), a Linux Foundation open source project to drive the security of connected and autonomous vehicles.Lists of Key Companies in the IoT Security Market:Cisco Systems Inc. (California, United States)IBM Corporation (New York, United States)Intel Corporation (California, United States)Thales Group (Gemalto) (La Défense, France)Forgerock (California, United States)Infineon Technologies AG (Neubiberg, Germany)Mocana Corporation (California, United States)NortonLifeLock Inc. (Arizona, United States)Allot Ltd. (Hod Hasharon, Israel)Fortinet, Inc. (California, United States)New Sky Internet Limited (Hong Kong)Others
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Detailed Table of ContentIntroductionDefinition, By SegmentResearch Methodology/ApproachData SourcesKey TakeawaysMarket DynamicsMacro and Micro Economic IndicatorsDrivers, Restraints, Opportunities and TrendsImpact of COVID-19Short-term ImpactLong-term ImpactCompetition LandscapeBusiness Strategies Adopted by Key PlayersConsolidated SWOT Analysis of Key PlayersPESTLE AnalysisPorter’s Five Force AnalysisEcosystem Analysis Global Market Share Analysis and Matrix, 2019Key Market Insights and Strategic RecommendationsProfiles of Key Players (Provided for Key 10 Players only)OverviewKey ManagementHeadquarters etcOfferings/Business SegmentsKey Details (Key details are subjected to data availability in public domain and/or on paid databases)Employee SizeKey FinancialsPast and Current RevenueGross MarginGeographical ShareBusiness Segment Share
TOC Continued…!!!
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