The expansion of the IoT security market is triggered by the presence of several important factors, including the rising adoption of cloud based internet and security services for process of authentication, as well as the increasing need for enhanced security measures for protecting the growing cloud information infrastructures from the access from the unauthorized entities. However, the dearth of awareness pertaining to the availability of these advanced solutions, as well as the lacking knowledge amongst the global population about their benefits may hamper the growth of the IoT security market in the near future.
The research based insights on the IoT security market predict that the industry will foresee substantial growth in the coming years, owing to rising usage of cloud infrastructures, as well as the advent of integrated and enhanced security solutions in the IT and telecom industries. Additionally, the rising popularity of various social media platforms have created a virtual blind spot that can provide ample opportunities for data theft as well as identity theft. These trends are also expected to bolster the demand dynamics of the IoT security market in the near future.
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Increasing Trend of BYOD, BYOPC, and BYOP Triggers Sales Growth in IoT Security Market
The market value of IoT security industry is anticipated to rise, on the back of the rising popularity and indulgence of new concepts and trends, such as BYOP or bring your own phone, BYOPC or bring your own personal computer, and BYOD or bring your own device in various enterprises. While these trends have proven to be positive for enhancing the graph of productivity in several key industries and enterprises, it has further underlined the importance of using advanced solutions offered by the players in the IoT security market.
The rising instances of cyberattacks as well as various cyber crimes is also fostering the growing adoption of next gen services and solutions from the IoT security market. Furthermore, increasing usage of smart computing devices, including smart phones, tablets, and laptops is augmenting the demand in the IoT security market. Some of the major end users for the products and solutions in the industry include energy and utilities, defense, IT and telecom, transportation and logistics, retail, manufacturing, and banking, financial services, and insurance or BFSI, among others.
North America Holds the Largest Revenue Share in IoT Security Market
The geographical segmentation of the IoT security market can provide valuable insights pertaining to the leading regional industries under the larger umbrella of the IoT security market. These include regions, such as Asia Pacific, Middle East and Africa, Latin America, Europe, and North America. The highest market share for IoT security industry, in terms of revenue, was held by the regional industry of North America in the recent past. This trend can be attributed to the increasing deployment of various novel and innovative IoT based devices in various end use sectors in the region.
Furthermore, another lucrative regional market, poised to experience fast paced growth in the IoT security market within the next few years, is expected to be Asia Pacific. The development of the Asia Pacific IoT security market is characterized by the presence of various essential drivers, including the rising number of businesses, enterprises, and corporations in the region, as well as the increase in the number of mobile or remote workforce. Additionally, the unregulated internet access and increasing usage of internet services in the region is also anticipated to favor the expansion of the Asia Pacific IoT security market in the coming years.
A few of the most prominent and leading service providers, developers, and industry participants working in the landscape of the IoT security market include Symantec Corporation, Cisco Systems, Inc., Sophos PLC, ARM Holdings, Intel Corporation, IBM Corporation, Infineon Technologies, Hewlett Packard Development Company, L. P., NSIDE Secure S. A., and Gemalto N. V., among others.