PUNE, India --- Global Internet of Things (IoT) security market growth is driven by increasing security concerns for critical infrastructure and strict regulatory compliances for the next few years, while BFSI vertical is set to have the largest IoT security market size during the forecast period dominated by Asia-Pacific which is projected to witness the highest growth during 2016-2021.
The 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 is estimated to have the largest IoT security 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.
The Banking, Financial Services, and Insurance (BFSI) vertical is expected to witness the largest IoT security 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 Internet of Things security.
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. 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.
The report also contains the profiling and competitive landscape of the major technology vendors. Some of the major technology vendors include Cisco Systems, Inc., IBM Corporation, Infineon Technologies, Intel Corporation, Symantec Corporation, Check Point Technologies, ARM Holdings, NXP Semiconductor, INSIDE Secure, Gemal to NV, Trend Micro, Sophos Plc, and Wurldtech Security Technologies.
In the process of determining and verifying, the global IoT security market size for several segments and sub segments gathered through secondary research, extensive primary interviews were conducted with key people. In Tier 1 (55%), Tier 2 (20%) and Tier 3 (25%) companies were contacted for primary interviews. The interviews were conducted with various key people such as C-Level (60%), Director Level (25%) and others (15%) from various key organizations operating in the global IoT security market. The primary interviews were conducted worldwide covering regions such as North America (10%), Europe (20%), Asia-Pacific (40%) and RoW (30%).
Complete report on IoT security market spread across 183 pages, profiling 14 companies and supported with 81 tables and 56 figures is now available at http://www.rnrmarketresearch.com/internet-of-things-iot-security-market-by-technologies-network-cloud-and-application-security-identity-access-management-analytics-utm-ids-ips-device-management-encryption-industry-verticals-and-applications-global-forecast-t-market-report.html
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