Internet of Things (IoT) security product market players are investing in the development of digital infrastructure for network security to sustain growth post the end of the COVID-19 pandemic.
DUBAI, UAE / ACCESSWIRE / June 2, 2020 / The unprecedented economic turbulence arising from the coronavirus pandemic has generated several challenges for the Internet of Things (IoT) security product sector. However, market growth is anticipated to be sustained through the lockdown period. Also, despite the high probability of recession, the stresses on remote networking technology will generate new opportunities in the Internet of Things (IoT) security product market. The market has been projected to reach a US$ 48 Bn valuation by 2027, according to a new FMI report. Internet of Things (IoT) security product manufacturers are likely to be influenced by the emergence of niche players and service providers offering new IoT security offerings.
"IOT security products are predicted to play crucial roles for the development of smart buildings, smart homes, and smart cities. Such large-scale projects are becoming a critical aspect of public infrastructure development for many economies around the world. In addition to these trends, supportive policies will help in sustaining market growth post the end of the pandemic," says the FMI analyst.
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Key Takeaways of Internet of Things (IoT) Security Product Market Study
- Smart grid applications will continue to lead IoT security products, with increased potential threats of cyber-attacks on critical public infrastructure.
- IoT security software will remain highly sought after, substantially surpassing demand for associated hardware.
- Network security applications will hold pole position, with substantial demand arising from large scale enterprises.
- East Asia will hold a major share of the global Internet of Things (IoT) security product market, driven by the high number of IoT enabled smart devices in the region.
Internet of Things (IoT) Security Product Market - Key Growth Factors
- Strong demand for end point security solutions for IoT enabled devices, generates key opportunities in the Internet of Things (IoT) security products.
- The growing intensity of cyber-attacks on IoT network and devices drive market growth through the forecast period.
- Extensive adoption of Internet of Things (IoT) security product in smart grid applications contribute to market development.
- The rising trend of collaborations between major players in the market will aid growth through 2030.
Internet of Things (IoT) Security Product Market - Key Restraints
- Poor compliance to security guidelines by end users and device manufacturers results in security lapses hindering market growth.
- Lack of standardization among devices and operating systems is having a negative impact on the market.
Impact of COVID-19 on Internet of Things (IoT) Security Product Market
With the continuing spread of the COVID-19 crisis, the network security industry is set for sustainable growth in spite of the massive impact on the global economy. Widespread implementation of remote working policies has created risks for remote networking, causing concerns over operational technology, and home network security.
Further, digital infrastructure is becoming critical to business strategies and network security capabilities and will be an important differentiator for businesses to outmatch competitors. These will remain major contributors to the growth of the Internet of Things (IoT) security product market in the long term.
Explore the full Internet of Things (IoT) security product market report with 148 illustrative figures, 35 data tables and table of contents. Request ToC of the study at https://www.futuremarketinsights.com/askus/rep-gb-1264
Competitive Landscape of Internet of Things (IoT) security product Market
Some of the major companies profiled in this FMI report include, but are not limited to, Arm Holdings, International Business Machines Corporation, Palo Alto Networks Inc., Cisco Systems Inc., Sophos Group plc, Intel Corporation, Symantec Technology Ltd, Check Point Software Technologies, Infineon Technologies AG, and Trend Micro Inc. Players in Internet of Things (IoT) security product market are seeking strategic collaborations with other players for smart home and business applications, which will remain essential to leading players for the foreseeable future.
More About the Report
This FMI study of 250 pages provides all-inclusive insights on the global Internet of Things (IoT) security product market. The market analysis is based on component (hardware and software), deployment type (end-point or device security, network security, identity and access management, vulnerability management, messaging security, web security, and others), application (machine to machine communication, smart grid, home and building automation, wearable computing devices, vehicle to vehicle communications), and verticals (consumer goods and retail, manufacturing, transportation and logistics, healthcare, energy and utility, and others) across six regions (North America, Latin America, Europe, South Asia & Pacific, East Asia, and Middle East & Africa).
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