According to new FMI report, robust adoption in the BFSI sector will be the driving force behind growth in the IoT Security Products Market
There is no denying the fact that the growth in the IOT market is going to grow faster in coming times. There are estimations by various consulting houses including Gartner and IDC that the connected devices number will touch 50 Billion + by 2020. However, this growth does not come alone but with a lot of security and vulnerability at many points. As per the consulting firm Future Market Insights, only BFSI sector is going be accounted for a large portion of these infiltrations.
The new report titled, “Internet of Things (IoT) Security Products Market: Global Industry Analysis and Opportunity Assessment, 2015 – 2020”, the global market for IoT security products was valued at US$ 7.8 Bn in 2014 with an expected rise of 16.5% in the compound annual growth rate (CAGR) between 2015 and 2020. Growth in the segment is primarily driven by the rise in the number of Internet-enabled devices across the globe; which directly or indirectly have a major impact on the global IoT security products market. Also, increasing adoption rate of IoT security products in the BFSI industries, because of the growing security concerns related to critical data infrastructure, is an important factor driving growth of the global IoT security products market currently.
On the basis of technology, the IoT security products market is segmented into two categories: hardware and software. The report anticipates the hardware segment, valued US$ 3.9 Bn in 2014, to register a CAGR of 15.9% during the forecast period. The growth of the segment will be primarily driven by the various regulations imposed by the concerned regulatory authorities, mandating the implementation of IoT security products. The software segment which was valued US$ 3.9 Bn in 2014 is also expected to grow with a CAGR of 17.2% during the forecast period.
The report from FMI provides statistical anecdotes, growth insights and an aerial view of the competitive framework and future market intelligence. It also covers trends driving each market segment and offers analysis and insights on the potential of the IoT security products market in some of the major global regions, including North America, Latin America, Eastern Europe, Western Europe, Asia Pacific (excluding Japan), Japan and the Middle East & Africa. Furthermore, the market is sub-segmented on the basis of the major countries in each region in order to provide a better regional analysis of the global IoT security products market.
As per the report, the global market is highly fragmented with various players including IoT security software and hardware providers. Some of the leading players in the global IoT security products market are Symantec Corporation, IBM Corporation, Intel Corporation, Cisco Systems, Inc., Infineon Technologies AG, Trend Micro, Inc., Check Point Software Technologies Ltd. and INSIDE SECURE.