The researchers found that the major forces driving the IoT security market are the rise in security concerns for critical infrastructures such as utilities, smart grids, and manufacturing facilities and stringent regulations and compliance requirements. Nowadays, cloud-based security solutions are providing good opportunities for the growth of the IoT security market by minimizing implementation and maintenance costs, thereby leading organisations to shift towards the deployment of cloud-based security solutions.
Identity Access Management (IAM) solutions provide a security structure and allow the management of user identity and related access permissions in an automated fashion and hence are expected to hold the largest share of the IoT security solutions market. The solution includes components such as provisioning, directory technologies, password management, single sign on, advanced authentication, and audit. Risk over maintenance of sensitive data, increased spending pattern over security solutions, and enhanced enterprise mobility are the drivers for the growth of IAM.
Cloud security is expected to grow at the most promising rate as it addresses security across the different service models of software, platform, and infrastructure. The cloud services are on demand for sensitive data storage. Furthermore, the popularity of cloud-based software delivery and extensive use of cloud in IAM, encryption, and managed security services are also driving this market towards innovation. Application security is expected to grow at the next best CAGR during the forecast period.
APAC is expected to witness the highest growth rate in the IoT security market. During the last decade, the Asia-Pacific (APAC) region has undergone tremendous economic growth, political transformation, and social change. Owing to the sophistication of threats, analysts found that countries such as India, Japan, and Singapore have all updated or launched new national security policies. Factors such as continual growth in mobile workforce, increasing complexity of businesses, unregulated nature of Internet, and growth in the adoption of BYOD, which in turn comes up with strong security requirements, are now expected to push large as well as small and medium businesses (SMBs) to adopt various security solutions.
Furthermore, the IoT security market remains competitive with the presence of a large number of vendors, and the major players in the IoT security market are also identified within the report.