IoT Security Market Size to Reach $20,776.1 Million by 2027; Increasing Innovations and Advancements in Connected Devices to Uplift Market

The global IoT security market size is expected to reach USD 20,776.1 million by 2027. The growing application of AI in strengthening IoT devices’ data security and privacy will foster healthy growth of the market, states Fortune Business Insights in a report, titled “IoT Security Market Size, Share & COVID-19 Impact Analysis, By Component (Software, and Services), By Enterprise Size (SMEs, and Large Enterprises), By Deployment (Cloud and On-Premise), By Product Type (Network Security, Endpoint Security, Application Security, Cloud Security, and Others), By Application (Smart Homes, Smart Manufacturing, Connected Logistics, Connected Healthcare, Smart Retail, and Others), By End-use Industry (Consumer IoT, Manufacturing, Retail, IT and Telecommunication, BFSI, Government, Transportation & Automotive, Energy & Utilities, Healthcare, and Others), and Regional Forecast, 2020-2027.” The market size stood at USD 2,221.0 million in 2019 and is expected to exhibit a tremendous CAGR of 32.3% between 2020 to 2027.

Introduction of AI-driven Threat Intelligence by Fortinet to Aid Development

Fortinet an American multinational corporation headquartered in Sunnyvale, California announced that it has invested in FortiGuard Labs cloud-based AI-driven threat intelligence. Thus, enabling threat detection quickly and more accurately. The company has adopted the knowledge from FortiGuard Labs and packages, especially for on-premises deployments. This give the customers to directly learn from the AI and investigate cyber threats in real-time. The company offers cybersecurity products and services such as firewalls, anti-virus, intrusion prevention, and endpoint security. Moreover, the FortiAI leverages Deep Learning known as Deep Neural Networks, thus resolving complex decisions based on its scientific analysis of threats. The introduction FortiAI can have a massive influence on the growth of the market owing to its AI that will benefit organizations to effectively implement threat protection with its extraordinary Virtual Security AnalystTM.

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https://www.fortunebusinessinsights.com/iot-internet-of-things-security-market-103852

Surging IoT Operations to Spur Business Openings

The growing acceptance of the Internet of Things (IoT) as a part of digital transformation plans will foster the healthy growth of the market. The deployment of IoT devices in corporate networks and organizations to transform the digital landscape will simultaneously elevate the market. According to a 2019 forecast by GSMA Intelligence, the number of IoT connections will grow to 25.2 billion by 2025. Besides, the rising need for robust Internet of things (IoT) security solutions can encourage the market in the foreseeable future. The innovations and advancements in devices and vehicles will fuel the demand of the market in the near future.

Ongoing Collaborations among Companies to Strengthen Industry

The companies are focused on developing its robust presence in the market. The implementation of several strategies such as partnerships, collaborations, and acquisitions by prominent players will help establish a strong foot in the industry. For instance, in October 2018, Intel Corporation announced that it has collaborated with Arm Limited, semiconductor and software designing company headquartered in the Cambridge United Kingdom to offer advanced solutions to securely onboard Intel and Arm IoT devices to cloud framework or any application.

The Report Lists the Main Companies in the IoT Security Market:

• Cisco Systems Inc. (California, United States)


• IBM Corporation (New York, United States)


• Intel Corporation (California, United States)


• Thales Group (Gemalto) (La Défense, France)


• Forgerock (California, United States)


• Infineon Technologies AG (Neubiberg, Germany)


• Mocana Corporation (California, United States)


• NortonLifeLock Inc. (Arizona, United States)


• Allot Ltd. (Hod Hasharon, Israel)


• Fortinet, Inc. (California, United States)


• New Sky Internet Limited (Hong Kong)


• Others

Further Report Findings:

• Regional Analysis: The market in Asia Pacific is expected to witness a high growth rate during the forecast period owing to the growing IoT security in the region. The increasing adoption of Internet of Things (IoT) technology in developing countries will bolster the healthy growth of the market in Asia Pacific.


• Leading Segment: Network security is expected to hold the largest share in the global market for IoT security owing to the growing demand for firewalls, email security, anti-virus, and anti-malware solutions among organizations. Increasing security threats can further boost the segment’s growth.

The global IoT Security Market is Segmented into: