According to the research report titled ‘Global Internet of Things (IoT) Security Market Size study, by Solution (Analytics, Encryption, Data Loss Protection, Identity and Access Management, Others), by Service (Professional Service, Managed Service), by Security Type (Application Security, Cloud Security, Endpoint Security, Network Security, Others), by Application (Healthcare & Life Science, Infrastructure & Cities, Smart Home & Consumer, Industrial System & Sensors, Transport & Urban Mobility, Others) and Regional Forecasts 2020-2027’ available with market Study Report LLC, global Internet of Things (IoT) security market accounted for USD 2.1 billion in the year 2019 and is projected to register a robust CAGR of 29.7% during 2020-2027.
 

Industry experts claim that technological advancements in sensors and microcontrollers, coupled with increasing integration of technologies including artificial intelligence (AI), machine learning (ML), and IoT in wireless networking are augmenting the growth of global Internet of Things security market.
 

For the record, IoT security solutions are adopted in order to address cyber threats associated with devices and networks that are operated through IoT technology.
 

Rising investments towards research & development in IoT field, stringent regulations regarding network as well as data security, and increasing penetration of smart devices are stimulating the global Internet of Things security market outlook. As per the data by IDC (International Data Corporation), Germany recorded investments worth USD 35.5 billion towards IoT development in 2019, followed by USD 25.6 billion in France and USD 25.5 billion in the United Kingdom.
 

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However, emergence of novel IoT cyber threats, coupled with high costs associated with IoT security solutions are expected to impede the industry expansion throughout the analysis timeframe.
 

Based on solution terrain, global Internet of Things security industry is bifurcated into identity & access management, data loss protection, encryption, analytics, and others. With regards to service, the market is split into managed service, and professional service.
 

Moving on to security type, the industry is divided into network security, endpoint security, cloud security, application security, and others. The application spectrum of the market comprises of transport & urban mobility, industrial system & sensors, smart home & consumer, infrastructure & cities, healthcare & life science, and others.
 

From a regional frame of reference, North America accounts for a majority of global Internet of Things security industry share. Early adoption of IoT security solutions, high concentration of leading players, and rising penetration of smart devices are fostering the expansion of the regional market through 2027.
 

On the other hand, Asia-Pacific Internet of Things security market is predicted to exhibit the highest CAGR over 2020-2027, owing to rising investments towards the development of IoT technology in India and China along with favorable initiatives for the establishment of smart homes and smart cities.
 

The organizations that define the global Internet of Things security industry trends are Inside Secure, Intel Corporation, NXP Semiconductors N.V., ARM Limited, Trend Micro Inc., Gemalto, NortonLifeLock Inc., Infineon Technologies AG, IBM Corporation, and Cisco Systems Inc. among others.