Securing the Future: Unveiling the Lucrative Internet of Things (IoT) Security Product Market Set to Reach US$ 48 Billion by 2027 with a Remarkable CAGR of 14.9%
The global Internet of Things (IoT) Security Product market is set to experience significant growth in the coming years, with a projected CAGR of 14.9% from 2017 to 2027. The increased adoption of digital technologies, such as web-based services and online banking, has led to a surge in smartphone usage. This, in turn, has created a need for robust security measures to protect against cyber-attacks. Governments worldwide have responded by implementing stringent legislation to ensure the security and privacy of connected devices.
North America is expected to dominate the global IoT security product market, with sales estimated to reach approximately US$ 16,000 Mn by the end of 2027. Government organizations in North American countries have partnered with technology corporations to adopt IoT in metropolitan areas, and grants are being provided to technology suppliers to develop IoT applications. The growing number of smart city initiatives in the region has also contributed to the widespread use of sensor applications, further fueling the growth of the IoT security product market.
The Asia Pacific Excluding Japan (APEJ) region is expected to witness the fastest expansion in the global IoT security product market, with a high double-digit CAGR through 2027. The increasing number of connected devices in APEJ has led to the development of the IoT ecosystem, prompting leading companies in the region to develop services and platforms for efficient management and analysis of real-time data. However, the rapid adoption of IoT has also resulted in a surge in cyber-attacks, posing challenges for enterprises in deploying technology-specific networks.
In terms of verticals, manufacturing is projected to remain the largest segment for IoT security products, with revenues reaching US$ 15,088.9 Mn by the end of 2027. Healthcare is expected to be the fastest-growing vertical, followed by energy & utility, and transportation & logistics. While smart grid applications will remain popular, home & building automation is predicted to witness the fastest expansion in the market.
Network security solutions will continue to be the preferred choice for IoT security products, with sales expected to account for nearly US$ 15,000 Mn by the end of 2027. End-point/device security will be the second-largest solution, while vulnerability management solution is expected to register the fastest growth.
The future of the IoT security product market looks promising, with significant growth opportunities in various regions and verticals. As the world becomes increasingly connected, the need for robust security measures will only continue to grow.
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