Need of Safe and Secured Network to Drive Global IoT Cybersecurity Market

Introduction

The global IoT Cybersecurity market is projected to witness a decent growth pace over the forecast year with the increasing application of IoT devices in various applications. The IoT enabled devices elevates the wireless communication services and provides seamless digital connectivity to the customer even to operate its daily tasks.

The higher internet penetration across the global market and the substantial proliferation of smart mobile phones and tablets have further increased the pace of IoT adoption. The adoption of IoT based services is subsequently going to provide growth for the IoT cybersecurity market. To keep all the IoT based components and solutions bound in a loop and help them to operate effectively. The application and importance of IoT cybersecurity services are expected to witness skyrocketing growth in the market.

Additionally, the overall challenge that the IoT solution providers are witnessing includes an imminent shortage of supply in terms of device components and sub-parts that has slowed down due to a disruption in the global supply chain. For instance, in the manufacturing industry, the global shipment witnessed a downfall in the Q1 of 2020 due to the temporary shutting down of the manufacturing plants mainly in China (the global leader in the manufacturing of electrical and electronic items) that led to the reduced production.

Further, as stated by the United Nations Industrial Development Organization (UNIDO), the manufacturing industry has seen a major setback after the fourth quarter of 2019, primarily due to the disruptions in the supply chain and the temporary shutdown of all the activities.

Key Highlights

The global IoT Cybersecurity market is expected to grow at a promising compound annual growth rate (CAGR) during the forecast period.
IoT Cybersecurity provides safer and secure operation of the components that are used as the Internet of Things products. Thus, to safeguard devices and in turn, the entire IoT network IoT cybersecurity solutions are implemented across the globe. Increasing incidents of a security breach, private information leaks, and increasing offensive operations performed using the dark web further emphasize the importance of IoT cybersecurity across the globe.
Due to the COVID-19 outbreak, the import and export operations have taken a serious hit due to the restrictions imposed by the federal governments operating in the region. As the demand for IoT Cybersecurity in the automotive industry is anticipated to observe a noteworthy decrement, providing a strong downturn for the IoT Cybersecurity market in 2020 and 2021. The disruption in the supply chain and value chain, and brief periods of lockdown and shutdown, decreased funding for research and development operations, affect the market growth and the existing sales in the market.
Europe is accounted for a significant share in the global IoT cybersecurity market. The increased adoption of the advancing technology, the presence of suitable technological infrastructure, and higher deployment of connected devices has fostered the growth of the market.
In terms of market growth pace, Central and South America and the Caribbean is projected to show an optimistic scenario over the forecast years. The Mobile Economy 2020, published by the GSM Association, states that in 2019, there are approximately 0.6 billion IoT connections in Central and South America and the Caribbean. The region is anticipated to experience a two-fold growth by 2025 by anticipating the connections to rise to 1.2 billion.

Competitive Players

According to Straits Analysis, key players in the global IoT Cybersecurity market are ESCRYPT Embedded Systems, Arilou technologies, Cisco Systems, Inc., HARMAN International, Argus Cyber Security Ltd., BT, Trillium Technologies Pte Ltd., secunet Security Networks AG, Karamba Security, Guardtime, Utimaco TS GmbH, NXP Semiconductors, Intel Corporation, and SBD Automotive & Ncc Group, among others.