Rising security concerns for critical IT infrastructure and growing IoT security regulations are expected to drive Global IoT security market growth through 2027.
In 2021, the world witnessed an alarming 105% surge in ransomware cyberattacks, owing to rise in remote work and presence of compromised IoT devices. As the cyber security threats are increasing at a significant rate, organizations are investing in IoT security solutions to safeguard against ransomware, malware, and phishing threats. Rise in adoption of cybersecurity measures is presenting growth opportunities for players involved in the IoT security services and products. Here are the top five IoT security companies that are contributing significantly to the global IoT security market growth.
Cisco System, Inc.
Specialized in designing, manufacturing, and selling of Internet Protocol (IP) licenses, and other networking technologies, Cisco System is multinational leader in networking & communication devices. Key offerings of Cisco System are next- generation firewall, advanced malware protection, email security, endpoint security, and multi-factor authentication. During the fiscal year 2020, Cisco’s annual revenue reached USD49.3 billion, owing to a drastic upgrade in all companies’ IT infrastructure resulting from the coronavirus emergence. Cisco forecasts its revenue and earnings growth of 5%-7% through 2025, targeting a USD400 billion total addressable market (TAM) in existing and expansion markets. In 2021, Cisco’s software sold on subscription garnered nearly USD12 billion. The company is well-positioned to capitalize on the strong demand for security and networking solutions.
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Broadcom Corporation
Broadcom Corporation is a global technology leader in designing and developing digital and analog semiconductor and infrastructure software. Key products of Broadcom Corporation are Symantec Endpoint, security, identity security, web and email security, and information security. In 2021, Broadcom collaborated with Google to deliver Broadcom’s security and enterprise portfolio via Google Cloud. The company is planning to acquire software firm VMware to make tools that help cloud computers run more efficiently. Currently, Asia-Pacific region accounts for 67.4% of the company’s revenue. However, Broadcom is planning to develop more strategic partnerships to expand its global presence.
IBM Corporation
American technology company, IBM Corporation is a market leader in providing IoT security solutions across more than 170 nations. The company offers data, network, mobile security services, emergency response services, and security. Under IoT security, IBM has a wide range of portfolio including Cloud Security Enforcer, Data Security Platform, Mobile & Application Security and IDS/IPS. In 2022, IBM announced to acquire Randori, a Boston-based offensive security startup to enable organizations against cyber defenses. The security solution integrates attack surface management with continuous automated red teaming (CART). Thus, the strategic partnership will enhance IBM’s capabilities to help improve threat detection for thousands of clients worldwide.
Intel Corporation
Intel Corporation provides networking, computing, data storage, and communication solutions worldwide. Key product offerings of Intel Corporation include NAND flash memory, cloud-based data centres, programmable semiconductors, among others. The semiconductor giant is continuously working towards the development in technologies such as high-end computing and artificial intelligence. Recently, the company unveiled Project Amber to build quantum resistant cryptography for quantum computing.
Trend Micro
Tokyo-based IoT security services companies, Trend Micro specializes in the development and sales of security related software for computers and Internet. Some of the key offerings in IoT security includes Micro Deep Security for hybrid cloud security, Intrusion Prevention System for network defense, secure web gateway, endpoint encryption, data loss prevention, anti-virus software products, and so on.
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According to TechSci Research report on “Global IoT Security Market By Component (Solution, Service), By Deployment (Cloud, On-premise), By Enterprise (SME, Large Enterprise), By Security Type (Network Security, End-point Security, Application Security, Cloud Security and Others), By Application (Smart Manufacturing, Smart Energy & Utilities, Connected Logistics, Smart Home & Consumer Electronics, etc.), By Region, Competition, Forecast & Opportunities 2027”, the global IoT security market is anticipated to grow at a formidable rate during the forecast period. The market growth can be attributed to the rising expenditure by major vendors and rising number of malware attacks.
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