Ever-rising threat of cyber-attacks is observed as the most prominent factor promoting the demand for IoT security solutions. With consistently growing penetration of the concept of IoT, securing the millions of devices in the network has become highly crucial. Emergence of advanced concepts such as Internet of Things (IoT) along with virtual reality are also introducing new threats including IoT-based DDOS, ransomware, thus creating huge need for effective IoT security solutions. IoT MSS market is highly driven by the rising inclination towards cost-effective, scalable and flexible IoT security solutions.
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Global IoT MSS market is highly fragmented owing to the presence of large number of players with no single player having substantial market share. Majority of large vendors are interested in acquisition of small players to ensure optimum position in the IoT managed security services worldwide. This is seen as one of the highly adopted strategies in global IoT managed security services market. For instance, in September 2016, Greenwave Systems, Inc., managed services provider acquired Predixion Software, Inc., one of the leading companies in analytics for IoT, for an undisclosed amount. After acquisition, Greenwave Systems has seen significant growth for IoT managed security services coupled with real time data insights and analytics for internet of things. Companies are inclined towards providing customized managed security services including language support and data sovereignty.
Based on industry verticals, IoT MSS market is segmented into BFSI, healthcare, Government, IT & telecom, retail & logistics, manufacturing, transportation and oil & gas. Amongst these, manufacturing industry holds the highest share in overall IoT managed security services market and is set to retain its dominance by 2026. On the other hand, healthcare and retail & logistics segments are set to demonstrate high growth over the forecast period.
North America is dominates the global market for IoT managed security services, followed by Europe and Asia Pacific. Increasing adoption of smart connected devices, rapid digitization across industry verticals along with rising government investment in IoT are some of the factors responsible to make North America a leader in IoT MSS market. Increasing awareness of smart technologies among industry verticals along with the increasing investments in IoT security services are some of the factors expected to register rapid growth in IoT MSS market within the Asia Pacific region.
The global IoT managed security services market is segmented on the following basis:
By Industry Verticals
- Oil & Gas
- Energy & Utilities
- Transportation & Logistics
- Banking, Financial Services and Insurance (BFSI)
- Aerospace & Defense
- Public Sector
- IT & Telecom
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Asia
- Rest of Asia Pacific
- Rest of the World (RoW)
- Latin America
- Middle East & Africa (MEA)
Key players identified in IoT managed security services market include but are not limited to:
IBM Corporation, Google, Inc., Hewlett Packard Enterprise Development LP, Apple Inc., Microsoft Corporation, Accenture Plc., AT&T, Inc., Cisco System, Inc., Intel Corporation and Qualcomm Technologies, Inc. among others.
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