Increasing usage of connected devices and the extensive impact of cyber-attacks are expected to shape the Asia Pacific IoT Security market by 2023
The increase in connected devices is boosting the IoT security market. Rising investments on IoT security solutions and speed & scope of the digital transformation are driving the growth of Asia Pacific IoT Security market.
Infoholic Research LLP, a global market research and consulting company, has published a study titled “Asia Pacific IoT Security Market – Regional Drivers, Restraints, Opportunities, Trends, and Forecasts to 2023”.
According to Infoholic Research, APAC IoT Security market will experience a significant growth during the forecast years due to increase in update of the firmware, demand for connected devices, and growing opportunities for the security solutions & services providers. The IoT security helps to reduce the risks, it is safe & secure in protecting data, and it improves the productivity. The market is expected to grow at a CAGR of 38.4% during the forecast period 2017–2023 to touch an aggregate of $12.77 billion by 2023.
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The wireless IoT security plays a major role as it helps to prevent unauthorized access or transfer of data from systems and portable devices such as laptops, tablets, and smartphones. The Wireless IoT security is expected to grow at a CAGR of 38.8% during the forecast period 2017–2023 In APAC, nearly 65–70% of the population is using smartphones for online transactions and 50–55% of the users use mobile devices for bank transactions.
Identity & Access Management holds most of the share in solutions due to the increasing demand from the end-users as they are facing challenges in the connected environment. Consulting services is one of the fastest growing service markets in IoT security services segment, which is mainly due to the increasing demand for more product varieties and higher service levels.
BFSI, retail, and healthcare are the major end-users using IoT security as they want to build their infrastructure safe & secure avoiding risks, cyber-attacks, and advanced persistent threats (APT). The government and IT & telecom sectors are raising their investments to create a better opportunity for IoT security market.
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China is the biggest market for Asia Pacific IoT security as the country is showing positive trends towards investment, has diversified reach of connected devices, and face increasing attacks & threats. India has a strong base in technology along with public–industry partnership to bring a monumental change. Moreover, BFSI & healthcare sectors are rapidly transforming the consumer’s lifestyles and businesses models with the implementation of IoT security. The start-ups in ANZ are creating awareness to promote secure practices in the IoT ecosystem. The South Korean government is making huge investments to make the country safe & secure. In Southeast Asia, business firms understand the evolving security landscape and fuels to increase the market.
“The IoT security market is an attractive space for technology providers, device manufacturers, and OEMs to expand their business in various countries. The market segment holds enormous opportunities in the next 5–6 years due to the increasing connected devices, speed of digital transformation, and growing internet penetration. Moreover, in the digital era, end-users are looking to protect their data in the safe & secure zone.” – Prasanth, Research Analyst at Infoholic Research
The report aims to highlight key insights from providers and end-users. The report provides an in-depth analysis and forecast about the industry covering the following key features:
- This report not only highlights users’ conundrum (challenges and barriers to adopting IoT security) but also brings in their perspective on the market
- The market has been analyzed by considering the key countries – China, India, Japan, ANZ, Southeast Asia, South Korea, and Others
- Provides industry outlooks including current and future market trends and drivers, restraints, and emerging technologies
- The report analyzes the APAC IoT security market according to types, solutions, services, verticals, and countries
- The report analyzes the top 12 players in terms of market reach, business strategy, and business focus
- Competitive landscape
- Stakeholders’ insights and key trends (current and future) of the market