The ever-rising threat of cyberattacks is observed as the most prominent factor promoting the demand for IoT security solutions. With the consistently growing penetration of the concept of IoT, securing the millions of devices in the network has become highly crucial. The emergence of advanced concepts such as the Internet of Things (IoT) and virtual reality are also introducing new threats, including IoT-based DDOS and ransomware, thus creating a huge need for effective IoT security solutions. The IoT MSS market is highly driven by the rising inclination towards cost-effective, scalable, and flexible IoT security solutions.
The global IoT MSS market is highly fragmented owing to the presence of a large number of players, with no single player having a substantial market share. The majority of large vendors are interested in the acquisition of small players to ensure an optimum position in IoT managed security services worldwide. This is seen as one of the most widely adopted strategies in the global IoT managed security services market. For instance, in September 2016, Greenwave Systems, Inc., a managed services provider, acquired Predixion Software, Inc., one of the leading companies in analytics for IoT, for an undisclosed amount. After the acquisition, Greenwave Systems has seen significant growth for IoT managed security services coupled with real-time data insights and analytics for the internet of things. Companies are inclined towards providing customized managed security services, including language support and data sovereignty.
Based on industry verticals, the IoT MSS market is segmented into BFSI, healthcare, government, IT & telecom, retail & logistics, manufacturing, transportation, and oil & gas. Amongst these, the manufacturing industry holds the highest share in the overall IoT managed security services market and is set to retain its dominance by 2026. On the other hand, the healthcare and retail, and logistics segments are set to demonstrate high growth over the forecast period.
North America 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, and rising government investment in IoT are some of the factors responsible for making North America a leader in the IoT MSS market. Increasing awareness of smart technologies among industry verticals, along with increasing investments in IoT security services, are some of the factors expected to drive rapid growth in the IoT MSS market within the Asia Pacific region.
The global IoT managed security services market is segmented on the following basis:
- Oil and Gas
- Energy and Utilities
- Transportation and Logistics
- Banking, Financial Services, and Insurance (BFSI)
- Aerospace & Defense
- Public Sector
- IT & Telecom
- 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 the 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 Systems, Inc., Intel Corporation, and Qualcomm Technologies, Inc., among others.