The Internet of Things (IoT) security market is expected to grow from Rs. 44,350 crore in 2017 to Rs. 194,425 crore by 2022, at a compound annual growth rate (CAGR) of 34.4 percent, predicts MarketsandMarkets. With the advent of smart devices and advanced data analytics techniques, manufacturing enterprises have been deploying the IoT-enabled sub-systems at a significant scale. Manufacturing companies have been integrally focusing toward enhancing their business process efficiency and production output with optimum resource utilization. Smart manufacturing has been at the forefront of introducing transparency, scalability, and process-defined architecture in manufacturing operations. Furthermore, various initiatives such as Industry 4.0, implemented by countries such as Germany and Japan, are driving the adoption of smart manufacturing initiatives.
North America is the largest region in the IoT security market. Countries, such as the US and Canada are the major growth drivers of the region due to early adoption of IoT technologies in various application areas such as healthcare and smart manufacturing. The strong financial position of North America allows these countries to invest heavily in the leading IoT-enabled devices and solutions/services. The major vendors covered in the IoT security market include PTC Inc. (US), Symantec Corporation (US), Verizon Enterprises Solutions (US), Trustwave (US), Check Point Security Software Technologies Ltd. (US), Cisco Systems, Inc. (US), IBM Corporation (US), Infineon Technologies (Germany), Gemalto NV (Netherlands), AT&T Inc. (US), Trend Micro Inc. (Japan), and Digicert (US).