The global IoT security market was valued at USD 8,689.0 million in 2019 and is expected to be valued at USD 58,438.3 million by the end of 2027 registering a significant CAGR of 27.0% over the forecast period, 2019-2027. The Asia Pacific market is the fastest growing and will continue to expand throughout the forecast era. The region is dominated by major market players, such as India, China and Japan.
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Market Dynamics
While relatively new as a technology, the Internet of Things (IoT) has evolved from its initial stage of incubation into a clearly defined set of use cases that provide discernible advantages to a variety of market verticals. Through allowing the integration of IT and operational technology (OT) networks, IoT significantly improves process automation, supply chain management and regulatory enforcement and significantly reduce capital and operating costs. In fact, IoT is a key enabler of digital transformation in an enterprise with the capacity to improve labor productivity, market efficiency and profitability, and overall employee engagement.
Regional Outlook
The Asia Pacific market is the fastest growing and will continue to expand throughout the forecast era. The region is dominated by major market players, such as India, China and Japan. India was valued at USD 115.6 million in 2017 and is expected to reach a market value of USD 1,791.7 million by 2027, registering a CAGR of 31.7% during the forecast period.
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