IoT Security Market Overview
IoT security refers to the methods and techniques used to secure internet-connected or network-based devices in the context of the Internet of Things (IoT). With the continued proliferation of IoT devices 1, it is increasingly important to ensure that these devices are secure and protected from possible cyberattacks or data breaches. IoT security involves various strategies such as device authentication, data encryption, secure firmware and software updates, and network segmentation. Additionally, it is important to have a secure development and deployment process for IoT devices, as well as ongoing monitoring and maintenance to detect and respond to security incidents. There are many challenges involved in IoT security, such as the diversity of devices, the complexity of the systems, the large volume of data, and the potential for attacks at multiple points in the system. Various organizations and standards bodies work to develop best practices and guidelines for IoT security to help mitigate these risks.
The global IoT Security Market Report has experienced rapid recent growth, according to MRFR. By 2030, it is anticipated to reach $ 1,27,768.8 million, growing at a CAGR of 23.7% between 2022 and 2030.
IoT security is referred to a security solution that helps to concentrate on protecting internet-enabled devices. (IoT) security encompassing the processes and technologies to protect the internet of things devices as well as the networks connected to each other on the wireless networks. Internet of things security is utilized in numerous applications such as smart home, smart wearable devices, automotive digital technology, industrial internet, smart city, healthcare, etc. In healthcare, IoT can support patients to spend more time interacting with their doctors so that it can surge patient engagement and satisfaction. The Internet of Things (IoT) has grown from its initial stage of incubation into a clearly defined set of use cases that help discernible advantages to a variety of market verticals. Through enabling the integration of IT and operational technology (OT) networks, IoT significantly enhances process automation, supply chain management and regulatory enforcement and significantly reduce capital and operating costs.
Espousal of cloud technologies by many organizations for storing confidential data gives rise to the risk of unauthorized access to data. Moreover, the increasing trend of bring your own device (BYOD) is boosting concerns regarding data security. Therefore, many organizations and enterprises demand effective security solutions. Thus, a robust security solution, such as integration of firewalls and data loss prevention with IoT security solutions, empowers organization posture to face cyber threats.
The global IoT Security Market report furnishes an integrated evaluation of the market. The report tends to a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors playing an eloquent role in the market.
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Key Players
The global IoT Security Market’s substantial key players are PTC, Symantec Corporation, Infineon Technologies AG, Trustwave Holdings Inc. (Singtel), Check Point Software Technologies Ltd., IBM Corporation, CISCO SYSTEMS, INC., Thales, AT&T Inc., Trend Micro Inc., DigiCert, Intel Corporation, General Electric, Verizon, and Sophos Ltd.
Regional Analysis
The global IoT Security Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
North America is projected to dominate the global internet of things (IOT) security market due to the increasing adoption of smart devices and augmenting usage of internet-connected devices in this region.
Europe is the second-largest commanding region due to the massive growth of the automotive sector in Europe and this internet of vehicles having some security challenges is largely required security solutions. While the European industry is aware about the importance of IoT is awaited to increase the growth of the market in Europe.
The Asia Pacific is the arising region in the internet of things security market due to the augmenting urbanization and penetration of smart devices in this region.
Market Segmentation
The IoT Security Market is segmented into the following types;
By Type
- Endpoint Security
- Application Security
- Cloud Security
- Others
By Solution
- Identity Access Management
- Device Authentication And Management
- Secure Communication
- Security Analytics
- Trusted Identification
- Data Encryption And Tokenization
- Others
- By Technology
- Facial Recognition
- Iris Recognition
- Fingerprint Identification
By Vertical
- Retail
- Manufacturing
- Healthcare
- Transportation
- Energy & Utilities
- IT & Telecommunications
- BFSI
- Others
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IoT Security Market ReportThe sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on IoT Security Market Report.
The growth sectors of the IoT Security Market Report are identified with precision for a better growth perspective.The Global IoT Security market has been evaluated as growing market and expected that the market will touch high growth figures in Asia-Pacific region during forecast period.IoT Security is a solution protecting connected devices and networks from cyber-attacks.
The high growth in adopting cloud technology by businesses especially to protect financial information of the company is propelling the growth of IoT security market during forecast period 2016-2022.
Other factors such as high usage of smartphones for data transmission, via various apps and growing initiatives by major market players to introduce security solutions is also supporting the market to grow in the upcoming future.The global key market players such as Cisco systems, Inc., IBM Corporation, Microsoft Corporation, and other industries are offering wide range of products and services to their end-user industries.
This security solution is expected to bring greater visibility and better control over critical assets, and users.
Other prominent company Infineon Technologies AG, a leading semiconductor solution provider, has partnership with Chinese electronic manufacturers namely Midea, Huawei Consumer, and CESI to develop security solutions for smart home application sector.
