GMI Research's recent analysis, Global IoT Security Market, forecast till 2027, examines the trends in this market and how they are evolving across the different key geographic regions of the world. The growing number of ransomware attacks on IoT devices and the rising data risk in IoT networks globally is driving the market growth.
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Introduction of the IOT Security Market:
IoT security helps in protecting the internet-enabled devices that connect through wireless networks. IoT security is the safest components tied to the Internet of Things (IoT) and protects IoT-based devices from cyberattacks and several other cybercrimes. It spans the employees' personal IoT devices, building automation systems, industrial machines, smart energy grids, and other devices that aren't designed for network security.
IOT Security Market Dynamics (Including market size)
The growing number of ransomware attacks on IoT devices and the rising data risk in IoT networks globally are the major factors driving the growth of the global IoT security market. The hackers are attacking IoT devices and taking benefit of known vulnerabilities, such as those regarding the default username, static code backdoor, and password. Thereby, the growing vulnerability of critical systems promotes the government of numerous countries to opt for IoT-enabled security. Moreover, the increasing requirement for IoT security solutions with rising variants of attacks is a major factor fuelling the growth of the IoT security market size.
Cybercriminals are using multi-layered cyber-attacks to monitor enterprises, individuals, and countries' intelligence and commercial aspects. This factor has motivated large companies to integrate their security solutions to reduce the cost and improve the safety of their facility. Furthermore, the rising requirement for integrated security solutions will enhance market demand during the forecast period. In addition to this, the growing usage of 3G and 4G long-term evolution and wireless networks and technologies are increasing the risk regarding cyber-attacks. Real-time information and transaction-related information, which is important to users, are basically exchanged through these cellular networks, which is surging the need for IoT security. The rising trend of bringing your own device (BYOD) is growing concerns regarding data security. On the other edge of the spectrum, the lack of awareness regarding the remarkable benefits and availability of IoT security solutions will hinder the growth of the market during the forecast period. On the other hand, the high cost of installation is another factor that will hamper market growth.
Key Players of the Global IOT Security Market:
• Cisco Systems Inc.
• IBM
• Intel Corporation
• Infineon Technologies AG
• NortonLifeLock Inc.
• Thales Group
• Allot
• Fortinet, Inc.
• Mocana
• SecuriThings
IOT Security Market Segmentation:
Global IOT Security Market Report Segment by Component:
• Services
• Solutions
Global IOT Security Market Report Segment by Type:
• Endpoint Security
• Network Security
• Cloud Security
• Application Security
• Others
Global IOT Security Market Report Segment by Solution:
• Data Encryption & Tokenization
• Identity & Access Management
• Device Authentication & Management
• Intrusion Detection System & Intrusion Prevention System
• Public Key Infrastructure Lifecycle Management
• Secure Communications
• Security Analytics
• Distributed Denial of Service Protection
• Others
Global IOT Security Market Report Segment by Service:
• Managed Services
• Professional Services
o Consulting Services
o Integration Services
o Support & Maintenance Services
Global IOT Security Market Report Segment by Application Area:
• Smart Energy & Utilities
• Smart Manufacturing
• Smart Home & Consumer Electronics
• Connected Logistics & Transportation
• Smart Government & Defense
• Connected Healthcare
• Smart Retail
• Others
Global IOT Security Market Report Segment by Region:
• North America
o United States of America
o Canada
• Asia Pacific
o China
o Japan
o India
o Rest of APAC
• Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
• RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
o Rest of the world (remaining countries of the LAMEA region)
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