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IOT Security Market Size, Share, Trends Analysis & Industry Forecast Report, 2020-2027 – X herald

IoT Security Market:

Growth Opportunities in the IoT Security Market look promising over the next six years. This is mainly due to the rising data risk in IoT networks, the rising number of ransomware attacks on IoT devices, the growing need for IoT security solutions with increasing variants of attacks, and the rising need for integrated security solutions.

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IoT Security Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

Key Drivers

The rising data risk in IoT networks and the growing number of ransomware attacks on IoT devices around the world are the key drivers contributing to the growth of the IoT security market size. The hackers aim at IoT devices and take benefits of known vulnerabilities, including those associated with the default password, username, and static code backdoor. Thereby, the growing vulnerability of critical systems is promoting the government of numerous economies to opt for IoT-enabled security. As per the IoT security market report, the growing need for IoT security solutions with increasing variants of attacks is another factor that will have a positive influence on the market’s demand.

Cybercriminals are utilizing multi-layered cyber-attacks to monitor the intelligence and commercial aspects of enterprises, people, and economies. This factor has promoted huge organizations to incorporate their security solutions to reduce the cost and improve the safety of their facility. Moreover, the growing need for integrated security solutions is one of the IoT security market trend will further bolster the demand for the market in the upcoming years. The increasing use of 4G and 3D long-term evolution and wireless networks and technologies is leading the risk regarding cyber-attacks. Real-time information and transaction-related information, which is important to users, are mainly exchanged through these cellular networks, which is accelerating the requirement for IoT security. The emerging trend of bring your own device (BYOD) is growing concerns regarding data security. On the other edge, the factors hindering the growth of the market include the availability of IoT security solutions and limited awareness regarding the exceptional benefits. In addition to this, the high cost of installation will hamper the growth of the market.

Application Segment Drivers

On the basis of application, data encryption and tokenization are anticipated to rise at a higher CAGR in the upcoming years as security is an essential component for the deployment of IoT into the manufacturing processes. The IoT sensors evaluate variables including speed, actuator, pressure, speed, consumption, and temperature. These systems hinder the physical world, control critical infrastructure, aids in assembling sensitive information regarding several operations and smart equipment. All these factors will energize the demand for IoT security, and privacy protection in numerous companies.

To Know More About IOT Security Market

IoT Security Market’s leading Manufacturers:

  • Cisco Systems Inc.
  • IBM
  • Intel Corporation
  • Infineon Technologies AG
  • NortonLifeLock Inc.
  • Thales Group
  • Allot
  • Fortinet, Inc.
  • Mocana
  • SecuriThings

IoT Security Market Segmentation:

Segmentation by Component:

Segmentation by Type:

  • Endpoint Security
  • Network Security
  • Cloud Security
  • Application Security
  • Others

Segmentation 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

Segmentation by Service:

  • Managed Services
  • Professional Services
    • Consulting Services
    • Integration Services
    • Support & Maintenance Services

Segmentation by Application Area:

  • Smart Energy & Utilities
  • Smart Manufacturing
  • Smart Home & Consumer Electronics
  • Connected Logistics & Transportation
  • Smart Government & Defense
  • Connected Healthcare
  • Smart Retail
  • Others

Segmentation by Region:

  • North America
    • United States of America
    • Canada

 

  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of the world (remaining countries of the LAMEA region)

About GMI Research

GMI Research is a market research and consulting company that offers business insights and market research reports for large and small & medium enterprises. Our detailed reports help the clients to make strategic business policies and achieve sustainable growth in the particular market domain. The company’s large team of seasoned analysts and industry experts with experience from different regions such as Asia-Pacific, Europe, North America, among others, provides a one-stop solution for the client. Our market research report has in-depth analysis, which includes refined forecasts, a bird’s eye view of the competitive landscape, key factors influencing the market growth, and various other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping our clients to stay ahead of the curve.

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