IoT Security Market Latest Trends, Technological Advancement, Driving Factors and Forecast to 2028

Through 2025, the global number of connected devices is estimated to surpass 27 billion. The escalating number of IoT-enabled devices, and the accompanying concerns around their data security and privacy are driving IoT security market.

IoT devices that hold a lot of sensitive information can be used for mass surveillance and their limited processing power and storage capabilities continue to make them vulnerable to cyberattacks. Increasing risk of attacks like such as Denial-of-Service (DoS), man-in-the-middle (MITM), and eavesdropping is projected to fuel the growth of IoT security market, says a new report of Fairfield Market Research. IoT industry participants have been constantly striving to build stronger customer trust, which is also driving demand for IoT security solutions at every stage of the lifecycle of IoT devices.

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IoT Security Takes Centre Stage as Consumers, and Businesses Seek Reliable Protective Measures
As the concept of smart cities firms up and the need for dependable futuristic security solutions continues to ascend across the key nations, IoT security is projected to witness heavy increase in demand among both individual consumers, as well as organisations. Advent and sophistication in security solutions that are currently being offered on the market are also significantly contributing to market growth.

As several businesses, as well as government entities continuously seek a reliable solution to protect their sensitive information against misuse and theft, IoT security is all set to experience a robust hike in demand in future. Moreover, several IoT devices are left vulnerable to potential supply chain vulnerabilities, which raise their susceptibility to cyber-attacks. Businesses will thus continue to rely on an adequate level of protection against such attacks and maintain smooth, secure operations.

Major Vendors in Global IoT Security Market Space
1. IBM
2. Symantec Corporation
3. Cisco Systems Inc.
4. PTC Inc.
5. Microsoft
6. Intel Corporation
7. AWS
8. Google
9. Allot
10. Magiccube
11. Infineon
12. Dragos Security
13. Mobileum
14. Palo Alto
15. Thales
16. Claroty
17. Checkpoint
18. Trend Micro
19. Fortinet
20. Mocana

Multiple Device Management Remains a Challenge for Industry Participants

While IoT devices are often left exposed, unsecured, they clearly become the prime targets for hackers. IoT security is repeatedly highlighted when it comes to the lack of standard security features like preconfigured firewalls, and a robust operating system. Effective management of multiple devices, and data flows remains a longstanding challenge facing IoT industry. The challenge further gets severe if the multiple devices in use are not compatible with each other, which makes it imperative for businesses to carefully monitor data flows.

This would help them detect and prevent any potential malicious activity, boosting IoT security. Businesses would be able to protect their systems more efficiently and effectively by tracking data movement and identifying the patterns that may indicate a security breach.

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IoT Security Gains Ground in Asia Pacific

The boom around IoT security has been constantly expanding across Asia Pacific, which is compelling governments in the region to augment their investments in the same for security concerns. Asia Pacific was the top market by 2021 and the trend will most likely continue through the next few years. The development of IoT here is at its tipping point and exponentially growing adoption of IoT devices will further boost safety, security, and privacy requirements. The market growth is also likely to be fuelled by surging demand for cloud-based solutions in the region. With healthcare industry embracing connected devices across a variety of sectors, IoT security market in the region is expected to see a major uptrend in the near future.

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