Global Healthcare IoT Security Market to Observe Considerable Growth as Cyberattacks Record Increasing Numbers

According to the estimations put forth by Inkwood Research, the Global Healthcare IoT Security Market is anticipated to project a CAGR of 21.88% in terms of revenue during the forecasting years of 2021-2026.

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IoT (Internet of Things) is gradually transforming and altering processes across various divisions, making them more effective and efficient. Similarly, healthcare is among the critical sectors adopting IoT, with the overall infrastructure being upgraded for satisfying the increasing customer demand. In addition, IoT has also increased telemedicine's viability. For instance, doctors can now regularly monitor patient health, while making suitable recommendations, accordingly. This factor has led to improved outcomes and reduced treatment costs, as well.

Increasing Cyberattacks Propel Market Growth

In the present age of technology and information proliferation, connected devices are the cornerstone aiding effective data processing for device segments. In this regard, the Internet of Things (IoT), as well as the widespread acceptance of connected ecosystems, have significantly revolutionized industries, such as, infrastructure, agriculture, electronics, and healthcare. However, manufacturers fail to implement robust security features across connected devices, resulting in increased data breaches. These include, phishing, malware attack, SQL injection attack, and denial-of-service. Besides, the threat of DDoS (distributed denial-of-service), in addition to malware attacks, have surged substantially.

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Solution is the Dominating Component

Under the component category, the solution segment entails different platforms and software, particularly for analyzing and monitoring external and in-house risks. They enable the organization to leverage the best returns from their data, either by implementing better decisions or bringing in more revenue. In 2020, the segment dominated the overall healthcare IoT security, and is anticipated to remain dominant over the forecast period. The growth is mainly accredited to the increased adoption of IoT devices across the healthcare sector. Moreover, the market's leading players are also executing multiple strategies, in order to enhance their product portfolio.

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Asia Pacific to Lead the Global Market by 2026

The Asia Pacific is set to be the fastest-growing region over the forecast years, owing to the increasing use of mobile data, the growing penetration of the internet, and the major shift towards digitizing the healthcare infrastructure. Moreover, the region's government also actively invests in IoT security services and solutions, as well as for improving the healthcare infrastructure.

The global healthcare IoT security market constitutes several international and regional players, aiming to acquire added traction in a relatively contested market space. Hence, the market is characterized by moderate to high product differentiation, increased product penetration, and intensified competition. Some of the distinguished companies operating in the market include, Cisco Systems, Intel Corporation, IBM Corporation, Microsoft Corporation, etc.

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GLOBAL IOT SECURITY MARKET (https://inkwoodresearch.com/reports/iot-security-market/)

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