Global IoT Security Market Projected to Hit USD 1,27,768.8 million at a 23.7 % CAGR by 2030

Market Overview
By 2030, the IoT Security Market is projected to grow at a CAGR of 23.7 % and hit USD 1,27,768.8 million.
IoT security is a branch of technology that offers defenses against unauthorized access to centralized user hubs, networks, other connected devices, and smart devices. Businesses in this sector offer security solutions to fend off IoT security concerns like remote car hijacking, privacy breaches, brute force password attempts, and others.

The industry is expanding in part due to the increase in the frequency of cyberattacks on IoT systems. Because IoT devices are older and don't get serviced or upgraded as frequently as other instruments these days, the industry's main driver is the growing adoption of cloud-based technologies by businesses and organizations.

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There is an increased requirement for high-level security as the medical and industrial sectors quickly transition from on-premises information storage to cloud-based file storage. The volume of computer media has increased due to the widespread usage of cellphones and evolving internet services like 3G and 4G. This makes telecommunications systems more vulnerable to data loss or computer hackers.
The majority of businesses now permit employees to work from home as a result of the recent COVID-19 event. As a result, the Bring Your Device (BYOD) movement has seen a sharp rise in popularity. As fewer effective security solutions are available on the market, endpoint security is growing in popularity during shutdown time due to the potential vulnerability of these devices. According to the report, COVID-19 has also highlighted the need for managed IoT security services to secure both company and employee data.

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Market Segmentation
By Type
Network security, endpoint security, application security, cloud security, and others are the key types. The integrity, confidentiality, and accessibility of computer networks and data are protected by a specified set of rules and configurations that use both software and hardware technologies. Over the forecast period, network security will dominate the market by type.
By Solution
The market is divided into security analytics, identity access management, data encryption, secure communication, device authentication, and management, trusted identification, tokenization, and other solutions based on the kind of solution.
By Technology
The IoT security industry is divided into three categories based on technology: facial, iris, and fingerprint identification.
By Vertical
The market is divided into retail, manufacturing, medical, transportation, energy and utilities, information and telecommunications, banking & financial services, and others based on the different forms of propulsion. Over the projection period, the market will be dominated by utilities and energy.

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Regional Classification
Due to the significant number of enterprises that have deployed IoT security services and solutions to safeguard their IoT devices, such as sensors, North America held the greatest market share. The United States, Canada, and Mexico are the three regions of the North American industry that will be analyzed.

Industry News
In February 2020, Cisco announced the launch of SecureX, a next-generation Cloud-Native Platform that simplifies security while tackling complexity. Faster detection systems and response times are a result of increased visibility across the entire security portfolio, the delivery of security analytics, and the automation of procedures.

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