IoT Security Market Size, Growth, In-depth Analysis, Research Report Forecast up to 2028: Bell Canada and Allot are key players.

Global IoT Security Market is expected to grow at a CAGR of 30.60% to reach a market size worth US$28,105.365 million by 2028.

The prime factors propelling the growth of the global IoT security market are:

• The growing adoption of connected devices.
• Increasing incidences of cyber-attacks.
• Implementation of stringent government regulations.
• Growing awareness of IoT security among businesses and individuals.

Per the study, the global IoT security market is expected to grow rapidly during the forecast period.

Global IoT security involves various strategies and measures to protect IoT devices and networks from potential cyber threats. These measures include encryption, authentication, access control, and secure communication protocols. Encryption is used to protect data in transit and at rest, ensuring that it cannot be intercepted or tampered with by hackers. Authentication and access control ensure that only authorized devices and users can access the IoT network. In contrast, secure communication protocols provide data to be transmitted securely between devices and the cloud.

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The global IoT security market has been segmented into type, component, end-user industry, and geography.

By type, the market has been classified into network, application, cloud security, and others. Network security solutions such as firewalls, intrusion detection and prevention systems, and virtual private networks are being adopted to protect IoT networks from cyber-attacks and unauthorized access. The application security segment of the global IoT security market is expected to grow due to the increasing demand for secure applications that are used to manage IoT devices and data. Application security solutions such as authentication and access control, data encryption, and vulnerability management are being used to ensure the security of IoT applications and protect them from potential cyber threats.

By component, the market has been classified into solutions and services. The demand for IoT security solutions is driven by the need to secure IoT networks and devices from potential cyber threats and attacks. IoT security solutions such as network security, endpoint security, application security, and cloud security are adopted to protect IoT devices and networks from unauthorized access, data breaches, and other security threats. The rising awareness of IoT security risks among businesses and individuals also drives the adoption of IoT security solutions, increasing its market share.

The market has been classified into BFSI, government, healthcare, transportation, retail, energy and power, and others by end-user industry. The BFSI industry is expected to significantly contribute to the growth of the global IoT security market due to the increasing adoption of IoT devices and networks in the industry. In addition, the need to secure sensitive financial data and protect financial transactions from cyber threats drives the demand for IoT security solutions and services in the BFSI industry.

The market is classified geographically into North America, South America, Europe, Middle East and Africa, and Asia Pacific. The Asia Pacific region is expected to witness significant growth in the global IoT security market due to the increasing adoption of IoT devices and networks in various industries, such as healthcare, transportation, and retail. Furthermore, the growing number of IoT-enabled devices and the rising demand for secure connectivity solutions drive the region's demand for IoT security solutions and services. In addition, the increasing focus of governments in the region on improving cybersecurity and data privacy regulations is further fueling the market's growth in the Asia Pacific.

As a part of the report, the major players operating in the global IoT security market that have been covered are Thales Group, McAfee LLC, IBM, Cisco Systems Inc, Bell Canada, Allot, Amazon Web Services, Fortinet, and Forescout Technologies.

This global IoT security market has been analyzed into the following segments:

• By Type

o Network Security
o Application Security
o Cloud Security
o Others

• By Component

o Solutions
o Services

• By End-User Industry

o BFSI
o Government
o Healthcare
o Transportation
o Retail
o Energy and Power
o Others

• By Geography

o North America

• United States
• Canada
• Mexico

o South America

• Brazil
• Argentina
• Others

o Europe

• United Kingdom
• Germany
• France
• Spain
• Others

o Middle East and Africa

• UAE
• Israel
• Saudi Arabia
• Others

o Asia Pacific

• Japan
• China
• India
• South Korea
• Thailand
• Taiwan
• Indonesia
• Others

Related Reports:

• IoT Chip Market: https://www.knowledge-sourcing.com/report/iot-chip-market

• Liot Platform Market: https://www.knowledge-sourcing.com/report/liot-platform-market

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This release was published on openPR.