Healthcare IoT Security Market Size, Share Analysis, Growth, Trends, Competitive Landscape And Forecast 2024-2033 | Microsoft Corporation, Deutsche Telekom AG, Dell Corporation, Intel Corporation, IBM Corporation, Cisco Systems

The healthcare IoT security market size has grown exponentially in recent years. It will grow from $2.12 billion in 2023 to $2.74 billion in 2024 at a compound annual growth rate (CAGR) of 29.0%. The growth in the historic period can be attributed to need for robust protection, regulatory mandates emphasizing the importance of healthcare data security, continuous digital transformation in healthcare, economic growth, and urbanization.

The healthcare IoT security market size is expected to see exponential growth in the next few years. It will grow to $7.60 billion in 2028 at a compound annual growth rate (CAGR) of 29.0%. The growth in the forecast period can be attributed to rising cybersecurity concerns, increasing adoption of IoT in healthcare for enhanced patient care, rising data privacy concerns, and government initiatives. Major trends in the forecast period include advances in IoT technologies, integrating blockchain for data integrity, development of innovative, specialized security solutions for healthcare IoT, technological advancement, and increasing partnerships.

Market Overview -
Healthcare Internet of Things (IoT) security refers to a network of linked devices that can collect and distribute data without the need for people. These solutions aim to mitigate the security risks associated with medical IoT devices and ensure the protection of patient data and care.

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Surging Cybersecurity Concerns Propel Growth In The Healthcare IoT Security Market
Rising cybersecurity concerns are expected to propel the growth of the healthcare IoT security market going forward. Cybersecurity concerns refer to the potential threats, risks, and vulnerabilities associated with the use of information technology and digital systems. Healthcare IoT security reduces cybersecurity risks in the healthcare sector by guaranteeing the security of private patient information and medical records. For instance, in November 2022, according to the Australian Cyber Security Centre, an Australia-based government agency, a rise of about 13% was observed in the number of cybercrime reports received in 2021-2022, totaling 76,000. Additionally, in September 2023, AAG, a provider of IT support services, reported that 39% of UK companies reported encountering a cyberattack in 2022, and cybercrime affected 53.35 million individuals in the United States. Therefore, rising cybersecurity concerns are driving the growth of the healthcare IoT security market.

Competitive Landscape -
Major companies operating in the healthcare iot security market report are Microsoft Corporation, Deutsche Telekom AG, Dell Corporation, Intel Corporation, IBM Corporation, Cisco Systems, Oracle Corporation, Klynveld Peat Marwick Goerdeler, Palo Alto Networks Inc., Fortinet Inc, Symantec Corporation (NortonLifeLock), Checkpoint Software Technology, Trend Micro Inc., AO Kaspersky Lab, Kaspersky Lab, Sophos Group Plc, Claroty, Eurotech SpA, Atmel Corporation, Inside Secure SA, CloudWave, Cynerio, ICterra, Medigate by Claroty, Asimily, Waracle, CyberMDX, SecureFLO LLC, Agile Cyber Security Solutions LLC, Intelen Inc., Security Mentor

Innovative Security Solutions For Medical Devices Drive Advancements In The Healthcare IoT Security Market
Major companies operating in the healthcare IoT security market are developing innovative products, such as security solutions for medical devices, to better serve customers with advanced features. A security solution for medical devices refers to a set of measures, technologies, and practices designed to protect the confidentiality, integrity, and availability of medical devices and the sensitive data they handle. For instance, in December 2022, Palo Alto Networks Inc., a US-based cybersecurity company, launched Medical IoT Security, a zero-trust security solution. The distinctive feature of Palo Alto Networks Medical IoT Security lies in its capability to deploy and manage emerging connected technologies for healthcare organizations swiftly and securely. Leveraging a zero-trust strategic approach to cybersecurity, this solution ensures enhanced security by consistently verifying every user and device, eliminating implicit trust. Through the integration of machine learning (ML), Palo Alto Networks Medical IoT Security empowers healthcare organizations to establish device rules accompanied by automated security responses. Additionally, it facilitates the automation of Zero Trust policy recommendations and enforcement.

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Key Segments -
The healthcare iot security market covered in this report is segmented -
1) By Component: Solution, Services
2) By Security Type: Application Security, Cloud Security, Endpoint Security, Network Security, Other Security Types
3) By End-use: Hospitals, Surgical Centers, and Clinics, Government and Defense Institutions, Clinical Research Organizations, Research and Diagnostic Laboratories

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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