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IoT Security Market: Comprehensive Analysis of Industry Demand, Technological Innovations, Market Size, Share, and Future Forecasts
IoT Security Market
As per the report, the iot security market size has grown exponentially in recent years. It will grow from $6.73 billion in 2023 to $8.86 billion in 2024 at a compound annual growth rate (CAGR) of 31.8%. The iot security market size is expected to see exponential growth in the next few years. It will grow to $26.82 billion in 2028 at a compound annual growth rate (CAGR) of 31.9%.
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Fostering Sustainable Development Through Iot In Smart Cities Enhancing Security And Efficiency
As the population is growing, the need for sustainable development is of more important. Smart cities are well equipped with handling high traffic, population control, and better security for people. The execution for such a task can be done by installing IoT Devices in the smart cities. This involves connecting devices to one another, exchange data in a secured manner, forming a pattern and then providing a final solution. The remotely connected CCTV and automated incident detection (the use of computers to continuously monitor traffic conditions and detect incidents or traffic queues) allow a quicker response to threats. IoT led crowd management solutions help monitor and manage crowds of people across all sorts of gatherings. Smart street lighting helps to lower crime rates and improve driving conditions. This rising demand for security in the smart cities increases investment in the IoT Security Market. For instance, as on 12 November 2021, Indian Central Government released ₹ 27,235 crore ($ 3.67 billion) to States/Union Territories for the Smart Cities.
Blockchain Technology's Rising Influence In IOT Security Market
The increasing usage of block chain technology in order to protect data of IoT devices, enhance transparency and security, reduce costs, and increase efficiency is a new trend in the IoT Security market. Block chain is a distributed decentralized ledger and underlying technology of bitcoin (a cryptocurrency) which is shared database (can be saved, owned, updated at different levels), not managed by central authority, comprising secure transactions, authenticated and verifiable. The block chain technology is integrated into IoT networks to provide additional privacy and security. It helps in reduction of processing time and cost, records transactions of all connected IOT devices, ensures tracking connected devices, coordinates these devices and aid smooth transaction process, provides efficiency to compliance issues, avoid re-entries, data leakages and frauds, minimize time to settle losses and ensures cryptographic security. For instance, Atonomi provides IoT security solutions to IoT developers and manufacturers with blockchain based immutable identity and reputation tracking. Moreover, in August 2021, according to an article published by Aksjebloggen, a Norway-based provider of financial information, by 2024, it is anticipated that global spending on blockchain solutions will increase by 188% and reach $19 billion. In 2020, global spending on blockchain solutions is by 66% year over year. According to statistics, this amount is predicted to rise by $2.1 billion in 2021 and then by another $12.4 billion during the following three years.
The iot security market covered in this report is segmented -
1) By Type: Network Security, Endpoint Security, Application Security, Cloud Security, Other Types
2) By Component: Solution, Services
3) By Application: Healthcare & Life Sciences, Infrastructure & Cities, Industrial System & Sensors, Smart Home & Consumer, Transport & Urban Mobility
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Major companies operating in the iot security market report are AT&T Inc., Huawei Technologies Co. Ltd., Siemens AG, Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Verizon Enterprises Solutions LLC, HP Enterprise Company LLC, Infineon Technologies AG, Fortinet Inc., Symantec Corporation, Gemalto NV, ARM Holdings plc, Check Point Software Technologies Ltd., PTC Inc., Alcatel-Lucent SA, Forgerock Inc., Trustwave Holdings Inc., NSIDE Secure Inc., Allot Communications Ltd., Armis Inc., Sophos Group plc, Broadcom Inc., Wurldtech Security Inc., Centri Security Inc., SecuriThings, Mocana Corporation, Newsky Security Inc., Axeda Machine Cloud LLC, NETCOM On-Line Communication Services Inc., Palo Alto Networks Inc., Rapid7 Inc., SimpliSafe Inc., Cradlepoint Inc., SonicWall Inc., Medigate Corporation, CyberMDX Healthcare Cybersecurity, Entrust Datacard Corporation, Microsoft Corporation, Amazon Web Services, Google LLC, Ericsson AB, Thales Group, Atos SE
Contents of the report:
1. Executive Summary
2. IoT Security Market Report Structure
3. IoT Security Market Trends And Strategies
4. IoT Security Market - Macro Economic Scenario
5. IoT Security Market Size And Growth
…..
27. IoT Security Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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