IoT Security Market is Forecasted to Reach US$ 54.29 Billion in 2029, Says Stratview Research

The global IoT security market is projected to witness a growth rate of 19.3% annually from 2023 to 2029, with an anticipated size of US$ 54.29 billion by 2029, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global IoT security market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/3247/IoT-security-market.html#form

Report Highlights:
Market Size in 2029: US$ 54.29 billion
Growth (CAGR): 19.3% during 2023-2029
Forecast Period: 2023-2029
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 8
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the IoT Security Market:

The global IoT security market is segmented based on type, component type, solution type, service type, deployment type, organization size type, application type, and region.

Based on type - "IoT security solutions witness a higher growth rate over the forecast period."
The market for IoT security solutions is expected to experience significant growth during the forecast period. The need for security in IoT networks is crucial to protect confidential data and maintain control over connected devices. With the widespread adoption of IoT across various industries, it is necessary to ensure that the security measures are in line with the specific industry requirements.
The rise in IoT deployments has led to an increase in the frequency of cyberattacks, making IoT security solutions all the more important. These solutions provide security through various methods, including identity access management, data encryption and tokenization, intrusion detection and prevention systems, device authentication and management, secure software and firmware updates, secure communications, public key infrastructure management, DDoS protection, security analytics, and other solutions like virtual firewall and incident response systems.

To know the most attractive segments, click here:
https://www.stratviewresearch.com/3247/IoT-security-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific to account for the highest market growth over the forecast period. This growth outlook is majorly attributed to the following-

• The Asia Pacific region, made up of major economies such as Singapore, Japan, China, India, and Australia, is a prime market for IoT security vendors, offering ample growth opportunities. The region is predicted to experience the fastest growth rate in the forecast period due to a combination of factors.
• Firstly, there are growing government initiatives, as well as the increasing demand for quick computing, virtualized environments, analytics, security, digitalization, and high-volume networking. Secondly, the overall speed and responsiveness of the internet are also on the rise, further driving the growth of the IoT security market.

IoT Security Market Drivers:

Some of the key drivers listed in the report are given below.
IoT vulnerabilities opening up new possibilities for hackers

The IoT era has seen rapid growth in connected devices and applications that are infiltrating all aspects of human life, including homes, offices, cars, and even the human body. With the spread of IPv6 and Wi-Fi networks, the IoT is expanding at a fast pace, but this growth has also made it a prime target for cybercriminals.

IoT devices are diverse, making it difficult for hackers to target them, but they are overcoming this by attacking the right device at the right time and place. According to Kaspersky's research, in H1 2021, there was a 100% increase in cyberattacks on IoT devices, with over 1.5 billion attacks detected, more than twice the previous six months.

The increasing number of ransomware attacks and the severity of these attacks have made IoT security a pressing issue that needs to be addressed quickly. This is driving the growth of the IoT security market as IoT vendors work to develop security solutions to protect against IoT ransomware.

Top Companies in the IoT Security Market:
Stratview Research has identified the following companies as the top market players.
• Allot
• Amazon Web Services
• Atos
• Cisco
• Ericsson
• Google
• IBM
• Infineon
• Intel
• Microsoft
• Thales

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the IoT Security Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:
• Security Analytics Market: https://www.stratviewresearch.com/2876/security-analytics-market.html
• Identity and Access Management Market: https://www.stratviewresearch.com/2726/identity-and-access-management-iam-market.html

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This release was published on openPR.