PRESS RELEASE
Published April 24, 2023
mir is one of the world’s leading market research firms, is pleased to announce its latest IoT Security Market report 2023-2029, covering all features of the market and providing up-to-date information on current trends.
The IoT Security Market Report is a valuable source of insightful data for business strategists and new opportunities. The Report Offers business overview and improvement analysis, historical and future cost, revenue, including SWOT evaluation, Porter’s five forces analysis, supply and demand data. The Research analysts provides a complete description of the value chain and its distributor study. The IoT Security Market Research provides comprehensive data to enhance the understanding, scope, and application of this report.
The global IoT security market size was estimated at USD 1490.34 billion in 2023 and is expected to hit around USD 7994.97 billion by 2029 with a CAGR of 69.71% during the forecast period.
IoT Security Market competition by top manufacturers as follow:
Companies covered are, Cisco Systems, IBM, Infineon Technologies, Intel, Symantec, ARM, NXP Semiconductor, INSIDE Secure, Gemalto, Trend Micro
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Market Segments by Types
IoT Security Breakdown Data by Type
Network Security
Endpoint Security
Cloud Security
Application Security
Other
Market Segments by Applications
Manufacturing
Retail
Healthcare
Energy Management
Building and Home Automation
Transportation
Other
Opportunity: Development of smart infrastructure
Infrastructural initiatives, such as smart cities and smart buildings, are conceptual models designed to deliver a set of cutting-edge services and infrastructure. A smart city can be defined as a city that efficiently deploys its ICT infrastructure to improve the quality of life and augment the efficiency of urban operations and services. The city can be considered smart if it adheres to the following components: smart transportation, smart buildings, smart utilities, and smart citizen services. Therefore, the successful implementation of smart city projects heavily depends on technologies, such as data communications, cloud, mobility, and sensors, which collectively form IoT. With the proliferation of IoT devices in the smart city ecosystem, it has become more complex to secure these devices. Hence, vulnerabilities of IoT devices and networks and their increasing role in day-to-day activities make IoT security crucial. The need to secure IoT ecosystems is gaining significant traction, which, in turn, is providing lucrative opportunities for dedicated and competent IoT security solution providers.
IoT vulnerabilities opening up new possibilities for hackers
In this era of IoT, digitally connected devices and applications are encroaching on every aspect of human lives, including homes, offices, cars, and even human bodies. All the objects have tuned smart to be able to harness the benefits of being connected to the internet. With the advent of IPv6 and the wide deployment of Wi-Fi networks, IoT is booming at an ever-expanding rate. With this, IoT is becoming an increasingly attractive target for cybercriminals. If a hacker attacks a device, it is easy to reset the device and install new patches. IoT devices are heterogeneous, and every device needs to be targeted differently, making them more challenging for hackers. However, these hackers are overcoming these challenges by targeting the right device at the right time and place, where they could not be reset, and the owners will have to pay the ransom. According to the research by Kaspersky, in the first six months of 2023, there was 100-percent growth in cyberattacks against internet-of-things (IoT) devices. The organization has detected more than 1.5 billion IoT attacks, up from 639 million during the previous half-year, which is more than twice the volume. These frightening vulnerabilities found on IoT devices have brought IoT security up the stack of issues that need to be addressed quickly. The increasing severity and instances of ransomware attacks are enforcing IoT vendors to develop security solutions for IoT ransomware, thereby driving the IoT security market.
Recent Developments:
In September 2021, AWS announced the launch of AWS IoT Device Defender. It allows users to detect behavior anomalies. The Audit One-Click feature allows customers to turn on an AWS IoT Device Defender audit with preset configurations, enabling all available audit checks and a daily audit schedule.
In September 2021, Cisco and Telstra signed a new contract to collaborate and continue their bridge regions with the powerful IoT network to help various industries, including retail, financial, and government.
Regional Outlook
Geographically, the global IoT Security market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (India, China, Japan, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)).
The Report Covers
- Market value facts evaluation of 2023 and global forecast to 2029.
- Very Country-wise valuation of key geographical areas.
- Full in-depth analysis of the IoT Security market
- Up-to-date Globally significant changes in market dynamics
- The Segmentation in depth evaluation facts of the market
- The Former, on-going, and projected market valuation in terms of volume and value
- IoT Security Market share analysis
- Key strategies of major players in IoT Security market Forecast 2022-2029
- Key companies operating in the global IoT Security market. Based on the accessibility of facts, info connected to pipeline products, and related news is also available in the report.
- Analysis of business strategies by identifying the key IoT Security market segments positioned for strong growth in the future (2023-2029).
- The report offers valuation of market-entry and market enlargement strategies.
Browse Full Report and TOC:-
https://www.marketinsightsreports.com/reports/020911751350/global-iot-security-market-research-report-2023?mode=137
Research Methodology:
We follow a robust valuation methodology that provides data triangulation based on top-down, bottom-up tactics, and authentication of the projected market numbers through main research. The info used to estimate the IoT Security market size and forecast for numerous segments at the global, county, and nation level is derived from the most reliable published sources and through interviews with the accurate stakeholders.
Following are major TOC of IoT Security Market:
Chapter 1 Global IoT Security Market Overview
Chapter 2 Globally Economic Effect on Business currently
Chapter 3 The research offers Market Competition by Manufacturers Globally
Chapter 4 All-inclusive Production, Revenue (Value) with all Region
Chapter 5 the Worldwide Supply (Production), Consumption, Export, Import by every County
Chapter 6 the Global Production, Revenue (Value), Price, innovative Trend by Type
Chapter 7 Global Market assessment by Application
Chapter 8 the Corporate Cost evaluation
Chapter 9 present Skillful Chain, Sourcing Strategy and Downstream Clients
Chapter 10 the Marketing Strategy valuation, Distributors/Traders
Chapter 11 Global Market Outcome Features valuation
Chapter 12 General Market Forecast 2029
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