IoT Security Market Size Booms as Cyber Threats Continue to Rise | CAGR of 31.20%
Growing number of connected devices and the increasing number of cyber threats is driving the growth of IoT security market.
PORTLAND, PORTLAND, OR, UNITED STATES, May 11, 2023 /EINPresswire.com/ — The global IoT security market was worth $8.472 billion in 2018 and is expected to reach $73.918 billion by 2026, increasing at a 31.20% CAGR from 2019 to 2026.
The rise in the number of ransomware attacks on various IoT devices, as well as the rise in the number of IoT security rules in developing economies, are driving market expansion. Furthermore, the surge in malware and phishing threats among various companies drives market expansion. However, financial constraints among organisations and the high cost of IoT security solutions are impeding market growth.
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The Internet of Things (IoT) Security market is being driven by a number of factors, including the growing number of connected devices and the increasing number of cyber threats. With the number of connected devices projected to grow exponentially over the next few years, there is a pressing need for robust security solutions to protect against potential vulnerabilities and attacks. The rise of edge computing and the deployment of IoT devices in remote locations have also created new security challenges that must be addressed.
Additionally, the increasing adoption of cloud-based IoT platforms and the need for compliance with industry regulations and standards are driving the growth of the IoT security market. Many organizations are now turning to security solutions that offer real-time threat detection and mitigation capabilities, as well as solutions that can help them meet regulatory compliance requirements. With the growing importance of data privacy and security, IoT security has become a critical component of many organizations’ overall security strategies. As a result, the IoT security market is expected to continue to grow rapidly in the coming years.
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The IoT Security market is witnessing a number of trends that are shaping the industry. One major trend is the increasing adoption of artificial intelligence (AI) and machine learning (ML) in IoT security solutions. These technologies enable real-time threat detection and response, and can help to identify anomalies and potential attacks before they occur. AI and ML can also help to automate security processes, freeing up security teams to focus on more strategic initiatives.
Another trend is the shift towards a more holistic approach to IoT security. As the number of connected devices continues to grow, organizations are realizing that they need to take a more comprehensive approach to security, one that encompasses the entire IoT ecosystem. This includes not only the devices themselves but also the networks they operate on and the data they generate. As a result, there is an increasing focus on end-to-end security solutions that can provide visibility and protection across the entire IoT infrastructure. This holistic approach to IoT security is expected to drive the development of new security solutions and services in the coming years.
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The report analyses the profiles of key players operating in the market IBM Corporation, Intel Corporation, Infineon Technologies AG, Cisco Systems Inc., Broadcom, Gemalto NV, Fortinet Inc., SecuriThings, Palo Alto Networks Inc. and Trend Micro Incorporated. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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