The high adoption of billions of internet connected devices has made the human life easy but on the other hand it has also increased the potential risk & implications of using them as anyone having web connectivity solution might harm the information via hacking, phishing, web hijacking and by other tools. To protect the data over cloud, IoT security solutions over network, applications, and on cloud is been implemented by organizations to protect their critical information on the web.
The growing adoption of cloud based technology in place of standard data storage methods, and growing network based services such as 3G and 4G are some of the drivers supporting the growth of IoT security market in upcoming future.
According to Market Research Future Analysis, The Global IoT Security market is estimated to reach around USD 41 billion by 2022 growing with approximately 31% CAGR during forecast period 2016–2022.
Market Research Future (MRFR) recognizes the following companies as the key players in the global IoT Security market include Cisco Systems, Inc. (U.S.), IBM Corporation (U.S.), Verizon enterprise solutions (U.S.), Symantec AG (Germany), Infineon Technologies AG (Germany), Intel Corporation (U.S.), AT&T Inc. (U.S.), Gemalto NV (U.S.), General Electric (U.S.), Sophos Group PLC (UK) and others.
The large-scale integration of IoT services into enterprise assets and consumer-driven gadgets have led to an increase in cyber-crimes. This, in turn, has fueled demand for IoT security solutions in the world. Additionally, the adoption of cloud-based technology by organizations and governments is expected to favor the growth and expansion of the global IoT security market.
IoT security solutions have been efficiently embraced by different industry verticals such as retail, healthcare, BFSI, etc. and the trend is poised to perpetuate over the next few years. However, complex security infrastructure and lack of awareness about various available security methods are projected to restrict the market proliferation during the assessment period.
By type, the global IoT security market has been segmented into network security, application security, cloud security and others.
By end-users, the IoT security market is segmented into retail, manufacturing, healthcare, transportation, energy & utilities, IT, BFSI and others.
By region, the global IoT security market has been segmented into North America, Europe, Asia Pacific, and Rest of the World. North America is expected to capture a relatively higher share of the market globally. The early adoption of the IoT technology in the region has opened avenues of growth opportunities for the IoT security market players. The presence of key players in the region coupled with increasing cybersecurity threats has paved the way for innovations in IoT security solutions. This, in turn, is poised to fuel demand in the market over the next couple of years.
Europe is one of the significant growth pockets in the global market. The tremendous potential exhibited by the region can be ascribed to the initiatives undertaken by the European Commission and other government bodies for the promotion of IoT security solutions for shoring up cybersecurity in the region.
Asia Pacific is projected to show a steeper rise in the growth of the IoT security market during the forecast period. The increasing cyber-crime in the region has fueled the demand for IoT security services especially by SMEs, which is likely to drive the growth of the market in the region.
More Information@ https://www.marketresearchfuture.com/reports/iot-security-market-2256
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