IoT Security Market size was valued at US$ 14.89 Bn. in 2021 and the total revenue is expected to grow at a CAGR of 22.1% through 2022 to 2029, reaching nearly US$ 73.60 Bn.
A global market research and intelligence report on IoT Security has been released by The Maximize Market Research. Developing countries in the APAC area, including India, Malaysia, and Malaysia, are creating more market potential for orange extract. For the major companies in the sector, Bangladesh and Vietnam present profitable potential. The 34 nations that are supposedly desirable travel destinations for industrial stakeholders are covered by the report from around the world. The primary actors chosen for profiling and benchmarking are chosen based on their geographical dominance, global reach, and likely investment criteria.
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IoT Security Market Overview:
In-depth analysis of statistics on current and emerging trends sheds light on the dynamics of theIoT Security Market. The paper discusses Porter's five forces in order to assess the significance of numerous elements, such as dangers posed by diverse agents, competitive strength, and promising young businessmen to comprehend a resource. The research did a micro level analysis of each country to establish the total market size by countries and segments. Using a bottom-up approach, the size of the regional and global markets is estimated. It is feasible to ascertain the contribution of the unorganised market to the size of the overall market by performing a micro level analysis of each country. Interviews with influential businessperson in the area are then used to confirm the findings. This study is unique and an investor's guide due to the SWOT analysis of each player, PESTLE analysis, and Porter's analysis benchmarking of major players on several metrics. Each player's supply and consumption data is derived from official government sources, third-party databases, and, in the case of listed companies, annual reports. If a company's annual reports are not made public, it is possible to request them through the tax division of the local government.
IoT Security Market size was valued at US$ 14.89 Bn. in 2021 and the total revenue is expected to grow at a CAGR of 22.1% through 2022 to 2029, reaching nearly US$ 73.60 Bn.
IoT Security Market Dynamics:
Digitally connected equipment and applications are infiltrating every element of human life in the Internet of Things era, including homes, offices, cars, and even human bodies. Connected objects have all been smartly calibrated to take full advantage of the advantages of being online. As IPv6 is implemented and Wi-Fi networks are widely deployed, the Internet of Things is growing at a rapid rate. Cybercriminals are becoming more attracted to the Internet of Things as a result. If a device is hacked, it's easy to reset it and apply new fixes. Hackers have a hard time exploiting IoT devices due to their diversity, requiring different methods to target each.
These hackers, on the other hand, are bypassing these obstacles by targeting the correct equipment at the right time and location, preventing it from being reset and forcing the owners to pay the ransom. According to Kaspersky's research, cyber attacks against internet-of-things (IoT) devices increased by 100% in the first six months of 2021. More than 1.5 billion IoT threats have been detected by the organisation, up from 639 million in the previous half-year, which is more than double the amount. These terrifying vulnerabilities discovered on IoT devices have pushed IoT security to the top of the priority list of issues that must be solved as soon as possible. Because of the increased severity and frequency of ransomware attacks, IoT suppliers are being forced to develop security solutions for IoT ransomware, which is driving the market.
The lack of awareness regarding security that is associated with the appropriate company portfolio is hampering the IoT security market's growth. In Latin America, the Middle East, and North Africa, a majority of customers do not know and cannot utilize the security goods and services available in the market.
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IoT Security Market Segmentation:
Based on the Application Area, the market is segmented into Smart Manufacturing, Smart Energy and Utilities, Connected Logistics, Smart Home and Consumer Electronics, Connected Healthcare, Smart Government and Defense, Smart Retail, and Other Application Areas. Smart Energy and Utilities segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2022-2029. This is due to the increased use of IoT in various devices such as smart metres, smart appliances, and renewable energy resources.
Energy and utility industries are being revitalised by the Internet of Things, which allows them to take advantage of new business-enhancing and cost-cutting technologies and practises. IoT allows for continuous monitoring of widely dispersed processes, automated remote infrastructure control, and the deployment of efficient smart-grid technology, among other things. Most importantly, IoT devices provide a steady supply of Big Data, allowing for more in-depth business insights and better-informed decision-making.
The research offers a thorough analysis of the market's presence across numerous industries and countries. By doing a detailed geographic analysis of the industry, the research analyst seeks to identify untapped development potential that may be used by companies in various parts of the world. GlobalIoT Security Market research offers precise information that helps market participants successfully compete with their biggest rivals based on growth, sales, and other important factors. Significant market elements like market drivers and barriers are distinguished from crucial development prospects and industry trends in the research study.
Key players:
• Microsoft (US)
• AWS (US)
• Google (US)
• IBM (US
• Intel (US)
• Cisco (US)
• Ericsson (Sweden)
• Thales (France)
• Allot (Israel)
• Infineon (Germany)
• Atos (France)
• Magiccube (US)
• Dragos Security (US)
• Claroty(US)
• Karamba Security (Israel)
• Vdoo (JFrog) (US)
• Forgerock (US)
Reasons to Purchase theIoT Security Market Report:
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Maximize Market Research provides B2B and B2C research on 12,500 high growth emerging opportunities & technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Bever
IoT Security Market , IoT Security Market Size , IoT Security Market Research , IoT Security Market Trend
Nov 24, 2022
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