The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on IoT Security Market Report. The growth sectors of the IoT Security Market Report are identified with precision for a better growth perspective.
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.
Commenting on the report, an analyst from Market Research Future (MRFR)’s team said:
“Among the wide application in end-user sectors, BFSI is expected to occupy largest market share due to its high adoption of internet security products to save its critical financial infrastructure. Also, to protect huge critical data & information of its millions of customers, it need to have secure and strong key management system thereby increasing growth of IoT security market. However, lack of awareness regarding IoT security solutions available in the market is expected to hinder the growth of IoT Security market in the forecast period 2016-2022”
According to the report, geographically, North America is expected to boost the market growth of IoT Security tools & services in the forecast period 2016-2022. The growing adoption of technology devices for data transmission by organizations namely smartphones, smart detectors, smart infrastructure, cloud database and many more, the need of deploying security solutions for these devices is also increased in the region. Companies such as Cisco systems, Verizon enterprise solutions, Microsoft Corporation is offering various security solutions for these smart devices thereby increasing market potential of IoT security in North America region. Europe, on the other hand, has considered to support North America in generating high revenue for IoT Security market due to rising initiatives by European commission to deploy cyber security solutions in IoT devices namely web connected security cameras, routers, and digital video cameras. Also, Asia-Pacific is expected to be the fastest growing region in IoT Security market due to growing adoption of IoT security solutions among small & medium size enterprises in the region.
Market research Future has segmented the global IoT Security market into its various types and end-users. By types, IoT Security market is classified into network security, application security and cloud security. It is serving many end-users sectors namely Retail, Manufacturing, Healthcare, Transportation, Energy & utilities, IT, BFSI and others.
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