The Internet of Things (IoT) Security Market is Expected to Reach $29.02 Billion by 2022 with CAGR of 34.4%

DALLAS, TX / ACCESSWIRE / February 15, 2021 / According to new report added in Report Banana offerings, there are significant money making opportunities available in the Internet of Things (IoT) Security Market. Companies planning to enter this market need to prepare and differentiate to maximize their return on investment.

In terms of opportunities, the internet of things (IoT) security market is expected to grow from $6.62 billion in 2017 to USD 29.02 billion by 2022; it is expected to grow at a CAGR of 34.4% during the forecast period. Market for integration services among the professional services segment is expected to gain maximum traction during the forecast period and network security is estimated to have the largest market size in IoT security market during the forecast period.

The growing instances of ransomware attacks on IoT networks, mandates the critical need for reliable IoT security solutions. IoT security is gaining importance due to increasing IoT deployments and thereby growing vulnerability of the network and devices to various cyber-attacks such as ransomware attacks. Today IoT has managed to be an integral part of day to day life and hence security aspect associated with it is important. Organizations with IoT deployments are implementing optimum security mechanisms to ensure confidentiality of the data. Today IoT security is important not only for data security of enterprises but also for crucial entities such as human lives and national intelligence

Installation and integration services play major role in ensuring security of the IoT network which comprises of numerous IoT devices, sensors and actuators by implementing security measures to system. Integration service providers help commercial clients implement a secure network across the deployed IoT system by integrating and ensuring that IoT security solutions are in line with the business processes.

Network security comprises of wireless communication & remote access security, and gateway. For secure communications over wireless devices, various secure protocols such as LPWAN, Zig-bee, 6LowPAN, Bluetooth, Z-Wave, and NFC are used. Also, Gateway anti-virus and anti-spyware are used to ensures security of IoT/M2M gateway, intrusions, viruses, spyware, worms, trojans, adware, keyloggers, malicious mobile code (MMC) by using techniques such as ACLs, IDS/IPS, and filtering. Security over wireless netowrk is crucial in IoT systems as it carries voluminous and important data over network and is vulnurable for malacious attacks.

Prominent players profiled in this report include PTC, Inc. (US), Symantec Corporation (US), Verizon Enterprise Solutions (US), Trustwave (US), Check Point Security Software Technologies Ltd. (US), Cisco Systems, Inc. (US), IBM Corporation (US), Infineon Technologies (Germany), Gemalto NV (Netherlands), AT&T, Inc. (US), etc.

Significant Aspects of the Report and Main Highlights:

  • Changing business trends in the internet of things (IoT) security market
  • Market segment analysis at different level such as type, solutions, services, application area and regions
  • Historical and forecast size of the internet of things (IoT) security market in terms of revenue
  • Major drivers and opportunities pertaining to the internet of things (IoT) security market
  • Competitive landscape and player positioning analysis for the market
  • Key product offerings by major players and business strategies adopted
  • Key challenges faced by operating players in the market space
  • Analysis of major risks associated with the market operations

The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth. It would also help to understand the competitors better and gain more insights to improve their position in the business.

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