Rapid growth of IoT ecosystems, escalating cyber threats, stringent regulations, and rising demand for data protection drive the IoT security market.
PORTLAND, OREGON, UNITED STATES, July 11, 2023/EINPresswire.com/ — The Global IoT Security Market was estimated to be worth $8.472 billion in 2018, and it is anticipated to rise to $73.918 billion by 2026, with a CAGR of 31.20%.
The market is growing as a result of an increase in ransomware attacks on different IoT devices and an increase in IoT security legislation among developing nations. Additionally, the market is growing as a result of an increase in malware and phishing threats among various businesses. Budget restrictions inside enterprises and pricey IoT security solutions, however, restrain the market’s expansion. Additionally, it is anticipated that the growing demand for IoT security solutions and their adoption by a number of emerging countries would offer significant potential for the market’s future growth.
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The IoT security market is witnessing a notable trend in response to the increasing complexity of the IoT threat landscape. As the number of connected devices grows exponentially, so does the potential attack surface. Cybercriminals are targeting vulnerabilities in IoT devices, networks, and applications to gain unauthorized access or compromise data. This trend is driving the demand for comprehensive IoT security solutions that can mitigate the evolving threat landscape and protect IoT ecosystems.
Another significant trend in the IoT security market is the adoption of artificial intelligence (AI) and machine learning (ML) technologies. AI and ML algorithms can analyze vast amounts of data generated by IoT devices to identify patterns, detect anomalies, and proactively respond to security threats. These technologies enable real-time threat detection, automated incident response, and improved security posture for IoT networks. The integration of AI and ML in IoT security solutions is expected to enhance threat intelligence and enable proactive defense mechanisms.
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With the increasing concerns surrounding IoT security, there is a growing emphasis on establishing IoT security standards and regulations. Governments and regulatory bodies are actively working towards defining guidelines and frameworks to ensure the security and privacy of IoT deployments. Compliance with these standards not only helps organizations demonstrate their commitment to security but also fosters trust among consumers and business partners. The trend towards IoT security standards and regulations is driving the adoption of security measures and solutions across various industry verticals.
The convergence of IoT security with edge computing is an emerging trend in the market. As IoT deployments become more distributed and edge computing gains traction, security solutions are being deployed closer to the edge. Edge-based security measures offer advantages such as reduced latency, improved data privacy, and localized threat detection and response. This trend allows organizations to secure IoT data and communications at the network edge, ensuring end-to-end protection and better performance for IoT applications.
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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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