The size of the global IoT security market was estimated at USD 2,221.0 million in 2019 and is expected to grow to USD 20,776.1 million by 2027, with a projected CAGR of 32.3%.
98% of IoT device traffic is unencrypted, according to Palo Alto Networks, Inc.'s Unit 42 IoT Threat March 2020 report. This data demonstrates how most sensitive and private information on the network is susceptible to hacker attacks. Because of the Internet of Things' increasing benefits and rising popularity, it is crucial to implement advanced security management of IoT networks and devices.
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Based on channel, deployment mode, application, end-use vertical, and geography, the study thoroughly segments the global data visualization market. Each segment and its corresponding sub-segments are thoroughly examined in the report using a graphical and tabular representation. By using it to identify and develop strategies based on the fastest-growing market segments and those with the highest revenue creation, as highlighted in the report, market players, investors, and new entrants can all profit from this analysis.
COVERAGE OF REPORTS
The leading regions of the world are highlighted in the IoT security market research report to provide a better understanding of the user. The report also explores the most recent business trends and examines the technologies spreading quickly across the globe. The report looks at different paradigm shifts connected to the evolution of security solutions. It also highlights a few growth-inhibiting elements and constraints, assisting the reader in developing a thorough understanding of the market.
Key Industry Developments:
Infineon Technologies AG and Qualcomm Technologies, Inc., both of which have their corporate headquarters in California, worked together in March 2020 to develop a 3D authentication prototype that was based on the Qualcomm Snapdragon 865 Mobile Platform.
KEY INDUSTRY PLAYERS
Reduced costs, increased customer assurance of IoT security, and collaborative IoT knowledge are the IoT security benefits of partnerships most likely to be realized. Partnerships and strategic partnerships are likely to be adopted by market participants like Intel Corporation, Mocana Corporation, and Fortinet Inc. as their practical business strategies. For example,
List of Key Companies Profiled:
- Cisco Systems Inc. (California, United States)
- IBM Corporation (New York, United States)
- Intel Corporation (California, United States)
- Thales Group (Gemalto) (La Défense, France)
- ForgeRock (California, United States)
- Infineon Technologies AG (Neubiberg, Germany)
- Mocana Corporation (California, United States)
- Norton LifeLock Inc. (Arizona, United States)
- Allot Ltd. (Hod Hasharon, Israel)
- Fortinet, Inc. (California, United States)
- New Sky Internet Limited (Hong Kong)
- Others
RESTRAINING FACTORS
In a networked environment, heterogeneous devices can communicate with one another in distributed environments using a variety of networking protocols. Applying updates, such as security patches, firmware updates, or software updates, presents a number of difficulties. Because of the expanding IoT deployments, failure to manage device updates is likely to impede the growth of the key markets.
REGIONAL INSIGHTS
North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America are the five main geographic divisions of the market. Countries are further divided into regions. It is anticipated that North America will take the lead in the global market. Asia Pacific is anticipated to experience rapid growth.
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