According to the estimations put forth by Inkwood Research, the Global IoT Security Market is predicted to project a CAGR of 21.99% in terms of revenue during the forecasting years of 2021-2026.
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IoT encompasses internet connectivity to a
system of interrelated computing devices. Enabling connection to the internet incurs
serious threats and vulnerabilities. IoT security has thus become a prime area
of focus.
Growing Demand for IoT Applications drives Market Growth
There is an emerging trend of IoT in
organizations, making devices and applications vulnerable to advanced
persistent threats (APTs). The growing number of mobile devices within
organizations is obstructing the IT teams from tracking and managing data flow
in several systems. This has further increased the adoption of IoT security
systems for protecting sensitive information by resolving, monitoring, and
classifying all kinds of attacks.
Moreover, the surging adoption of IoT
devices in industrial, residential, and commercial sectors, is set to drive the
market growth. Several government initiatives with regard to smart cities,
smart homes, and connected building, fuel market growth. Furthermore, the trend
of automation in energy management through smart grids has increased the threat
of cyberattacks in the utility industry. The rising deployment of IoT-based
security products is set to contribute to the overall growth of the market.
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Consulting is the Leading Service, with the Largest Market Share
IoT consulting services aid the business or
enterprise evaluate strategies in accordance with current market challenges and
opportunities, and defend against IoT attacks. Most security consulting
companies offer end-to-end system integration, intelligent platform
architecture, and testing. Consulting services entail device management, where
consultants oversee the efficiency of the device in maintaining the desired
level of connectivity and longevity. The growing demand for consulting security
services is a result of enterprises planning to secure their networks and
device by hiring a consultant. Security consultants aid in executing the risk
assessment program.
Asia Pacific harbors the highest CAGR
The Asia Pacific region encompasses
increasing penetration of the internet, the rising trend of BYOD, and the growing
usage of mobile data. There has also been an increase in IoT security usage in
industry verticals like healthcare, retail, tourism, and IT & Telecom.
Moreover, there is a growing volume of data and rising digitization, along with
the increasing investment in IoT security solutions & services by the government.
This is further set to surge the demand and growth of the IoT security market.
The market entails several global and
regional players. The R&D costs borne by the company indicate the tough
barriers to exit. Moreover, innovations are evaluated to sustain a competitive
advantage. Cisco Systems Inc, Microsoft Corporation, Palo Alto Networks Inc, Fortinet
Inc, IBM Corporation, etc., are some of the eminent companies in the market.
About
Inkwood Research
Inkwood Research specializes in syndicated
& customized research reports and consulting services. Market intelligence
studies with relevant fact-based research are customized across industry
verticals such as technology, automotive, chemicals, materials, healthcare, and
energy, with an objective comprehension that acknowledges the business
environments. Our geographical analysis comprises North & South America,
CEE, CIS, Middle East, Europe, Asia, and Africa.
Contact Us
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