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(EMAILWIRE.COM, October 28, 2024 ) The global IoT security market size is projected to grow from USD 24.2 billion in 2024 to USD 56.2 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 18.4% during the forecast period. Organizations face significant financial losses and reputational damage because of increasing cyberattacks on IoT devices. This has made the organizations aware and adopt robust security solutions to protect against threats like device hijacking, data theft, and supply chain intrusions.
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IoT Security Market Dynamics:
Drivers:
Rapid increase in IoT security incidents related to Industry 4.0
Need to deal with IoT vulnerabilities effectively
Growing number of IoT security regulations
Rising security concerns related to critical infrastructure
Increase in data volumes due to 5G
Standardization of IPv6
Restraints:
Lack of awareness about new variants of IoT threats
Budgetary constraints of SMEs in developing economies
Opportunities:
New wave of IoT applications due to 5G networks
Development of smart infrastructure
Based on the Offerings, the Solutions segment accounts for the highest market size during the forecast period.
Organizations across industries experience the benefits of IoT, the complexity and vulnerability of their networks increase exponentially. For this, Providers such as IBM, Microsoft, Check Point, Fortinet, Atos offer IoT security solutions such as device authentication, data encryption, secure communication protocols, and advanced threat detection. These solutions are beneficial to prevent unauthorized access, data breaches, and other cyber attacks. Comprehensive security measures are necessary to safeguard sensitive data, protect critical infrastructure, and maintain operational resilience. The dynamic nature of the IoT landscape demands continuous adaptation and innovation in security solutions to counter evolving threats.
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Based on the Services, the Professional services accounts for the highest market size during the forecast period.
Organizations increasingly rely on expert assistance for IoT asset protection Professional service providers offer comprehensive solutions, from risk assessments to ongoing monitoring, helping organizations mitigate security risks and comply with industry regulations. The demand for professional guidance in implementing and managing IoT security solutions increases because of the complexities in IoT ecosystems. The need for tailored security solutions, the intricacy of IoT systems, and the lack of in-house expertise that drive this demand. Professional services, including consulting, integration, and managed services, are crucial for organizations tackling IoT security challenges. The increasing frequency of ransomware attacks on IoT devices and concerns about critical infrastructure further highlight the need for professional services.
By region, North America accounts for the highest market size.
North America is one of the main geographic contributors to the global lot security market, even when it comes to market size. Economically strong nations like the US and Canada, the region offers the most substantial and cutting-edge technological infrastructure. One of the main factors driving the lot security market’s growth in North America is the existence of major regional players such as Microsoft, Fortinet, IBM, and others. Government agencies such as National Institute of Standards and Technology (NIST) are investigating loT security technology on a number of fronts, including protocols, security assurances, use cases, applications, and current services.
Key Players Microsoft (US), Fortinet (US), AWS (US), IBM (US), Intel (US), Cisco (US), Thales Group (France), Infineon (Germany) , Allot (Israel), Atos (France), Checkpoint (US), Palo Alto Networks (US), Mobileum (US), Entrust (US), NXP Semiconductors (Netherlands), and Kaspersky (Switzerland), MagicCube (US), Claroty (US), Ordr (US), Armis (US), Nozomi Networks (US), Keyfactor (US), Particle Industries (US), Karamba Security (Israel), and Forescout (US) are the key players and other players in the IoT security market.
About MarketsandMarkets
MarketsandMarkets has been recognized as one of Americas best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Rohan Salgarkar
MarketsandMarkets Inc.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Download PDF Brochure@ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=67064836&utm_source=emailwire.com&utm_medium=paidpr&utm_campaign=iot-security-market
IoT Security Market Dynamics:
Drivers:
Rapid increase in IoT security incidents related to Industry 4.0
Need to deal with IoT vulnerabilities effectively
Growing number of IoT security regulations
Rising security concerns related to critical infrastructure
Increase in data volumes due to 5G
Standardization of IPv6
Restraints:
Lack of awareness about new variants of IoT threats
Budgetary constraints of SMEs in developing economies
Opportunities:
New wave of IoT applications due to 5G networks
Development of smart infrastructure
Based on the Offerings, the Solutions segment accounts for the highest market size during the forecast period.
Organizations across industries experience the benefits of IoT, the complexity and vulnerability of their networks increase exponentially. For this, Providers such as IBM, Microsoft, Check Point, Fortinet, Atos offer IoT security solutions such as device authentication, data encryption, secure communication protocols, and advanced threat detection. These solutions are beneficial to prevent unauthorized access, data breaches, and other cyber attacks. Comprehensive security measures are necessary to safeguard sensitive data, protect critical infrastructure, and maintain operational resilience. The dynamic nature of the IoT landscape demands continuous adaptation and innovation in security solutions to counter evolving threats.
Request Sample Pages@ https://www.marketsandmarkets.com/requestsampleNew.asp?id=67064836&utm_source=emailwire.com&utm_medium=paidpr&utm_campaign=iot-security-market
Based on the Services, the Professional services accounts for the highest market size during the forecast period.
Organizations increasingly rely on expert assistance for IoT asset protection Professional service providers offer comprehensive solutions, from risk assessments to ongoing monitoring, helping organizations mitigate security risks and comply with industry regulations. The demand for professional guidance in implementing and managing IoT security solutions increases because of the complexities in IoT ecosystems. The need for tailored security solutions, the intricacy of IoT systems, and the lack of in-house expertise that drive this demand. Professional services, including consulting, integration, and managed services, are crucial for organizations tackling IoT security challenges. The increasing frequency of ransomware attacks on IoT devices and concerns about critical infrastructure further highlight the need for professional services.
By region, North America accounts for the highest market size.
North America is one of the main geographic contributors to the global lot security market, even when it comes to market size. Economically strong nations like the US and Canada, the region offers the most substantial and cutting-edge technological infrastructure. One of the main factors driving the lot security market’s growth in North America is the existence of major regional players such as Microsoft, Fortinet, IBM, and others. Government agencies such as National Institute of Standards and Technology (NIST) are investigating loT security technology on a number of fronts, including protocols, security assurances, use cases, applications, and current services.
Key Players Microsoft (US), Fortinet (US), AWS (US), IBM (US), Intel (US), Cisco (US), Thales Group (France), Infineon (Germany) , Allot (Israel), Atos (France), Checkpoint (US), Palo Alto Networks (US), Mobileum (US), Entrust (US), NXP Semiconductors (Netherlands), and Kaspersky (Switzerland), MagicCube (US), Claroty (US), Ordr (US), Armis (US), Nozomi Networks (US), Keyfactor (US), Particle Industries (US), Karamba Security (Israel), and Forescout (US) are the key players and other players in the IoT security market.
About MarketsandMarkets
MarketsandMarkets has been recognized as one of Americas best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Rohan Salgarkar
MarketsandMarkets Inc.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
