IoT Security Market Expected to Hit a Valuation of US$ 40.7 Billion During 2024-2032 | IMARC Group – WhaTech

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The rapid adoption of new technologies to automate processes, enhance customer experiences, and facilitate remote work, rising incidence of cybersecurity attacks, and the widespread adoption of IoT-enabled devices in smart cities are some of the major factors propelling the market.

The latest report by IMARC Group, titled “IoT Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” provides an extensive analysis of the industry, including IoT security market trends. The report also covers competitor and regional analysis and the latest advancements in the global market.

The global IoT security market size reached US$ 5.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 40.7 Billion by 2032, exhibiting a growth rate (CAGR) of 25.5% during 2024-2032.

IoT Security Overview:

IoT security refers to the safeguarding measures implemented to protect connected devices and networks on the Internet of Things (IoT). This encompasses a broad range of technologies, practices, and solutions designed to protect IoT devices and networks from various cyber threats.

These security measures include network security, endpoint security, application security, and cloud security, each addressing different aspects of IoT vulnerabilities. The advantages of robust IoT security include the prevention of unauthorized access, data breaches, and the tampering of devices, ensuring the confidentiality, integrity, and availability of data.

Effective IoT security is crucial for maintaining user trust, ensuring device functionality, and protecting the overarching network infrastructure, which is increasingly essential in our interconnected digital ecosystem.

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Global IoT Security Market Trends:

The global market is witnessing significant growth, driven by the exponential increase in IoT device adoption across various industries, including healthcare, manufacturing, automotive, and smart homes. As the deployment of IoT devices expands, so does the attack surface for potential cyber threats, necessitating advanced security solutions.

The market is further propelled by stringent regulatory requirements demanding robust security measures to protect sensitive data and ensure privacy. Technological advancements, such as AI and machine learning, are enhancing the effectiveness of IoT security solutions, providing real-time threat detection and response.

Additionally, the rise of smart city initiatives and the increasing reliance on IoT in critical infrastructure are amplifying the demand for comprehensive security solutions. In addition, the growing awareness among businesses about the importance of cybersecurity in the IoT ecosystem is also a key factor driving the market’s expansion.

With the continuous evolution of cyber threats, the demand for innovative and effective IoT security solutions is escalating, creating a positive market outlook.

Explore the Full Report with Charts, Table of Contents, and List of Figures:

Key Players in the IoT Security Industry:

The competitive landscape of the industry has also been examined along with the profiles of the key players being:

  • Allot Ltd.
  • Armis Inc.
  • CENTRI Technology
  • Cisco Systems Inc.
  • ForgeRock Inc.
  • Fortinet, Inc.
  • Gemalto NV
  • International Business Machines (IBM) Corporation
  • Infineon Technologies AG
  • Intel Corporation
  • Mocana Corporation
  • Newsky Internet Limited
  • SecuriThings
  • NortonLifeLock Inc. (Symantec Corporation)
  • ZingBox Inc.

Market Segmentation:

Breakup by Component:

  • Solutions
  • Services

Breakup by Security Type:

  • Network Security
  • Endpoint Security
  • Application Security
  • Cloud Security
  • Others

Breakup by Vertical:

  • Energy and Utilities
  • Manufacturing
  • Automotive
  • Transport
  • Consumer Electronics
  • Healthcare
  • Others

Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

  • Market Performance 
  • Market Outlook
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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