The global IoT Security Market Size research report offers the definition, market shares, drivers, restraints, opportunities, and challenges in an voluminous format. On the basis of Type, the market is further categorized into based on the regions, the market is distributed into Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. This markets competitive manufactures and the upcoming manufactures are studied with their research. Revenue, production, price, market share of these players is mentioned with detailed information.
IoT Security Market study offers an exhaustive summary of the vendor landscape, competitive analysis, and key strategies to gain ruthless advantage. IoT Security Market Forecast provides sizing and growth opportunities. It provides comprehensive insights on the latest industry trends, forecast, and growth drivers in the market. it also includes a detailed analysis of growth drivers, challenges, and investment opportunities and delivers a complete overview of segments and the regional outlook of the market.
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Factors such as securing data generated by connected devices by developing advanced security features are expected to drive market growth. In addition, offering choices to consumers for collecting required data and increasing privacy are other factors driving the need for IoT security.
Growing usage of 3G & 4G long-term evolution, as well as wireless communication and technologies, is fuelling the risk of cyber-attacks. Transaction-related information and real-time information are transferred through these networks which are driving need for IoT security. Adoption of IoT is widely increasing in several areas such as smart home appliances, smart retail, health monitors and smart city projects which have increased the need for IoT security.
The global IoT security market size is projected to account for USD 9.88 billion by 2025 and is expected to grow with 29.7% CAGR over the forecast period from 2018 to 2025, according to a new report by Million Insights. Stringent regulations by governments about data privacy which is collected by IoT devices from several sectors such as healthcare, BFSI, and retail are projected to drive the market growth during the forecast period.
Growing adoption of cloud technology across organizations has increased the risk of accessing data by unauthorized sources. In addition, increasing trend of BYOD has also risen the concern about data security. Hence, many enterprises and organizations need robust security solutions such as data loss prevention along with IoT security solutions, integration of firewalls to strengthen organizations to reduce the risk of cyber-attacks.
However, low awareness about the benefits of IoT security among organizations and other sectors is hindering the IoT security market growth. In addition, high installation cost is another challenge for market growth. Cling to regulatory compliance, lack of technical skills, and low budget to implement new strategies are expected to restrain the market growth during the forecast period.
List of Key Players of IoT Security Market
Symantec Corporation; Gemalto NV; Cisco Systems Inc.; McAfee, LLC.; and IBM
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