IoT Security Global Market to Reach $15.06 Billion by 2026 at a CAGR of 31.2%
DUBLIN, Sept. 1, 2022 /PRNewswire/ -- The "IoT Security Global Market Report 2022, By Type, Application, Component" report has been added to ResearchAndMarkets.com's offering.
The global IoT security market is expected to grow from $3.86 billion in 2021 to $5.09 billion in 2022 at a compound annual growth rate (CAGR) of 31.7%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $15.06 billion in 2026 at a CAGR of 31.2%.
The emergence of smart city concept is the driving force for the rise in demand for IoT Security. As the population is growing, the need for sustainable development is of more important. Smart cities are well equipped with handling high traffic, population control, and better security for people. The execution for such a task can be done by installing IoT Devices in the smart cities. This involves connecting devices to one another, exchange data in a secured manner, forming a pattern and then providing a final solution. The remotely connected CCTV and automated incident detection (the use of computers to continuously monitor traffic conditions and detect incidents or traffic queues) allow a quicker response to threats.
IoT led crowd management solutions help monitor and manage crowds of people across all sorts of gatherings. Smart street lighting helps to lower crime rates and improve driving conditions. This rising demand for security in the smart cities increases investment in the IoT Security Market. For instance, as on 12 November 2021, Indian Central Government released 27,235 crore ($ 3.67 billion) to States/Union Territories for the Smart Cities .
Lack of awareness regards the importance of IoT security and risk mitigating measures among the people may hinder the IOT security market growth. The IoT security service providers are impacted due to the lack of awareness as there are instances where the IoT devices have been attacked by malicious software and viruses.
The increasing usage of block chain technology in order to protect data of IoT devices, enhance transparency and security, reduce costs, and increase efficiency is a new trend in the IoT Security market. Block chain is a distributed decentralized ledger and underlying technology of bitcoin (a cryptocurrency) which is shared database (can be saved, owned, updated at different levels), not managed by central authority, comprising secure transactions, authenticated and verifiable.
The block chain technology is integrated into IoT networks to provide additional privacy and security. It helps in reduction of processing time and cost, records transactions of all connected IOT devices, ensures tracking connected devices, coordinates these devices and aid smooth transaction process, provides efficiency to compliance issues, avoid re-entries, data leakages and frauds, minimize time to settle losses and ensures cryptographic security.
1) By Type: Network Security; Endpoint Security; Application Security; Cloud Security; Others
2) By Application: Healthcare & Life Sciences; Infrastructure & Cities; Industrial System & Sensors; Smart Home & Consumer; Transport & Urban Mobility
3) By Component: Solution; Services
Key Topics Covered:
1. Executive Summary
2. IoT Security Market Characteristics
3. IoT Security Market Trends And Strategies
4. Impact Of COVID-19 On IoT Security
5. IoT Security Market Size And Growth
6. IoT Security Market Segmentation
7. IoT Security Market Regional And Country Analysis
8. Asia-Pacific IoT Security Market
9. China IoT Security Market
10. India IoT Security Market
11. Japan IoT Security Market
12. Australia IoT Security Market
13. Indonesia IoT Security Market
14. South Korea IoT Security Market
15. Western Europe IoT Security Market
16. UK IoT Security Market
17. Germany IoT Security Market
18. France IoT Security Market
19. Eastern Europe IoT Security Market
20. Russia IoT Security Market
21. North America IoT Security Market
22. USA IoT Security Market
23. South America IoT Security Market
24. Brazil IoT Security Market
25. Middle East IoT Security Market
26. Africa IoT Security Market
27. IoT Security Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The IoT Security Market
29. IoT Security Market Future Outlook and Potential Analysis
For more information about this report visit https://www.researchandmarkets.com/r/omt180
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