Westford, USA, May 10, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that IoT Security Market will attain a value of USD 43.11 Billion by 2031, with a CAGR of 29.8% over the forecast period (2024-2031). Advanced security solutions rely on blockchain technology, a decentralised distributed ledger. Instead of communicating via centralised networks, linked objects can now directly share information thanks to blockchain applications in the ecosystem. These connections lessen the vulnerability of Internet of Things devices or networks to cyberattacks. Blockchain technology and sensor-embedded chips are used by the IoT security service to greatly improve security.
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IoT Security Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $14.39 billion |
| Estimated Value by 2031 | $43.11 billion |
| Growth Rate | Poised to grow at a CAGR of 29.8% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Deployment Mode, Product, Organisation Size, Security, Industry Vertical, Component and End-Use |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Active Investments into the IOT Security, for it to be Safe and Reliable |
| Key Market Opportunities | 5G Networks to Accelerate a New Wave of IoT Application |
| Key Market Drivers | Adoption of IoT Devices Across Different Industry Verticals to Fuel Market Growth |
Driving Force Behind the Agriculture Sector is Surge in Automated Data Driven Processes
The dominance of agriculture end users in the Global IoT Security Market can be attributed to their extensive reliance on IoT technology for enhancing productivity and efficiency. As agriculture becomes increasingly automated and data-driven, the need for robust security measures to protect sensitive agricultural data and infrastructure rises. Consequently, this demand drives the growth of IoT security solutions tailored specifically for the agricultural sector, thereby solidifying agriculture's position as a leading end user in the market.
Behind Growth of Platform Segment is Surge in Comprehensive Security Solutions Across Diverse IoT Devices
Platform components' crucial role in offering complete security solutions across a variety of IoT devices and systems is what drives their supremacy in the global IoT security market. Platforms serves as centralised hubs for tracking device activity, administering security policies, and instantly identifying possible threats. Enterprises can adopt IoT security measures more quickly and scalable, thanks to this centralised approach to security management. As a result, there is an increasing need for platform-based solutions, which propels the market for IoT security platform components to dominate.
North America is Dominant Due to Key Sectors adopting IoT Enabled Devices and Cloud Platforms
Leading the way in market share was North America, driven mainly by significant expansion in important industries such as the automotive, industrial, and healthcare sectors. The use of cloud platforms is strong in the region, which is supported by the increasing number of IoT-enabled devices and rising investments in R&D projects centred on technology. Asia-Pacific is becoming a pioneer in the broad use of IoT technologies, mostly because to the large-scale smart city projects that are being implemented all over the region.
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IOT Security Market Insights:
Drivers:
- Demand for Robust Security for Critical Infrastructure
- Adoption of IoT Devices Across Different Industry Verticals to Fuel Market Growth
- Rise in the Number of Ransomware Attack on the IoT Devices
Restraints:
- Limitation Associated with Security, Integrity and Privacy of Data in Connected Device to Inhibit Growth
- Significant Increase in New Variants of IoT Threats and Lack of Awareness
- Lack of Standardization in IoT Protocol
Prominent Players in Global IOT Security Market
- IBM (US)
- Ericsson (Sweden)
- Google (US)
- Infenion (Germany)
- Microsoft (US)
- Thales (France)
- Atos (France)
- AWS (US)
- Cisco (US)
- Allot (Israel)
- Intel (US)
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Key Questions Answered in Global IOT Security Market Report
- What is the anticipated valuation of the IoT Security Market by 2031?
- Which key element is propelling the IoT Security Market's expansion?
- What is one obstacle that can prevent the IoT Security Market from expanding?
This report provides the following insights:
- Analysis of key drivers (Logistics industry's escalating the integration of IoT devices, facilitating predictive maintenance, optimization of supply chain operations and IoT sensor capable of monitoring variables), restraints (New variant threats in malware, targeting IoT devices to integrate into a larger botnet and infiltration of open source based machines), opportunities (Low latency of 5G, Multi-access Edge Computing (MEC) and large scale remote environments), and challenges (Incompatibility between different IoT devices and unifying IoT protocol and standardization) influencing the growth of IOT security market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the IOT security market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the IOT security market.
- Market Development: Comprehensive information on lucrative emerging regions.
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
Global Internet Of Things (IoT) Market
Global IoT In Healthcare Market
Global Industrial Internet Of Things (IIoT) Market
Global Narrowband-IoT (NB-IoT) Market
About Us:
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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