03 December 2021
Visiongain has published a new report on Internet of Things (IoT) Security Market Report 2021-2031: Forecasts by Component (Solution (Identity & Access Management, Data Encryption & Tokenization, Intrusion Detection System & Intrusion Prevention System, Device Authentication & Management, Secure Communications, Public Key Infrastructure Lifecycle Management, Distributed Denial of Service Protection, Security Analytics, Others), Service (Professional Services, Managed Services)), by Type (Network Security, Endpoint Security, Application Security, Cloud Security, Others), by Application (Smart Manufacturing, Smart Energy & Utilities, Connected Logistics & Transportation, Smart Home & Consumer Electronics, Connected Healthcare, Smart Government & Defence, Smart Retail, Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Recovery Scenarios.
Global IoT security market was valued at US$xx million in 2021 and is projected to reach at a market value of US$xx million by 2031. A large number of high-profile incidents where an IoT device is penetrated and used to attacks other devices in the network has compelled businesses to use IoT security systems. The adoption of remote work due to the pandemic has compelled companies to upgrade their security control systems to ensure the safety and privacy of their employees. Owing to the significant increase of threats and data risks, large investment is made by IoT security manufacturers and the government for advancements in IoT security.
COVID-19 Impact on IoT Security Market
Visiongain has anticipated four scenarios for the IoT security market to recover over the forecast period, namely, V, U, W, and L. The COVID 19 pandemic has had a very positive impact on the IoT security market, with several organic & inorganic growth strategies adopted by companies in 2020 and 2021. Increasing work-from-home protocols implemented by companies across the world boosted the demand for IoT security market.
How this Report Will benefit you?
Visiongain’s new study is suitable for anyone requiring in-depth analyses for the global IoT security market along with detailed segment analysis in the market. Our new study assists you in evaluating the overall global and regional market for autonomous trains. Get the financial analysis of the overall market and different segments. Huge opportunities remains in this fast-growing IoT security market. See how to use the existing and upcoming opportunities in this market to gain a competitive edge in the near future. Moreover, the report will help you to improve your strategic decision making, allowing you to frame growth strategies, reinforce the analysis of other market players and finally maximise productivity for your company.
What are the Market Drivers?
Rising Security Concerns as Hackers
One of the most serious concerns with IoT is security. Software flaws, even in old and well-used programs, are found regularly, yet many IoT devices cannot be patched, putting them permanently in danger. Hackers are aggressively targeting IoT devices such as routers and cameras because their inherent lack of security makes them easier to hack and aggregate into massive botnets. The emergence of the smart city concept is also a driving force for the rise in demand for IoT security. With 5G-enabled smart city solutions, the risks of cybercrimes are increasing. As the world population is growing, the need for sustainable development is of great importance.
Increase In Adoption Of Mobile Device Applications And Platforms
According to the Internet of Things (IoT) Security Product market report, rising penetration of mobile network connectivity greatly increases security threat and overall risk. This perceived threat is driving the security market, which is growing at a robust rate of 15% per year between now and 2030. Demand for IoT is increasing owing to the rising demand for connected devices, such as smart cars, smart meters, and machine-to-machine (M2M) communications. IoT development in mobile applications facilitates the remote control of other smart gadgets using a single mobile device.
Where are the Market Opportunities?
COVID-19 Pandemic Resulted in A Rise In Malware And Phishing Threats Among Enterprises
A few years ago, the majority of ransom assaults involved solely the distribution of ransomware. Hackers would acquire access using a phishing email that would release malware when an unwary employee clicked on a link. The virus would then encrypt corporate servers, and the extortionist would offer decryption keys in exchange for a ransom often in the five or six-figure range. Once the ransom was paid in Bitcoin or another cryptocurrency the hackers would give decryption keys to obtain access to their systems and even pledge not to target the firm again. The game has just altered and it has become a big industry for malicious individuals. According to Harvard Business Review, the ransom sought in 2020 increased to the mid to high seven-figures ranges. The increasing threat to systems and data coupled with the COVID-19 pandemic which led to shifting all data on cloud is expected to boost IoT security market.
Some of the companies profiled in the report include Cisco Systems Inc., IBM Corporation, Intel Corporation, Infineon Technologies AG, Palo Alto Networks, Inc., Trend Micro Inc., CA Technologies (Broadcom Inc.), Microsoft Corporation, NortonLifeLock Inc., Allot Communications Ltd., Fortinet, Inc., Gemalto, Inc. (Thales DIS), Zingbox, SecuriThing, CENTRI Technologies. Companies such as IBM Corporation, Microsoft corporation, Cisco and Intel are also engaged in collaborations and partnerships with technology developers to integrate advanced security solutions in the every vertical.
• In October 2021, Palo Alto announced it has signed an agreement with Ingram Micro Inc., a global leader in technology and supply chain services, for Ingram Micro to distribute the Palo Alto Networks Okyo™ Garde cybersecurity solution to its value-added resellers and technology solutions providers, who will bring Okyo Garde to small businesses across the U.S.
• In June 2021, Cisco announced the completion of the acquisition of Kenna Security, Inc. With the addition of Kenna Security’s industry-leading risk-based vulnerability management platform, Cisco customers will solve critical security posture challenges by working cross-functionally to rapidly automate prediction, identification, prioritization, and remediation of cybersecurity threats.
• In June 2021, Microsoft Corporation has acquired ReFirm Labs, a firmware security & analysis company. With this acquisition, Microsoft is planning to enhance IoT security. Using the ReFirm capabilities, Microsoft will enrich its firmware analysis & security capabilities across devices that form the intelligent edge from servers to IoT.
Notes for Editors
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