IoT security market expected to witness impressive growth by 2025
Posted by Faraz on January 30th, 2020
Global IoT security market is expected to witness impressive growth over the forecast period. Major factors that are driving the market are increasing ransomware attacks on IoT systems, and surging need for data-centric security across various industry verticals. Moreover, the emergence of smart cities initiatives across various economies is further fueling the market growth of IoT security over the forecast period. The rapid surge in the development of smart cities has been witnessed across the globe over the past years. Economies such as India, China, the US and many more are likely to support the market growth in the coming future.
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Key players of the market are IBM Corp., Intel Corp., Oracle Corp., Cisco Systems, Inc., PTC Inc., and Connect Wise, Inc.
For instance, as per Chinese government, at the end of 2017, more than 500 cities, including 95% of provincial capitals and 83% of prefecture-level cities, had proposed transitioning into smart cities. In addition, as per US Mayors in 2015, million is proposed investments and more than million in new grants to build a research infrastructure for smart city development by the National Science Foundation and National Institute of Standards and Technology in the North American region. Furthermore, around million in new spending and more than million in proposed investments announced to develop new smart city solutions by the Department of Homeland Security, the Environmental Protection Agency and Department of Transportation, Department of Energy, Department of Commerce. Such initiatives generate an ample amount of data that need to be protected. Thereby, forcing governments to build robust data protection policies for the ownership of data and leading to IoT security market growth.
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About the AuthorFaraz
Joined: November 26th, 2019
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