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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Global IoT security market has been segmented on the basis of type, solution, application, and regions. On the basis of type, the market has been further segmented into network security, application security, cloud security, and others. Among all types, cloud security segment is expected to witness substantial growth owing to surging demand for software, platform, and infrastructure for sensitive data. On the basis of the solution, the market has been segregated into identity access management, device authentication, and management, security analytics among others. Identity access management segment is expected to be the most favorable solution segment as it enables advanced authentication over other solutions and enhances enterprise mobility. Moreover, various application such as manufacturing, transportation and logistics, retail and consumer goods, healthcare and life sciences among others of IoT security solutions has also been analyzed in the report.

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