IoT Security Market size was valued at US$ 14.89 Bn. in 2021 and the total revenue is expected to grow at a CAGR of 22.1% through 2022 to 2029, reaching nearly US$ 73.60 Bn.
IoT Security Market Overview:
This study’s objective is to present a thorough market segmentation by geographic regions and product types, as well as an overview of the IoT Security industry. The analysis includes major information on market positions of the top IoT Security organizations as well as significant industry trends and opportunities.
The study also includes information on the major players in the global IoT Security Market, such as company biographies, product images and specifications, production capacity, pricing, cost, and contact information. This study examines the entire IoT Security Market Size from a global perspective and makes predictions about future trends based on past data.
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COVID-19 Impact Analysis on IoT Security Market:
The COVID-19 outbreak has caused substantial changes in consumer behavior across many areas of society. On the other hand, industries will need to modify their strategies to account for changing market supply. This report offers an overview of COVID-19’s impact on the market and will help you build your business in accordance with the new industry standards. The results are verified through reviews and market leaders. The secondary research and analysis of the same are done using both paid and unpaid databases. Consumption in each nation by kind and supply by each player are sourced from legitimate government databases, paid databases, and, in the case of listed firms, company annual reports.
IoT Security Market Scope:
Aftermarket engineering undertook thorough primary research that included data triangulation, market breakdown, estimates, computations of market statistics, and calculations of market size in order to gather information, validate important figures, and verify the findings. To calculate percentage splits, market shares, and segment breakdowns, weights based on usage rate and average sale price are applied to each location. Based on the stated market size’s acceptance or usage in the relevant region, the global markets and their sub-segments are segmented by country. Numerous market and industry-related topics are highlighted in the research. New product launches, business expansions, partnerships, joint ventures, and acquisitions are a few examples of marketing techniques. Additionally, the key components of the market research that clearly focus on the industry landscape have all been taken into consideration when structuring this study.
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Segmentation Analysis:
The market is divided into Solutions and Services based on the Component. By 2029, the solutions category is anticipated to have the biggest market shares. Any IoT network must be safe in order to protect data privacy and grant authorised users access to connected devices. IoT security must be upheld in accordance with the industry in which it is employed given the growing use of IoT across a number of sectors. The intensity of cyberattacks increases along with the number of IoT implementations.
The market is divided into Network Security, Endpoint Security, Application Security, Cloud Security, and Other Security Types based on the kind of security. Over the projected period of 2022-2029, the network security segment is anticipated to expand quickly at a CAGR. The networking component of the IoT ecosystem is its skeleton, and the expansion of network security is largely due to the proliferation of network protocols. Wireless communication, gateways, and remote access are all included under network security.
The smart manufacturing, smart energy and utilities, connected logistics, smart home and consumer electronics, connected healthcare, smart government and defence, smart retail, and other application areas market segments are based on the application areas. The Smart Energy and Utilities segment is anticipated to expand quickly between 2022 and 2029 at a CAGR.
Key Competitors:
The industry placed a strong emphasis on alliances, purchases, and collaborations as inorganic growth tactics. The IoT Security Market’s potential for future rapid growth means that industry participants should benefit from it. The businesses listed below make up the global IoT Security Market.
• Microsoft (US)
• AWS (US)
• Google (US)
• IBM (US
• Intel (US)
• Cisco (US)
• Ericsson (Sweden)
• Thales (France)
• Allot (Israel)
• Infineon (Germany)
• Atos (France)
• Magiccube (US)
• Dragos Security (US)
• Claroty(US)
• Karamba Security (Israel)
• Vdoo (JFrog) (US)
• Forgerock (US)
• Ordr (US)
• Newsky (US)
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Regional Analysis:
After examining the political, economic, social, and technological aspects influencing the IoT Security Market in each of these regions, the report also includes extensive PESTLE assessments for each of the five regions—North America, Europe, Asia Pacific, the Middle East, Africa, and South America.
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