Growth and change of COVID-19 until 2030
The major players in the Internet of Things (IoT) security market are Cisco, IBM, Intel, Infineon, and Symantec Corporation. The global IoT security market is expected to grow by $ 1. 95 billion in 2020 at $ 2.
New York, September 30, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “IoT Security Global Market Report 2021: COVID-19 Growth And Change To 2030” – https://www.reportlinker.com/p06151560/?utm_source=GNW
$ 22 billion in 2021 at a compound annual growth rate (CAGR) of 13.8%. The growth is primarily driven by businesses resuming operations and adjusting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, the remote work and closure of business activities which resulted in operational challenges. The market is expected to reach $ 6.43 billion in 2025 at a CAGR of 30.5%.
The Internet of Things (IoT) security market includes the sale of Internet of Things (IoT) security devices / software and related services. IOT security is a field of technology that provides solutions to protect smart devices, networks, other connected devices, and centralized users. hubs against unwanted manipulation.
This industry includes establishments that provide security solutions to counter IoT security threats such as remote vehicle hijacking, privacy leaks, brute force password attacks and more.
The IoT Security market covered in this report is segmented by Type into Network Security, Endpoint Security, Application Security, Cloud Security, etc. It is also segmented by application in health and life sciences, infrastructure and cities, industrial systems and sensors, smart home and consumers, transport and urban mobility and by component. in solutions and services.
The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East & Africa.
Lack of awareness of the importance of IoT security and risk mitigation measures among the population may hamper the growth of the IoT security market. software and viruses.
Installing an IoT device doesn’t just solve the problem of security concerns. For example, according to a survey conducted by Trend Micro, the IT security company, 86% of IT and security decision makers around the world believe their organizations need to improve their awareness of IoT threats.
In addition, the survey indicated that the lack of awareness brings the organization down and leads to thefts and data breaches.
According to another survey by Dynatrace, a software company, consumers continue to perceive a significant risk in the security of IoT devices, with two-thirds of them having encountered performance issues with potential risk.
The growing use of blockchain technology to protect IoT device data, improve transparency and security, reduce costs, and increase efficiency is a new trend in the market for IoT devices. IoT security. Blockchain is a distributed, decentralized ledger and underlying technology of bitcoin (a cryptocurrency) which is a shared database (can be backed up, owned, updated at different levels), not managed by the central authority, comprising secure, authenticated and verifiable transactions.
Blockchain technology is integrated with IoT networks to provide additional privacy and security. It helps reduce processing time and costs, records transactions of all connected IOT devices, keeps track of connected devices, coordinates these devices and facilitates the smooth transaction process, delivers efficiency to compliance issues, avoid re-entries, data leaks and fraud, minimize loss resolution time and ensure cryptographic security.
For example, Atonomi provides an IoT security solution to IoT developers and manufacturers with immutable blockchain-based identity and reputation tracking. In 2019, according to a survey by Gemalto, a digital security company, the adoption of blockchain technology to help secure data, services and IoT devices in the IOT industry doubled from from 9% to 19%.
In June 2020, Microsoft Corporation, a United States-based technology company that develops, manufactures, licenses, supports and sells software, consumer electronics, personal computers and related services acquired Cyber X, Inc. for $ 165 million. This acquisition will expand Microsoft Corporation’s Azure IoT security offerings, including Azure Sentinel, to cover devices in a variety of industrial settings. Cyber X, Inc, a United States-based computer and network security company.
The emergence of the smart city concept is driving the increasing demand for IoT security. As the population grows, the need for sustainable development is growing.
Smart cities are well equipped to handle high traffic, population control and better safety for people. Performing such a task can be done by installing IoT devices in smart cities.
It is about connecting devices together, exchanging data in a secure way, forming a diagram and then providing a final solution. Remote connected video surveillance and automated incident detection (using computers to continuously monitor traffic conditions and detect traffic incidents or queues) enable faster response to threats.
IoT-led crowd management solutions help monitor and manage crowds of people in all kinds of gatherings. Smart street lighting helps reduce crime rates and improve driving conditions. This growing demand for security in smart cities is increasing investment in the IoT security market. For example, the Indian government released 9,940 crores (INR) ($ 1.42 billion) for a smart city mission.
The European Telecommunications Standards Institute (ETSI), a technical committee on cybersecurity (TY Cyber), has published a first globally applicable standard for consumer IOT security, ETSI TS 103,645, to maintain security basis for all consumer products connected to the Internet and to provide a basis for future IoT certification programs. This standard states that IoT devices must allow consumers to easily delete their personal data during a transfer of ownership.
The standard also requires implementers to stop using universal default passwords as this can lead to a large number of security issues. It also allows security researchers to report any type of security breach in the IoT device.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, United Kingdom and United States.
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