Cisco, IBM, Intel, Infineon, Symantec Corporation, Check Point Security Software, Gemalto, AT&T Inc., Alcatel-Lucent S. A, Allot, Fortinet, Mocana, Securithings, Centri, Armis, Forgerock, Newsky, PTC Inc. are all major competitors in the Internet of Things (IoT) security industry.
New York, March 22, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “IoT Security Global Market Report 2022” – https://www.reportlinker.com/p06246494/?utm_source=GNW
, Verizon Enterprises Solutions, Trustwave, Siemens AG, Wurldtech Security, Axeda Machine Cloud, Huawei Technologies Co. Ltd, NETCOM On-Line Communication Services, Sophos, NSIDE Secure and ARM Holding.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The worldwide IoT security market is predicted to increase at a 31.7 percent compound annual growth rate (CAGR) from $3.86 billion in 2021 to $5.09 billion in 2022. The reversal in growth trajectory is mostly due to enterprises stabilizing their output following the COVID-19 epidemic in 2021 when demand rose rapidly. At a CAGR of 31.2 percent, the market is estimated to reach $15.06 billion in 2026.
Sales of Internet of Things (IoT) security devices/software and related services make up the Internet of Things (IoT) security industry. IoT security is a technology field that offers solutions for preventing unauthorized access to smart devices, networks, other connected devices, and centralized user centers.
This industry comprises businesses that offer security solutions to protect IoT devices from dangers such as remote car hijacking, data breaches, and password brute force assaults, among others.
The main types are network security, endpoint security, application security, cloud security, and others. Network security is a designed set of rules and configurations, used to protect the integrity, confidentiality and accessibility of computer networks and data using both software and hardware technologies.
In Smart Cities the Future of 5G and IoT
The IoT security components are solutions and services. The various applications of IoT security are healthcare and life sciences, infrastructure and cities, industrial systems and sensors, smart home and consumer, and transport and urban mobility.
The emergence of smart city concept is the driving force for the rise in demand for IoT Security. As the population is growing, the need for sustainable development is of more important.
Smart cities are well equipped with handling high traffic, population control, and better security for people. The execution for such a task can be done by installing IoT Devices in the smart cities.
This involves connecting devices to one another, exchange data in a secured manner, forming a pattern and then providing a final solution. The remotely connected CCTV and automated incident detection (the use of computers to continuously monitor traffic conditions and detect incidents or traffic queues) allow a quicker response to threats.
IoT-enabled crowd management technologies assist in the monitoring and administration of large groups of people at a variety of events. Smart street lighting aids in the reduction of crime and the improvement of driving conditions. The IoT Security Market is seeing increased investment as the demand for security in smart cities grows. For example, the Indian Central Government released? 27,235 crore ($ 3.67 billion) to States/Union Territories for Smart Cities on November 12, 2021.
People’s lack of understanding of the need of IoT security and risk mitigation measures might stymie the market’s growth.
Due to a lack of understanding, IoT security service providers are impacted, since there have been cases where IoT devices have been hacked by malicious software and viruses.
Installing an IoT device does not simply solve the problem of security concerns. For instance, according to a survey conducted by Trend Micro, IT Security firm, 86% of IT and security decision makers across the globe believe that their organizations need to enhance their awareness of IoT threats.
Furthermore, the survey stated that lack of awareness makes the organization fall and lead to thefts and data breach. According to another survey conducted by Dynatrace, a software company, consumers continue to see a significant risk in IoT device security where two-thirds of them have encountered performance issues with potential risk.
The increasing usage of block chain technology in order to protect data of IoT devices, enhance transparency and security, reduce costs, and increase efficiency is a new trend in the IoT Security market. Block chain is a distributed decentralized ledger and underlying technology of bitcoin (a cryptocurrency) which is shared database (can be saved, owned, updated at different levels), not managed by central authority, comprising secure transactions, authenticated and verifiable.
The block chain technology is integrated into IoT networks to provide additional privacy and security.It helps in reduction of processing time and cost, records transactions of all connected IOT devices, ensures tracking connected devices, coordinates these devices and aid smooth transaction process, provides efficiency to compliance issues, avoid re-entries, data leakages and frauds, minimize time to settle losses and ensures cryptographic security.
For instance, Atonomi provides IoT security solution to IoT developers and manufacturers with block chain based immutable identity and reputation tracking. In 2019, according to a survey by Gemalto, a digital security firm, the adoption of block chain technology to help secure IoT data, services and devices in the IOT sector doubled from 9% to 19%.
ETSI TS 103 645, a first globally applicable standard for consumer IoT security, was released by the European Telecommunications Standards Institute (ETSI), a Technical Committee on Cybersecurity (TY Cyber), to maintain a security baseline for all internet-connected consumer products and provide a foundation for future IoT certification schemes. According to this regulation, IoT devices must make it simple for users to remove their personal data when the item is sold.
The standard also instructs implementers to abandon the use of universal default passwords, which can lead to a slew of security vulnerabilities. It also allows security experts to disclose any type of IoT device security problem.
Microsoft Corporation, a technology firm located in the United States that develops, manufactures, licenses, supports, and distributes computer software, consumer electronics, personal computers, and associated services, paid $165 million for Cyber X, Inc. in June 2020. This deal would broaden Microsoft Corporation’s Azure IoT security products, such as Azure Sentinel, to include devices in a range of industrial environments. Cyber X, Inc. is a computer and network security firm established in the United States.
The countries covered in the Internet of Things (IoT) security market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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