The global IoT security market is set to project a CAGR of 21.99% during the forecast period, 2021-2026. The increasing demand for IoT applications, growing cyber-attacks, rising awareness of secure IoT network, and industrial automation in the manufacturing sector, are factors estimated to propel market growth.
IoT (Internet of Things) has become an integral part of digitization across several industries, encompassing all processes, from shopping to travel. As a result, there is an increasing awareness regarding secure IoT networks. The enhancement of IoT devices, increased geo-location capabilities, and access control based on facial recognition, are among the several benefits provided by IoT security solutions. Also, benefits like performance & customer satisfaction monitoring, inventory control, access control, predictive machine maintenance, and temperature management, are fueling the demand for IoT security solutions. Moreover, in the UK, 48% of organizations adopted IoT security for breach detection in IoT devices. Further, the other factors driving the market growth include the mitigation of risks through the optimization of complex decisions of unplanned events like cyberattacks. However, the complexities involved in the IoT and slow developments on the regulations front, hamper the market growth.
The global IoT security market growth analysis entails the assessment of North America, Europe, Asia Pacific, and rest of world. North America is projected to dominate the global market. The technological advancements and the wide implementation of cybersecurity solutions are among the major factors that help develop the market prospects of the region.
The competitive rivalry in the market is designated by moderate/high product differentiation, intense competition, and high levels of product penetration. Some of the leading players in the market are, Palo Alto Networks Inc, Microsoft Corporation, IBM Corporation, Fortinet Inc, etc.
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