DUBLIN--(BUSINESS WIRE)--The "IoT Security Market by Type (Network Security & Cloud Security), Component, Solution (Identity Access Management, Security Analytics, & Device Authentication & Management), Service, Application Area, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The global Internet of Things (IoT) security market size is expected to grow from USD 8.2 billion in 2018 to USD 35.2 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 33.7% during the forecast period.
Major factors driving the growth of the IoT security market are the increasing number of ransomware attacks on IoT devices across the globe, growing IoT security regulations, and rising security concerns over critical infrastructures. However, the new variants of IoT threats, lack of awareness, costly IoT security solutions, and budget constraints among SMEs for IoT security may limit the market growth.
The cloud security segment to grow at the highest CAGR during the forecast period
Cloud security addresses both physical and virtual security across the service models of software, platforms, and infrastructures. Various cloud application security solutions include risk assessment, application governance, identity access management, encryption, malware detection and protection, and Security Information and Event Management (SIEM). Cloud security is one of the most important aspects of IoT security, as IoT data is saved in Virtual Machines (VMs) and susceptible to cyber-attacks.
Asia Pacific (APAC) to grow at the highest growth rate during the forecast period
APAC has witnessed the advanced and dynamic adoption of new technologies and is expected to record the highest CAGR during the forecast period. The increasing government initiatives; growing requirements for quick computing, virtualized environments, analytics, security, digitalization, and high-volume networking; and rising overall internet speed and responsiveness are the major factors driving the IoT security market growth in this region. For instance, in 2016, the Australian government launched its Research and Development (R&D) IoT Innovation Centre in Melbourne to offer the benefits of IoT platform technologies to various process and discrete industries.
- Increasing Number of Ransomware Attacks on IoT Devices to Be A Critical Threat Across the Globe
- Growing Number of IoT Security Regulations
- Rising Security Concerns for Critical Infrastructure
- Significant Increase in New Variants of IoT Threats and Lack of Awareness
- Expensive IoT Security Solutions and Budget Constraints Among SMEs
- Increasing Data Risk in IoT Networks
- Growing Need for IoT Security Solutions With Multiplying Variants of Attacks
- Lack of Understanding About Security Risks and Low-Security Budget
- Lack of Standardization for IoT Solutions
- ISO Standards
- ISO/IEC JTC 1
- ISO/IEC JTC 1/SWG 5
- ISO/IEC JTC 1/SC 31
- ISO/IEC JTC 1/ SC 27
- ISO/IEC JTC 1/WG 7 Sensors
- Trend Micro
- Trend Micro
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