The high adoption of billions of internet connected devices has made the human life easy but on the other hand it has also increased the potential risk & implications of using them as anyone having web connectivity solution might harm the information via hacking, phishing, web hijacking and by other tools. To protect the data over cloud, IoT security solutions over network, applications, and on cloud is been implemented by organizations to protect their critical information on the web.
The growing adoption of cloud based technology in place of standard data storage methods, and growing network based services such as 3G and 4G are some of the drivers supporting the growth of IoT security market in upcoming future.
According to Market Research Future Analysis, The Global IoT Security market is estimated to reach around USD 41 billion by 2022 growing with approximately 31% CAGR during forecast period 2016-2022.
Market Research Future (MRFR) recognizes the following companies as the key players in the global IoT Security market include Cisco Systems, Inc. (U.S.), IBM Corporation (U.S.), Verizon enterprise solutions (U.S.), Symantec AG (Germany), Infineon Technologies AG (Germany), Intel Corporation (U.S.), AT&T Inc. (U.S.), Gemalto NV (U.S.), General Electric (U.S.), Sophos Group PLC (UK) and others.
The Global IoT Security market has been evaluated as growing market and expected that the market will touch high growth figures in Asia-Pacific region during forecast period.
IoT Security is a solution protecting connected devices and networks from cyber-attacks. Device manufacturers are offering security solution into their products from a mix of hardware and software features. The high growth in adopting cloud technology by businesses especially to protect financial information of the company is propelling the growth of IoT security market during forecast period 2016-2022. Other factors such as high usage of smartphones for data transmission, via various apps and growing initiatives by major market players to introduce security solutions is also supporting the market to grow in the upcoming future.
The global key market players such as Cisco systems, Inc., IBM Corporation, Microsoft Corporation, and other industries are offering wide range of products and services to their end-user industries. Recently, in February 2017, Symantec AG, a leading cyber security company, launched a new cloud security solution to protect enterprise information from cyber threats. This security solution is expected to bring greater visibility and better control over critical assets, and users. Other prominent company Infineon Technologies AG, a leading semiconductor solution provider, has partnership with Chinese electronic manufacturers namely Midea, Huawei Consumer, and CESI to develop security solutions for smart home application sector. These growing advancement in product categories and high involvement of small & large market players in developing IoT Security systems & software services is creating high growth opportunity for IoT Security market in the upcoming future.
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