Global Healthcare IoT Security Markets Report 2018-2019 & Forecast to 2028

DUBLIN, May 17, 2019 /PRNewswire/ -- The "Global Healthcare IoT Security Market: Focus on Systems, Solutions (Network Security and Endpoint Security, among others), Services (Consulting and Design & Integration, among others), and Region - Analysis and Forecast, 2019-2028" report has been added to ResearchAndMarkets.com's offering.

Global healthcare IoT security market was $932.5 million in 2018, and is estimated to grow over $27,775.8 million by 2028

The global healthcare IoT security market is expected to grow at a double-digit compound annual growth rate between the years 2019 and 2028, primarily driven by the increased data privacy and security concerns among consumers. The increase in the number of healthcare IoT security services owing to the increased proliferation of cybercrimes in healthcare, is further bolstering the healthcare IoT security market.

IoT is rapidly being adopted by major healthcare organizations for patient health management as well as to enhance the operational efficiency of these organizations. Cost efficiency, reliability, and better health management of the patients are one of the most important goals that can be achieved with the help of IoT usage in the healthcare sector.

Individuals today are using various kinds of networked devices in order to learn more about their health and daily regime. Home monitoring of aging population with regards to medical emergencies and medical adherence has become possible through the usage of mHealth applications and smart pills.

Along with the global increase in the usage of mHealth applications and wearables, IoT security is expected to play a crucial role in the protection of the big data (health information) collected and communicated from various smart devices to the caregivers and patients.

However, along with the rewards of IoT, are attached the concerns regarding security and privacy of the patient healthcare data. Mobile and wearable devices, pacemakers, insulin pumps, and other medical systems in the IoT create more access points for the hackers. Healthcare data acquires major value in the black market as compared to credit card details and other financial data.

According to Ameya Phatak, a lead analyst North America held the largest market share in 2018 and accounted for over 46.7% of the revenue share owing to increased proliferation of cybercrimes in healthcare. However, Asia-Pacific is projected to be the fastest-growing market and is anticipated to grow at a CAGR of over 45.00% from 2019 to 2028. Furthermore, owing to the increased usage of smart devices for health management, Rest-of-the-World is also expected to make significant investments in the market.

Research Highlights:

• Several small-medium enterprises such as Kaspersky labs, Security Mentor, and Sophos, Ltd., are venturing into the market and sustaining the competition through the development of a wide range of applications in different areas of healthcare IoT security.
• Sophos Group acquired Darkbye. The main aim of this acquisition is to accelerate the global managed security services that will eventually span endpoint, firewall, mobile devices, and wireless apps, among others.
• Microchip introduced AWS IOT Greengrass Hardware Security Interface (HSI) with the main intention to remove the exposure of private keys to software, firmware, end users, manufacturing sites or other third parties.
• APAC region, for network security solution, is expected to grow at a CAGR of 41.41% during the forecast period as this region is highly populated and its geriatric population is increasing, further leading to an increase in the exchange of patient information among the healthcare providers. Therefore, the network security becomes essential.
• Cisco collaborated with Ochsner Healthcare. Cisco TrustSec network security technology allows Ochsner to secure sensitive PCI data from the general traffic.
• Alphabet's chronical launched an enterprise version of VirusTotal for network security.

Market Dynamics

Market Drivers

• Increased Data Privacy Concerns Among Consumers
• Increased Government Concerns Over Healthcare IoT Security
• Increased Usage of Smart Devices for Health Management
• Increased Proliferation of Cyber Crimes in Healthcare

Market Challenges

• Lack of Technological Awareness About IoT Threats Among Healthcare Organizations
• Meeting Inter-Region Regulation for Data Privacy

Market Opportunities

• More Cloud Storage for Sensitive Data

Companies Mentioned

• ARM Holdings plc
• Agile Cybersecurity Solutions, LLC
• Check Point Software Technology
• Cisco Systems, Inc.
• Dell Corporation
• Deutsche Telekom AG
• EUROTECH SPA
• Fortinet Inc.
• IBM Corporation
• INSIDE SECURE SA
• Intel Corporation
• Intelene, Inc.
• KPMG
• Kaspersky Lab
• Microchip Technology Inc.
• Oracle Corporation
• SecureFLO, LLC
• Security Mentor
• SoftBank Group
• Sophos Ltd.
• Symantec Corporation
• Trend Micro, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/tsuqo5

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