In the last decade, the world has witnessed numerous changes in industries, such as manufacturing, energy and utilities, transportation, logistics, and healthcare. The most known change is digitalization, the adoption of digital technologies. Cell phones have become commonplace, tablets have replaced spiral notebooks in schools, and companies are developing next-gen technologies, such as driverless cars and drones. Everything is connected now, especially for businesses. With the growth of the internet and networking, the communication and management of any number of devices from a single place has become possible. IoT provides the control of various connected devices into a single, smart device, such as a smartphone, PC, and tablet.
At the same time, it provides an opportunity for hackers to infiltrate the entire infrastructure by hacking the controlling device. Hence, IoT security has become essential for organizations, governments, utilities, and individuals for the protection of data and infrastructure, and is gaining traction in day-to-day deployment. The global IoT security market is expected to grow from USD 12,540 million in 2020 to USD 36,600 million by 2025, at a CAGR of 23.9% 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.
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.
Identity and access management refers to a business process framework. This framework consists of policies and technologies, which help organizations control the appropriate accesses of all employees to technology resources. The identity access management solution plays a vital role in managing enterprises' electronic or digital identities. These solutions can be quickly and cost-effectively integrated with identity access management policies across on-premises, cloud, and hybrid environments.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights 4.1 Attractive Opportunities in the IoT Security Market 4.2 Global Market Top 2 Types and Regions 4.3 Market by Region 4.4 Market Global Revenue Share
8 IoT Security Market, by Solution 8.1 Introduction 8.2 Identity and Access Management 8.3 Data Encryption and Tokenization 8.4 Intrusion Detection System and Intrusion Prevention System 8.5 Device Authentication and Management 8.6 Secure Communications 8.7 Public Key Infrastructure Lifecycle Management 8.8 Distributed Denial of Service Protection 8.9 Security Analytics 8.10 Others
9 IoT Security Market, by Service 9.1 Introduction 9.2 Professional Services 9.3 Managed Services
10 IoT Security Market, by Application Area 10.1 Introduction 10.2 Smart Manufacturing 10.3 Smart Energy and Utilities 10.4 Connected Logistics and Transportation 10.5 Smart Home and Consumer Electronics 10.6 Connected Healthcare 10.7 Smart Government and Defense 10.8 Smart Retail 10.9 Others
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