MarketsandMarkets forecasts the global IOT Security Market size to grow from USD 20.9 billion in 2023 to USD 59.2 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 23.1% during the forecast period. This growth is fueled by a rapid increase in Industry 4.0 IoT security incidents stressing the need to strengthen cyber resilience, IoT vulnerabilities opening up new possibilities to hackers, a growing number of IoT security regulations, and rising security concerns for critical infrastructure.
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The solution segment is expected to account for the largest market size during the forecasted period
IoT security solutions that are being offered include identity access management, data encryption and tokenization, intrusion detection system/intrusion prevention system, device authentication and management, secure software and firmware update, secure communications, PKI lifecycle management, DDoS protection, security analytics, and other solutions (virtual firewall and incidence response system). These solutions enable enterprises to secure IoT devices around the world.
The IAM (Identity and Access Management) segment is expected to account for the largest market size during the forecast period
Identity and access management refers to a business process framework. This framework consists of policies and technologies which help organizations control the appropriate access of all employees to technology resources. It manages attributes, such as phone numbers, email addresses, and social security numbers, and authenticates identities. IoT is gaining traction across industries due to its robust offerings. With the expanding reach of IoT, multiple end users and devices can be connected to networks. One of the main causes of cyberattacks is unauthorized access to networks through intrusions. With the help of identity access management, users in the network can be given limited access as per their requirements. This would protect networks from fraudulent events.
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The major IoT ‘Security include International Business Machines Corporation (IBM), Cisco Systems, Inc. (Cisco), Telefonaktiebolaget LM Ericsson (Ericsson), Intel Corporation (Intel), Thales Group (Thales), Google, Allot, Amazon Web Services, Inc. (Amazon Web Services), Infineon Technologies AG (Infineon Technologies), Microsoft, Atos SE (Atos), Mobileum, Trend Micro Incorporated (Trend Micro), Check Point Software Technologies Ltd (Check Point), Sophos Ltd (Sophos), Fortinet, Inc (Fortinet), Happiest Minds, Mocana, Palo Alto Networks, AO Kaspersky Lab (Kaspersky), Entrust Corporation (Entrust), MagicCube, Inc. ( MagicCube), Dragos, Inc (Dragos), Claroty Ltd. (Claroty), Karamba Security, Vdoo, ForgeRock, NewSky Security, and Armis Inc.(Armis). These players have adopted several organic and inorganic growth strategies, including new product launches, partnerships and collaborations, and acquisitions, to expand their offerings and market shares in global IoT security.
Microsoft, an American multinational technology firm, operates through three business segments: productivity and business processes, intelligent cloud, and more personal computing. Microsoft offers a range of services, including solution support, consulting services, and cloud-based solutions that provide customers with software, services, platforms, and content. It offers online advertising and is a global leader in building analytics platforms. Microsoft provides production services for the AI-infused intelligent cloud. The company generates revenues by licensing and supporting a range of software products. It caters to various verticals, including education, insurance, government, health, hospitality and travel, retail, and consumer goods. Microsoft has its presence across North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Amazon Web Services (AWS) is a subsidiary of Amazon that primarily offers cloud computing services in web services to customers in 190 countries. AWS offers over 200 services, including computing, storage, networking, database, analytics, application services, deployment, management, machine learning, mobile, developer tools, RobOps, and tools for the Internet of Things. It is known for its scalability, reliability, and security. Some of the most popular AWS services include EC2, S3, RDS, Redshift, EMR, Lambda, Lex, and Rekognition.
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