MarketsandMarkets forecasts the global IoT Security Market size to grow from USD 14.9 Billion in 2021 to USD 40.3 Billion by 2026, at a Compound Annual Growth Rate (CAGR) of 22.1% during the forecast period. The presence of various key players in the ecosystem has led to competitive and diverse market. The rapid increase in the number of Industry 4.0 IoT security incidents, stressing the need to strengthen cyber resilience; the growing IoT security regulations; and the proliferating security concerns for the critical infrastructure are expected to drive the global IoT security market. The development of smart infrastructure and the roll-out of the 5G network to accelerate a new wave of IoT applications are expected to shape the future of the IoT security market.
Cloud Deployment is expected to have a higher growth rate during the forecast period
By Deployment Mode, cloud is expected to have a higher growth rate. Organizations can avoid costs related to hardware, software, storage, and technical staff by using cloud-based IoT security solutions. Cloud-based platforms offer a unified way in the form of SaaS-based security services to secure business applications. These platforms are beneficial for organizations that have strict budgets for security investments. SMEs deploy their solutions in the cloud as it enables them to focus on their core competencies rather than investing their capital in security infrastructures. The cloud deployment mode is growing as cloud IoT security solutions are easy to maintain and upgrade.
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By Application Areas, the Smart Manufacturing segment is expected to hold a larger market size during the forecast period
By Application Area, Smart Manufacturing is expected to hold a larger market size. Manufacturing companies have been integrally focusing on enhancing the efficiency of their business processes and production output with optimum resource utilization. Smart manufacturing delivers four major advantages to enterprises: faster time to market, the lower total cost of ownership, improved asset utilization, and enterprise risk management. Security is one of the most important factors when it comes to the deployment of IoT into manufacturing processes. In most manufacturing operations, IoT sensors measure variables, such as speed, pressure, consumption and temperature, and actuators. These variables control physical systems that include brakes, valves, lights, power circuits, and automated drug dispensers. All these systems affect the physical world, control critical infrastructures, and gather sensitive information about different operations and smart equipment. Hence, there is a need for IoT security and privacy protection in enterprises.
In this era of IoT, digitally connected devices and applications are encroaching on every aspect of human lives, including homes, offices, cars, and even human bodies. All the objects have tuned smart to be able to harness the benefits of being connected to the internet. With the advent of IPv6 and the wide deployment of Wi-Fi networks. AI and IoT integrated systems allow optimization of the manufacturing process, send early alerts, contribute to quality control, and forecast equipment failures in machinery. Thus, the digitization of assets, equipment, vehicles, and processes in a factory leads to an exponential increase in the number of connected devices. Thus, IoT security offers a systematic approach to manage network and security needs.
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The report covers the competitive landscape and profiles of major market players, such as Microsoft (US), AWS (US), Google (US), IBM (US), Intel (US), Cisco (US), Ericsson (Sweden), Thales (France), Allot (Israel), Infineon (Germany), Atos (France), Magiccube (US), Dragos Security (US), Claroty(US), Karamba Security (Israel), Vdoo (JFrog) (US), Forgerock (US), Ordr (US), Newsky (US), Armis (US), Mobileum(US), Trend Micro (Japan), Sophos (UK), Checkpoint (US), Fortinet (US), Happiest Minds(India), Mocana (US), Palo Alto (US), Kaspersky (Russia) and Entrust (US). 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 the global IoT Security market.
Microsoft, an American multinational technology firm, through Azure Active Directory provides identity and access management to more than 345 million monthly active users across more than 200,000 organizations. In security, Defender offers broad coverage, spanning identities, cloud apps, devices, IoT, and more. It complements Azure Sentinel, which analyzes security signals across the entire organization, using AI to detect, investigate, and automatically remediate threats. In device and data management, Microsoft Endpoint Manager monitors and manages an organization’s devices in a unified management platform. And, in compliance, it provides tools to help organizations govern their data and comply with increasing regulatory requirements.
Microsoft focuses on Y-o-Y growth with organic and inorganic growth strategies. For instance, in June 2021, Microsoft, to enrich firmware analysis and security capabilities across devices, acquired ReFirm Labs to form the intelligent edge from servers to IoT. ReFirm Labs and Microsoft will bring both expertise in firmware security and the Centrifuge firmware platform to enhance the ability to analyze and help protect firmware backed by the power and speed of the cloud. Microsoft acquired CyberX to accelerate and secure customers’ IoT deployments. CyberX will complement the existing Azure IoT security capabilities and extend to existing devices, including those used in industrial IoT, Operational Technology, and infrastructure.
AWS is one of the prominent players in the IoT Security market AWS offers Internet of Things (IoT) services and solutions to connect and manage billions of devices. It enables collecting, storing, and analyzing IoT data for industrial, consumer, commercial, and automotive workloads. AWS (IoT) services include device software, which connects devices and operates them at the edge. Other services include connectivity and control services that secure, control, and manage devices from the cloud and analytics services that work with IoT to extract faster value from the data.
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