Implementation of Blockchain a key trend that opens avenues for further growth

Global Iot Security Market

Dublin, Aug. 30, 2022 (GLOBE NEWSWIRE) — The “IoT Security Global Market Report 2022, By Type, Application, Component” report has been added ResearchAndMarkets.com’s Offering.

The global IoT security market is expected to grow from USD 3.86 billion in 2021 to USD 5.09 billion in 2022 at a compound annual growth rate (CAGR) of 31.7%. The change in the growth trend is mainly due to the companies stabilizing their production after meeting the demand that grew exponentially during the COVID-19 pandemic in 2021. The market is expected to reach USD 15.06 billion in 2026 with a CAGR of 31.2%.

The rise of the smart city concept is driving the rise in demand for IoT security. As the population grows, the need for sustainable development is more important. Smart cities are well equipped to deal with high traffic, population control and better safety for people. The execution for such a task can be done by installing IoT devices in the smart cities. This involves connecting devices to each other, exchanging data securely, forming a pattern and then providing a final solution. Remote CCTV and automated incident detection (using computers to continuously monitor traffic conditions and detect incidents or traffic jams) allow a faster response to threats.

IoT-led crowd management solutions help monitor and manage crowds of people across all kinds of gatherings. Smart street lighting helps reduce crime and improve driving conditions. This growing demand for security in the smart cities is increasing investments in the IoT security market. For example, as on 12 November 2021, the Indian central government released 27,235 crore ($3.67 billion) to states/union territories for smart cities.

Lack of awareness about the importance of IoT security and risk mitigation measures among people may hinder the growth of the IoT security market. The IoT security service providers are affected due to the lack of awareness as there are cases where the IoT devices have been attacked by malware and viruses.

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Installing an IoT device does not only solve the problem of security issues. For example, according to a survey conducted by Trend Micro, the IT security firm, 86% of IT and security decision makers worldwide believe that their organizations need to increase awareness of IoT threats.

The growing use of blockchain technology to protect data from IoT devices, improve transparency and security, reduce costs and increase efficiency is a new trend in the IoT security market. Blockchain is a distributed decentralized ledger and underlying technology of bitcoin (a cryptocurrency) that is shared database (can be stored, owned, updated at different levels), not managed by central authority, comprehensive secure transactions, authenticated and verifiable.

Blockchain technology is integrated into IoT networks to provide additional privacy and security. It helps in reducing processing time and costs, records transactions for all connected IOT devices, ensures tracking of connected devices, coordinates these devices and helps in smooth transaction process, brings efficiency to compliance issues, avoids re-entry, data leakage and fraud, minimizes time to do up losses and ensures cryptographic security.

scope
Markets covered:
1) By Type: Network Security; endpoint security; Program Security; Cloud security; Second
2) Upon application: Healthcare & Life Sciences; Infrastructure and Cities; Industrial system and sensors; Smart home and consumer; Transport and urban mobility
3) By component: Solution; Services

Key topics covered:

1. Summary

2. IoT Security Market Characteristics

3. IoT Security Market Trends and Strategies

4. Impact of COVID-19 on IoT security

5. IoT Security Market Size and Growth

6. IoT Security Market Segmentation

7. IoT Security Market Regional and Country Analysis

8. Asia-Pacific IoT Security Market

9. China’s IoT Security Market

10. India IoT Security Market

11. Japan’s IoT Security Market

12. Australia IoT Security Market

13. Indonesia IoT Security Market

14. South Korea IoT Security Market

15. Western Europe IoT Security Market

16. UK IoT Security Market

17. Germany’s IoT Security Market

18. France IoT Security Market

19. Eastern Europe IoT Security Market

20. Russia’s IoT Security Market

21. North America IoT Security Market

22. The US IoT Security Market

23. South America IoT Security Market

24. Brazil’s IoT Security Market

25. Middle East IoT Security Market

26. Africa IoT Security Market

27. IoT Security Market Competitive Landscape and Company Profiles

28. Major mergers and acquisitions in the IoT security market

29. IoT Security Market Future Outlook and Potential Analysis

30. Appendix

Companies mentioned

• Cisco

• IBM

• Intel

• Infineon

• Symantec Corporation

• Check Point Security software

• Gemalto

• AT&T Inc.

• Alcatel-Lucent SA

• Assign

• Fortinet

• Mocana

• Fuses

• Centers

• Armis

• Forgerock

• Nevsky

• PTC Inc.

• Verizon Enterprise Solutions

• Trustwave

• Siemens AG

• Worldtech Security

• Axeda Machine Cloud

• Huawei Technologies Co. Ltd.

• NETCOM on-line communication services

• Sophos

• NSIDE Safe

• ARM Holding

For more information on this report, visit https://www.researchandmarkets.com/r/7o77oc

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