Global IoT Security and Privacy Market Report 2021: A $52.3 Billion Market by 2026

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Nov 26, 2021, 11:00 ET

DUBLIN, Nov. 26, 2021 /PRNewswire/ -- The "Global IoT Security and Privacy Market by Infrastructure, Solution, Deployment and Industry Verticals 2021-2026" report has been added to ResearchAndMarkets.com's offering.

This report assesses the current state of IoT security and privacy, analyzes current challenges, and evaluates potential opportunities. The report also looks at the need for security for IoT in different areas and identifies existing and needed solutions.

The report assesses the specific hardware and software solutions required to ensure IoT security and privacy. It also identifies market opportunities by security type across the ecosystem. The report also evaluates the impact of IoT security technologies on different industry verticals.

Select Report Findings

The overall security in IoT market will reach $52.3 billion globally by 2026
Distributed denial of service protection for IoT systems will reach $1.58 globally by 2026
Driven largely by commercial retrofits, IoT security in smart buildings will reach $4.55 globally by 2026
The largest deployment mode, cloud-based IoT security solutions will reach $30.33 billion globally by 2026
Network security will remain the largest global component through 2026, greater than end-point or application security

IoT networks and systems often represent a multi-vendor, multi-nodal and distributed environment and are therefore more prone to cyberattacks by virtue of many points of attack. Major concerns include illegal capture and abuse of IoT data which includes users' activities, personal health or financial information, location of assets (humans, equipment, vehicles, etc.), corporate and personal information.

Industrial IoT (IIoT) is an emerging category of IoT which has been appreciated worldwide for its usability in streamlining business with real time analysis. The devices and things used in IIoT are very special and specific to industry needs. For example, sensors used in oil wells and mines are uniquely processed to adapt and stay working in severe conditions such as high temperature, low pressure, etc.

Similar requirements could be in factories where devices, gateways and sensors will be connected to high temperature boilers to cold cutting machines. In IIoT sensors and devices are attached to many missions' critical machines or tools that cannot afford to stop working and need to work continuously. These sensors and edge devices are designed in such a way that they should remain unmonitored and away from physical interference for years.

The analyst sees investments associated with securing IoT growing at a rapid pace throughout this decade. Their most recent studies indicate rapidly growing awareness among enterprise, industrial and government sectors about the importance of securing their products and applications from malicious attacks. Moreover, the will and budgetary commitment to take actions is increasing among market leaders.

IoT Security Market Drivers

Convergence of IT and OT Security Policies
Rapid changes in Infrastructure Technology
Increased demand for connectivity
Standardization of Network Security Policies
Securing Mobile Device and Mobile Applications
Securing Cloud

IoT Security Market Challenges

Multivendor Nature of IoT Business
Lack of Standard Security Practices
IoT Devices are Already in the Market without much Security Measures
Hackers are now more Professional in Behavior
IoT is a Soft Target for Data Leaks and Privacy Breaches
Data Theft and Privacy Breach in IoT will often go Long Unnoticed

Companies Analyzed

Allot
ARM Holdings
Armis
AT&T Cybersecurity
Broadcom (CA Technologies)
Centri Technology
Check Point Software Technologies
Cisco Systems
Claroty
CyberVision
Digi International
DigitCert
Dragos Security
ForgeRock
Fortinet
Gemalto
IBM Corporation
Infineon
Intel Security Group
Karamba Security
MagicCube
Microsoft
Mocana
Newsky Internet
Palo Alto Networks
Sectigo Limited (Icon Labs)
Securithings
Siemens AG
Symantec
Trend Micro
Trustwave Holdings
VDOO
Veridify Security

For more information about this report visit https://www.researchandmarkets.com/r/mi27uo

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SOURCE Research and Markets