SAN FRANCISCO, November 26, 2018
SAN FRANCISCO, November 26, 2018 /PRNewswire/ --
The global IoT security market size is expected to reach USD 9.88 billion by 2025, according to a new study by Grand View Research, Inc., progressing at a CAGR of 29.7% during the forecast period. Surging demand for enhanced privacy is driving the market. Increasing government efforts to implement stringent regulations to restrict the amount of data collected by IoT devices by industries such as BFSI, retail, and healthcare is expected to stimulate the growth of the market.
Safeguarding future of internet connected devices by robustly configuring necessary/next-generation security features and increasing transparency as well as providing consumers with a choice to opt-out of data collection are some of the key factors driving the market over the forecast period.
Increasing use of 3G and 4G long-term evolution (LTE) as well as wireless networks and technologies is augmenting the risk of cyber-attacks. Real-time information and transaction-related information, which are crucial to users, is exchanged through these cellular networks; thereby, giving rise to the need for IoT security. Currently, implementation of the internet is rising exponentially in areas such as health monitors, smart home appliances, smart city projects, and smart retails, which has created the necessity for IoT security.
Adoption of cloud technologies by various organizations for storing confidential data gives rise to risk of unauthorized access to data. Moreover, growing trend of bring your own device (BYOD) is increasing concerns regarding data security. Therefore, several organizations and enterprises demand effective security solutions. Thus, a robust security solution, such as integration of firewalls and data loss prevention with IoT security solutions, strengthens organization posture to face cyber threats.
However, lack of awareness about benefits and availability of IoT security solution is hampering the growth of the market. High cost of installation is also a stumbling stone in the growth of the market. Lack of expertise in technical handling, cling to regulatory compliance, and low budget for implementing new strategies are also some of the factors inhibiting the growth of the market.
Browse full research report with TOC on "Internet of Things (IoT) Security Market Analysis Report By Component, By Solution, By Services, By Application, By Security Type (Endpoint, Cloud, Network, Application), And Segment Forecasts, 2018 - 2025"at: https://www.grandviewresearch.com/industry-analysis/internet-of-things-iot-security-market
Further Key Findings From the Report Suggest:
Browse related reports by Grand View Research:
Grand View Research has segmented the global IoT security market on the basis of component, solution, services, security type, application. and region:
Explore the BI enabled intuitive market research database, Grand View Compass, by Grand View Research, Inc.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
Corporate Sales Specialist, USA
Grand View Research, Inc.
Toll Free: 1-888-202-9519