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NEW YORK, June 20, 2022 /PRNewswire/ — According to the research report “Internet of Things Security Market by End-user and Geography – Forecast and Analysis“, the market witnessed a YOY growth of 23.33% at a CAGR of 30% during the forecast period. The report is segmented by end-user (industrial sector, commercial sector, and consumer sector) and geography (North America, EuropeAPAC, MEA, and South America).
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Vendor Insights
The global Internet of Things Security Market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Some vendors are also adopting inorganic growth strategies such as M&As to remain competitive in the market.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- Allot Ltd.
- Broadcom Inc.
- CENTRI Technology Inc.
- Cisco Systems Inc.
- Fortinet Inc.
- Infineon Technologies AG
- Intel Corp.
- International Business Machines Corp.
- Mocana Corp.
- Thales Group
Find additional highlights on the growth strategies adopted by vendors and their product offerings, Read Sample Report.
Geographical Market Analysis
North America will account for 35% of market growth. In North Americathe US is the main market for internet of things (IoT) security. Compared to other parts of Europethis region’s market will increase more quickly.
The industrial, automotive, and healthcare industries are rapidly expanding in North Americaand these industries have adopted IoT to increase operational efficiency and gain a competitive edge. Due to federal government attempts to lower healthcare costs and provide remote patient monitoringthe use of IoT in the healthcare sector is rising quickly in the US.
Furthermore, countries such as the US, China, Germany, South Korea (Republic of Korea), and UK are expected to emerge as prominent markets for the Internet of Things Security Market during the forecast period.
Know more about this market’s geographical distribution along with a detailed analysis of the top regions. Click here to get a sample report.
Key Segment Analysis
The industrial sector’s market share rose in the internet of things (IoT) security will be considerable. Due to the use of IoT in the manufacturing, automotive, energy, and telecommunications sectors, the segment is anticipated to rise strongly throughout the projected period. The requirement to protect vital data in these areas is one of the main factors influencing this increase.
View Sample: to know additional highlights and key points on various market segments and their impact in coming years.
Key Market Drivers & Challenges:
The rising frequency of cyberattacks is one of the main drivers boosting the internet of things (IoT) security market. The development of IoT in video surveillance is a significant driver fueling the growth of the internet of things (IoT) security market. However, one of the major issues impeding the internet of things (IoT) security market’s growth is the emergence of ransomware and DDoS attacks.
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Full story available on Benzinga.com
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