MarketsandMarkets forecasts the global IOT Security Market size to grow from USD 20.9 billion in 2023 to USD 59.2 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 23.1% during the forecast period. This growth is fueled by a rapid increase in Industry 4.0 IoT security incidents stressing the need to strengthen cyber resilience, IoT vulnerabilities opening up new possibilities to hackers, a growing number of IoT security regulations, and rising security concerns for critical infrastructure.
The major IoT ‘Security include International Business Machines Corporation (IBM), Cisco Systems, Inc. (Cisco), Telefonaktiebolaget LM Ericsson (Ericsson), Intel Corporation (Intel), Thales Group (Thales), Google, Allot, Amazon Web Services, Inc. (Amazon Web Services), Infineon Technologies AG (Infineon Technologies), Microsoft, Atos SE (Atos), Mobileum, Trend Micro Incorporated (Trend Micro), Check Point Software Technologies Ltd (Check Point), Sophos Ltd (Sophos), Fortinet, Inc (Fortinet), Happiest Minds, Mocana, Palo Alto Networks, AO Kaspersky Lab (Kaspersky), Entrust Corporation (Entrust), MagicCube, Inc. ( MagicCube), Dragos, Inc (Dragos), Claroty Ltd. (Claroty), Karamba Security, Vdoo, ForgeRock, NewSky Security, and Armis Inc.(Armis). 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 global IoT security.
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Microsoft, an American multinational technology firm, operates through three business segments: productivity and business processes, intelligent cloud, and more personal computing. Microsoft offers a range of services, including solution support, consulting services, and cloud-based solutions that provide customers with software, services, platforms, and content. It offers online advertising and is a global leader in building analytics platforms. Microsoft provides production services for the AI-infused intelligent cloud. The company generates revenues by licensing and supporting a range of software products. It caters to various verticals, including education, insurance, government, health, hospitality and travel, retail, and consumer goods. Microsoft has its presence across North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Amazon Web Services (AWS) is a subsidiary of Amazon that primarily offers cloud computing services in web services to customers in 190 countries. AWS offers over 200 services, including computing, storage, networking, database, analytics, application services, deployment, management, machine learning, mobile, developer tools, RobOps, and tools for the Internet of Things. It is known for its scalability, reliability, and security. Some of the most popular AWS services include EC2, S3, RDS, Redshift, EMR, Lambda, Lex, and Rekognition.
IoT Security Market by Type (Network Security, Endpoint, Application Security, & Cloud Security), Offerings (Solutions & Services), Application Area (Smart Manufacturing, Connected Logistics & Transportation), Data Sensitivity - Global Forecast to 2028
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