Global IoT Security Market to Grow at a CAGR of 21.80% During 2024-2032, Driven by the Rising Internet Penetration and Cybercrime Activities

North America holds a significant market share in the market due to the presence of leading technological firms such as IBM Corporation and Microsoft Corporation in countries like the United States. The information technology (IT) sector contributes significantly to the American economy while also generating inventive goods and services that encourage widespread growth.

The IT sector enables about one-fifth (19%) of all private sector jobs in the US economy. To safeguard our digital assets, such as private and sensitive financial data and intellectual property, cybersecurity is crucial. The increased rate of cybercrime and theft necessitates the IoT security market growth.

The increasing rate of cyberattacks and the development of enhanced cybersecurity protection support the market growth. In November 2023, Microsoft Corporation (NASDAQ: MSFT) launched a new initiative to pursue the next generation of cybersecurity protection, the Secure Future Initiative (SFI).

Under the initiative, Microsoft aims to improve cybersecurity protection. Its three main pillars will be the advancement of basic software engineering, AI-based cyber defences, and the promotion of stricter enforcement of international laws to shield citizens from online threats.

With advancements in artificial intelligence, opposing activities and innovations have been launched by cybercriminals and nation-state attackers, endangering security and stability in communities and countries worldwide.

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Market Analysis by Component, Deployment Mode, Security Type, Organisation Size, End User Industry, and Region:

• The market, on the basis of component, can be divided into solutions and services.

• On the basis of deployment mode, the market can be divided into on-premises and cloud-based.

• Based on security type, the market can be divided into network security, endpoint security, application security, and cloud security, among others.

• The various organisation sizes include small and medium sized enterprises and large enterprises.

• The market, on the basis of end user industry, can be divided into manufacturing, IT and telecommunication, BFSI, government and defence, transportation and automotive, energy and utilities, and healthcare, among others.

• The major regional markets for IoT security include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The number of internet users worldwide is increasing at a rate of 3.7 per cent every year, and the growth rate is even higher in developing countries. With the growing internet penetration and technological advancements, the IoT security need is growing.

• The increasing adoption of blockchain technology that can significantly improve a wide range of businesses, including financial services, where enhanced security is a top priority, is aiding the IoT security market expansion.

• The integration of automation through high-speed networking with artificial intelligence and machine learning can greatly enhance data security. Security solutions powered by AI and machine learning can anticipate attacks and defend networks and systems against cyberattacks.

• Cybercrime costs the world economy USD 8 trillion a year. According to industry reports, by 2025, cryptocurrency crime will cost the global economy USD 30 billion a year. The escalating growth of cybercrime strengthens the market.

Key Offerings of the Report:

• The EMR report gives an overview of the global IoT security market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the components, deployment modes, security types, organisation sizes, end user industries, and major regions of IoT security.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global IoT security market are Microsoft Corporation, Optiv Security Inc., Intel Corporation, Cisco System Inc., Palo Alto Networks, Fortinet, Inc., and IBM Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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