Increasing Ransomware Attacks Driving Growth of IoT Security Market: Study

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IoT security solutions enable enterprises to meet their key requirements, which help in securing their IoT devices.

 securityThe global Internet of Things (IoT) security market size is expected to grow to USD 35.2 billion by 2023, according to a new market research report published by MarketsandMarkets.

The market, which worth USD 8.2 billion in 2018, is estimated to grow at a CAGR of 33.7 per cent during the forecast period.

As per the report, increasing number of ransomware attacks on IoT devices across the globe, growing IoT security regulations and rising security concerns over critical infrastructures are major factors driving the growth of the market.

Major trends contributing to the market are the increasing security breaches in critical infrastructures and personal data.

IoT security solutions

IoT security solutions enable enterprises to meet their key requirements, which help in securing their IoT devices.

These include identity access management, data encryption and tokenization, intrusion detection system/intrusion prevention system, device authentication and management, secure software and firmware update, secure communications, Public Key Infrastructure (PKI) lifecycle management, Distributed Denial of Service (DDoS) protection, security analytics and others (virtual firewall and incidence response system).

Network security is a technique for securing networks from advanced threats by collecting and analyzing the different types of network security event information. It combines the multiple layers of defenses at the edge and in networks.

IoT is gaining traction across industries, due to its robust offerings. With the expanding reach of IoT, multiple end users and devices can be connected to networks.

(With inputs from Moneycontrol)

Longjam Dineshwori

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