Global Internet of Things (IoT) Security Product Market: Overview
Global IOT security product market has registered a significant growth in recent years alongside various IOT technologies. The IOT security product industry promises to become a safe road for digital commercialization. IOT security products safeguard networks and interconnected devices.
Additionally, the market caters to various business needs such as data encryption, authentication and subsequent, regulatory compliance. Currently, the various concerns driving the market growth include data loss prevention (DLP), identity and access management (IAM), identity governance and administration (IGA). The uncertainties arising from obscure legal framework globally and lack of a clear path of innovation for IOT devices are barriers to growth.
Transparency Market Research offers a comprehensive analysis of the global market for Internet Of Things security product market for the forecast period (2018-2026). The main objective of this report is to deliver insightful information and clear-cut facts pertaining to the growth trajectories of the market. The report offers both qualitative and quantitative examination on the global market for IOT security products.
Global Internet of Things (IoT) Security Product Market: Key Trends
IOT security products are predicted to become essential for the development of smart homes, smart buildings and smart cities. Smart city projects are becoming a cornerstone of public infrastructure development for many economies around the world. These grand projects and policy initiatives are expected to drive market growth during the forecast period.
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Another IOT security product driver on the horizon is Biometric security. Biometrics are increasingly emerging as the go-to layer of protection and authentication method for smartphone makers as well as for technology giants. Unique individual identity and various unique identity sources like human palm, heartbeat, face, fingerprints make it an ideal solution among other options.
Increasing number of virtual data and emergence of Artificial Intelligence (AI) is making it essential to record large amounts of data and analyze it further. IOT security product market can play a key role through data encryption, physical storage through data storage centers to drive the market.
Global Internet of Things (IoT) Security Product Market: Regional Outlook
North America is predicted to retain its largest share of the global IOT security product market. High penetration through digitalization, large base of technology firms, high adoption of IOT technologies will drive this market between 2018-2026. There is also a growing awareness in the region due about cyber-threats, identity thefts as various high profile incidents on a national scale in the US have already cropped up. European IOT security product market is also expected to continue its robust growth, thanks to a growing scrutiny by the EU. Recently introduced GDPR has once again highlighted the global threat of data protection and subsequent need for quality protection online.
Global Internet of Things (IoT) Security Product Market: Competitive Dynamics
Some of the major players in Global IoT Security Market includes Cisco Systems, Inc. (U.S.), IBM Corporation (U.S.), Verizon enterprise solutions (U.S.), Symantec AG (Germany), Infineon Technologies AG (Germany).