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The global IoT security market was valued at US$ 3.04 Billion in 2021.
We expect the global IoT security market to exhibit a CAGR of 29.75% during 2022-2027.
The sudden outbreak of the COVID-19 pandemic has led to the growing deployment of IoT security as effective security solution to safeguard highly sensitive personal and organizational data from malware injection, owing to the growing adoption of WFH and Bring Your Own Device (BYOD) models.
The rising number of identity and data thefts, along with the continuous advancements in 4G and 5G technologies, are primarily driving the global IoT security market.
Based on the component, the global IoT security market can be categorized into solutions and services, where solutions account for the majority of the global market share.
Based on the security type, the global IoT security market has been segregated into network security, endpoint security, application security, cloud security, and others. Among these, cloud security holds the largest market share.
Based on the vertical, the global IoT security market can be bifurcated into energy and utilities, manufacturing, automotive, transport, consumer electronics, healthcare, and others. Currently, the energy and utility sector exhibits a clear dominance in the market.
On a regional level, the market has been classified into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global IoT security market include Allot Ltd., Armis Inc., CENTRI Technology, Cisco Systems, Inc. ForgeRock Inc., Fortinet, Inc., Gemalto NV, International Business Machines (IBM) Corporation, Infineon Technologies AG, Intel Corporation, Mocana Corporation, Newsky Internet Limited, SecuriThings, NortonLifeLock Inc. (Symantec Corporation), and ZingBox Inc.
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