IoT Security Market Size is supposed to see the major growth in next six years and IoT Security is expected to fetch the spending of about $7.5 Billion by 2024 at CAGR of 30%. Ransomware and other security attacks are major threats to the IoT worlds and nearly 20% of organizations have observed at least one IoT-based attack in the past three years.
In 2017, ransomware remained as the main threat, with the Petya and WannaCry attacks taking down systems worldwide. While the number of ransomware alternatives increased by over 45% compared to 2016, and thus, the usual ransom demand dropped from its peak of over $1,000 in 2016 to about $500 in 2017. Mobile malware also continues to increase, and the number of new variants increased by about 55% in 2017 as compared to 2016. As the cyber threats are increasing, the problem is leveraging by the fact that many consumers and businesses continue to use older operating systems. These numbers highlight the need for businesses to safeguard all the endpoints. Organizations often don’t have control over the source and nature of the software and hardware being utilized by smart connected devices driving the demand for IoT Security products and increasing IoT market size over a period of time. It is expected the growing demand for tools and services aimed at improving discovery and asset management, software and hardware security assessment, and penetration testing. In addition, organizations will look to increase their understanding of the implications of externalizing network connectivity. These factors will be the main drivers behind the increased the spending on IoT Security hence driving the IoT Security Market size to $7.5 Billion by 2024
Maximize Market Research has comprehensively analyzed global IoT Security Market. The driving forces, as well as considerable restraints, have been explained in depth to attain a balanced scenario. Segment wise Global IoT Security Market size and the Global IoT Security Market share in the size during the forecast years are duly addressed to portray the probable picture of the exuberant industry. The competitive landscape comprising key innovators, service providers, market giants as well as niche players are studied and analyzed extensively with respect to their strengths, weaknesses as well as value addition prospects. The report presents significant case studies along with the success stories to motivate and guide the like minds. In addition, Report displays current consolidation trends with respect to prominent mergers and acquisitions, consequent Market fragmentation, new trends and dynamics in partnerships, emerging business models. IoT Security Market Size report will enable the readers to comprehend whole IoT Security Ecosystem with utmost ease and clarity.
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