IoT security market to reach $35.2 bn by 2023: Report

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According to a new market research report published by MarketsandMarkets, the global Internet of Things (IoT) Security Market size is expected to grow from USD 8.2 billion in 2018 to USD 35.2 billion by 2023, at CAGR of 33.7 percent during the forecast period.

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

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

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

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.