Internet of Things (IoT) Security Market To Expand At 29.7% CAGR By 2025
Stringent regulations by governments about data privacy which is collected by IoT devices from several sectors such as healthcare, BFSI, and retail are projected to drive the market growth.
Factors such as securing data generated by connected devices by developing advanced security features are expected to drive market growth. In addition, offering choices to consumers for collecting required data and increasing privacy are other factors driving the need for IoT security.
Growing usage of 3G & 4G long-term evolution, as well as wireless communication and technologies, is fueling the risk of cyber-attacks. Transaction-related information and real-time information are transferred through these networks which are driving need for IoT security. Adoption of IoT is widely increasing in several areas such as smart home appliances, smart retail, health monitors and smart city projects which have increased the need for IoT security.
Growing adoption of cloud technology across organizations has increased the risk of accessing data by unauthorized sources. In addition, increasing trend of BYOD has also raised the concern about data security. Hence, many enterprises and organizations need robust security solutions such as data loss prevention along with IoT security solutions, integration of firewalls to strengthen organizations to reduce the risk of cyber-attacks.
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