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IoT Security Market worth $59.2 billion by 2028 – Exclusive Report by MarketsandMarkets™

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10 months ago

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CHICAGO, July 7, 2023 /PRNewswire/ — The future of the IoT security sector is bright. The rapid expansion of the IoT ecosystem, increased cybersecurity risks, regulatory and compliance requirements, integration of AI and ML, collaboration between the IoT and cybersecurity industries, emphasis on secure IoT deployment and lifecycle management are all key factors. As organisations invest in comprehensive security solutions to secure the expanding number of connected devices and the data they manage, the market will expand significantly.
The IoT Security Market is estimated at USD 20.9 billion in 2023 and is projected to reach USD 59.2 billion by 2028, at a CAGR of 23.1% from 2023 to 2028, according to a new report by MarketsandMarkets™. IoT controls various connected devices into a single, smart device, such as a smartphone, PC, or tablet. But for hackers, the IoT ecosystem is a world of opportunities, where billions of interconnected devices transfer and share data, creating a massive playground for tinkering, crafting, exploiting, and taking these systems to their limits. Hence, IoT security becomes essential for organizations, governments, utilities, and individuals to protect data and infrastructure.
Browse in-depth TOC on “IoT Security Market”
268 – Tables 44 – Figures265 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2023-2028
Forecast period
2023–2028
Base Year
2022
Forecast units
Value (USD) Million/Billion
Segments Covered
Offerings, Solutions, Services, Type, Data Sensitivity, Applications and Region
Region covered
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Companies covered
Microsoft (US), AWS (US), Google (US), IBM (US), Intel (US), Cisco (US), Ericsson (Sweden), Thales (France), Allot (Israel), Infenion (Germany), Atos (France), etc.
 
The solution segment is expected to account for the largest market size during the forecasted period
IoT security solutions that are being offered 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, PKI lifecycle management, DDoS protection, security analytics, and other solutions (virtual firewall and incidence response system). These solutions enable enterprises to secure IoT devices around the world.
The IAM (Identity and Access Management) segment is expected to account for the largest market size during the forecast period
Identity and access management refers to a business process framework. This framework consists of policies and technologies which help organizations control the appropriate access of all employees to technology resources. It manages attributes, such as phone numbers, email addresses, and social security numbers, and authenticates identities. 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. One of the main causes of cyberattacks is unauthorized access to networks through intrusions. With the help of identity access management, users in the network can be given limited access as per their requirements. This would protect networks from fraudulent events.
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Based on region, North America is expected to dominate the market during the forecast period
North America has witnessed significant growth in the IoT Security Market, leading the market in market share. North America has led in witnessing cyberattack incidents globally. It is regarded to be the most advanced region regarding information technology security adoption and infrastructure. The rising concern to safeguard critical infrastructure and sensitive data has enlarged government intermediary in recent years. Numerous government industry-collaborative efforts have been considered to boost the IoT Security Market. Peculiar budget allocation, mandated information consulting policies, and collaboration with the private sector are expected to make North America the most lucrative market.
Top Key Companies in IoT Security Market:
The major players in the IoT Security Market are Microsoft (US), AWS (US), Google (US), IBM (US), Intel (US), Cisco (US), Ericsson (Sweden), Thales (France), Allot (Israel), Infenion (Germany), Atos (France), etc. These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and enhancements, and acquisitions to expand their footprint in the IoT Security Market.
Recent Developments
In May 2023, AWS announces support for Transport Layer Security (TLS) 1.3 through Configurable Endpoints. TLS 1.3 provides two major improvements in security and performance – it removes legacy features and older cipher suites in previous versions of TLS, and offers better performance through a simplified handshake process.In April 2023, Launches a new IoT security platform called IBM Security QRadar for IoTIn February 2023, Cisco announced new cloud management tools for industrial IoT applications, simplified dashboards to converge IT and OT operations, and flexible network intelligence to see and secure all industrial assetsIn July 2022, Microsoft launched Defender for IoT to protect printers, smart TVs and all connected things besides PCs and smartphones. Microsoft Defender for IoT was launched in preview in late 2021 but was also formerly known as Azure Defender for IoT, which launched in public preview in 2020. Before that, it was called Azure Security Center for IoTInquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=67064836
IoT Security Market Advantages:
IoT security solutions offer strong defence against online threats aimed at IoT networks and devices. In order to protect IoT infrastructure from unauthorised access, data breaches, and malicious assaults, they include capabilities like device authentication, encryption, access control, and secure communication protocols. IoT security lowers the possibility of data breaches, financial losses, reputational damage, and operational disruptions.IoT security solutions emphasise data privacy, ensuring that private data sent and gathered by IoT devices is kept private and protected. In order to prevent unauthorised access to confidential and sensitive information, they deploy data anonymization and encryption techniques. with using IoT security measures, businesses may abide with data protection rules, win over more clients, and reduce the likelihood of privacy breaches.The primary goal of IoT security solutions is to stop unauthorised manipulation or tampering with IoT devices. They put in place systems to recognise and react to attacks at the device level, including firmware alteration, software exploits, and physical manipulation. Organisations may preserve the security of their systems, stop unauthorised access, and guarantee dependable and trustworthy operations by safeguarding IoT devices.Solutions for IoT security reduce operational risks related to IoT deployments. They give organisations insight into the security posture of IoT networks and devices, allowing them to spot vulnerabilities, patch them, and enforce security standards. Businesses may preserve their investments in IoT infrastructure and avoid disruptions to crucial operations by proactively controlling security risks.IoT security solutions help companies comply with legal standards for data security and privacy. Avoiding fines and legal problems requires adherence to rules like the General Data Protection Regulation (GDPR) or industry-specific standards. Organisations may show their dedication to regulatory compliance and safeguard sensitive data from unauthorised access by putting strong IoT security measures in place.Businesses can increase confidence among their stakeholders by putting a high priority on IoT security. Brand reputation, customer confidence, and the development of long-lasting connections are all improved by displaying a proactive attitude to safeguarding IoT implementations. Strong security procedures distinguish the company from rivals and give it a competitive edge by communicating a commitment to protecting sensitive data.Report Objectives
To determine and forecast the global IoT Security Market based on components, solutions, services, types, deployment modes, application areas, and regions from 2018 to 2028, and analyze various macro and microeconomic factors that affect the market growth.To forecast the size of the market segments with respect to five key regions: North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA)To provide detailed information related to the major factors (drivers, opportunities, threats, and challenges) influencing the growth of the IoT Security MarketTo analyze each sub-segment for individual growth trends, prospects, and contribution to the total IoT securityTo analyze opportunities in the market for stakeholders by identifying the high-growth segments of the IoT securityTo profile key market players comprising top vendors and start-ups; provide comparative analysis based on business overview, regional presence, product offerings, business strategies, and key financials; and illustrate the market’s competitive landscapesTo track and analyze competitive developments, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities, in the marketBrowse Adjacent Markets: Digitalization and Internet of Things (IoT) Market Research Reports & Consulting
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About MarketsandMarkets™ 
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:Mr. Aashish MehraMarketsandMarkets™ INC.630 Dundee RoadSuite 430Northbrook, IL 60062USA: +1-888-600-6441Email: [email protected] Insight: https://www.marketsandmarkets.com/ResearchInsight/iot-security-market.aspVisit Our Website: https://www.marketsandmarkets.com/Content Source: https://www.marketsandmarkets.com/PressReleases/iot-security.asp
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Elevate Your Virtual Reality Experience with KIWI design RGB Vertical Stand, Now Available on Meta’s Website

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1 day ago

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May 11, 2024

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LOS ANGELES, May 11, 2024 /PRNewswire/ — Top-tier VR accessories provider KIWI design has launched its latest product, the RGB Vertical Stand. This Meta-authorized accessory, designed to deepen users’ immersion in the metaverse, is now available on the official Meta website.

“KIWI design’s commitment to pushing the boundaries of virtual reality accessories takes another leap forward with the introduction of our new products,” said Ray,the CEO of KIWI design. “We are always dedicated to bringing innovative upgrades to VR device accessories, with the goal of enriching users’ virtual reality experiences.”
The newly launched RGB Vertical Stand features a user-friendly modular design with push-in assembly, making it easy to set up and use. It is compatible with Meta Quest 3, Quest 2, and Quest Pro, ensuring widespread usability. With a magnetic USB Type-C connector, it provides an effortless way to charge and display your headset. Users can also customize their display with 16 pre-set ambient multicolor RGB light options.
With VR technology constantly evolving, users are seeking more immersive experiences. As a leading manufacturer of VR accessories, KIWI design is committed to enhancing the user experience, through unique product designs. Since its establishment in 2015, KIWI design has acquired over 100 patents and has a diverse product lineup, including head straps, facial interfaces, VR stands, charging accessories, and controller grip covers.
KIWI design has also actively participated in the Made for Meta program, which is provided by Meta to strengthen its partnerships with leading brands to deliver accessories that enhance Meta products with more choice and a richer experience for everyone. KIWI design’s participation in this program validates its high-quality design standards.
The RGB Vertical Stand for Meta Quest 3, Quest 2, and Quest Pro and another specially designed authorized charging dock for the Meta  Oculus Quest 2 are now available for purchase on both KIWI design’s website and Amazon. For more information about our brand and products, please visit our website and follow KIWI design on Facebook, Instagram, X, YouTube and TikTok.
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WIO Taps Gracenote to Revolutionize Television Broadcast Reporting

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2 days ago

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May 11, 2024

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LOS ANGELES, May 11, 2024 /PRNewswire/ — WIO LLC, parent company of the global TV broadcast airings platform, WIOpro™, has announced a new strategic agreement with Gracenote, the global content data business unit of Nielsen, to address the longstanding challenge of accurately tracking and collecting music royalties generated by broadcast television and digital programming, With this agreement, WIO will integrate Gracenote TV program metadata and show airings into its WIOpro™ (“When’s It On – Professional”) platform enabling performance rights organizations, copyright management organizations and other entities to better monitor broadcast schedules and identify when royalties have been earned.

By integrating Gracenote historical program data into WIOpro’s new LookBack™ feature, WIO is enhancing its reporting capabilities and empowering Collection Societies, Rights Management Companies and the royalty-earning community to more easily monitor and export broadcast airings and better understand collections opportunities.
“At WIO, we are committed to empowering collection societies and copyright holders around the world with our platform tools and unprecedented access to the best and most accurate television broadcast and streaming data available,” said Shawn Pierce, Co-Founder and CEO of WIO LLC. “We have enjoyed an incredible relationship with Gracenote for 10 years. With the solidification of this agreement, we are able to deliver an unrivaled dataset to the royalty and residual community in a way that has not been offered before.” said Adam Shafron, Co-Founder and CTO of WIO LLC.
“WIO’s platform developed to solve the difficult matter of royalty tracking only becomes more powerful based on the integration of accurate, timely and comprehensive Gracenote metadata,” said Scott Monahan, Director, Strategic Partnerships, Gracenote. “We look forward to the combination of WIOpro’s technology and Gracenote’s program metadata delivering on the promise of transforming music royalty collection so that rights holders can be fairly compensated for use of their work.”
WIO and Gracenote will be at the MusicBiz 2024 conference in Nashville, TN May 13 – 16. Contact Dave Pelman, COO of WIO LLC at [email protected] for media queries or to book an appointment for a product demonstration.
About WIO:WIO is a technology company dedicated to providing broadcast television and digital programming data tailored specifically for the royalty and residual collection industry. Through its platform WIOpro (wiopro.com), users obtain access to real-time broadcast insights, reporting and curated data delivery.
About Gracenote:Gracenote is the content data business unit of Nielsen providing entertainment metadata, connected IDs and related offerings to the world’s leading creators, distributors and platforms. Gracenote enables advanced content navigation and discovery capabilities helping individuals easily connect to the TV shows, movies, music, podcasts and sports they love while delivering powerful content analytics making complex business decisions simpler.
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IDTechEx Explores Printed Electronics in Electrified and Autonomous Mobility

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May 10, 2024

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BOSTON, May 10, 2024 /PRNewswire/ — Electrification, autonomy, and vehicle ownership saturation are causing a technological revolution in the automotive sector. These automotive meta-trends are driving drastic changes in electronic component requirements and present a high-volume opportunity for printed electronics to capitalize on.

Historically, printed electronics technologies have nurtured a close relationship with the automotive sector, with printed force sensors pioneering passenger safety through seat occupancy and seatbelt detection. As such, the automotive sector continues to represent the lion’s share of the global printed and flexible sensor market, which IDTechEx’s report on the topic evaluates as worth US$421M in 2024. However, if the automotive sector is to continue to be a reliable revenue stream, printed electronics technology providers must adapt to address the emerging technical challenges facing future mobility.
Augmenting autonomous vehicles with printed electronics
As vehicle autonomy levels advance, the increasing number and distribution of spatial mapping sensors required will need continuous performance improvements to ensure passenger safety. Emerging printed electronics technologies can augment these sensors, extending detection bandwidth and maximizing reliability during operation.
Transparent conductive films (TCFs) are being developed to heat and defog LiDAR sensor panels, ensuring the function is unperturbed by external environmental conditions. Properties such as high transparency and low haze are important for defogging. These properties can be easily tuned using the wide variety of material options available for TCFs, including carbon nanotubes and silver nanowires.
IDTechEx identifies printed heating as a leading application of transparent conductive films. This is attributed to diminishing growth prospects in capacitive touch sensing applications. Innovations in thin film coating techniques have enabled indium tin oxide (ITO) to dominate touch sensing applications, all but displacing TCFs completely.
Looking towards the future, printed electronics technologies could play a more active role in advanced autonomous driving. Emerging semiconductive materials, such as quantum dots, printed directly onto conventional silicon image sensor arrays can extend detection range and sensitivity deeper into the infrared region. Augmenting existing image sensor technology with enhanced spectral range could facilitate the competition of hybrid silicon sensors with established InGaAs detectors.
Printed sensors promise granularized battery health monitoring
Vehicle electrification is driving the sustained development and evolution of electronic management systems, particularly in the battery and electric drivetrain. A strong market pull exists for technologies that increase vehicle efficiency, range, and lifetime while reducing recharge times.
Printed pressure and temperature sensors measure battery cell swelling and thermal profiles, providing granularized physical data that can be used to optimize battery deployment and recharging. Moreover, hybrid printed sensors that combine integrated printed heating elements promise a solution to actively address battery temperature. IDTechEx estimates that printed sensor-enabled battery deployment and charging optimizations could be worth up to US$3000 in savings per vehicle.
There remains uncertainty about whether electrification trends will correspond to increased demand for physical sensors in electric vehicle batteries, owing to the utility of existing electronic readouts for managing deployment. Virtual sensors also pose a threat, where AI-enabled software models interpret data to predict and emulate physical sensor functions without the need for discreet components. However, emerging regulations regarding safety and sensor redundancy will likely favor measurable metrics and see automotive makers continue to adopt physical sensors. IDTechEx predicts that virtual sensors are unlikely to displace their physical counterparts – so long as low-cost sensors remain widely available.
Embedding printed electronics in the car of the future
IDTechEx predicts that global car sales will saturate over the next decade, with automakers increasingly looking for premium features and technical innovations to differentiate themselves from the competition. In-cabin technologies will be highly desirable – as the location where passengers reside and interact with the vehicle the most.
Lighting elements are emerging as a prominent differentiator, described as “the new chrome” by Volkswagen’s chief designer. The use of in-mold structural electronics (IMSE) enables the integration of embedded lighting elements using existing manufacturing processes. 3D electronics technologies are intrinsically attractive for automotive integration, as functional layers are conformable and lightweight while easily embedded within existing aesthetic elements.
Despite strong tailwinds, the adoption of in-mold electronics within automotive interiors has been sluggish. This is attributed to the challenges of meeting automotive qualification requirements, as well as stiff competition with less sophisticated alternatives such as applying functional films to thermoformed parts. Nevertheless, momentum is building, with technology providers like Tactotek partnering with Mercedes-Benz and Stallantis to progress the automotive validation of IMSE to TRL5.
Outlook for printed electronics in automotive applications
Just as printed force sensors heralded early passenger safety systems, printed electronics technology is poised to underpin next-generation innovations for the car of the future. But this time, the competition will be stiff. Critical cost requirements must be met, while desirable new functionality must address existing challenges faced by manufacturers. Printed electronics can play a role in supporting emerging electrified and autonomous mobility, such as augmenting LiDAR sensors or optimizing electric battery deployment. Demand for technologies that enhance passenger experience and vehicle aesthetics will continue to grow, and printed electronics can supply low-power, lightweight lighting solutions for these.
Sustained engagement from tier suppliers and manufacturers continues to make the automotive sector key to printed sensor market growth opportunities – a total market IDTechEx predicts will reach US$960M by 2034. Strong partnerships between material providers and printed electronics technology providers are complementary to those of the highly vertically integrated automotive value chains between tier suppliers and OEMs. Leveraging printing techniques to provide solutions that slot into existing manufacturing processes and designs will be crucial. In the medium term, the printed electronics technologies most likely to realize revenue potential are those that can adapt to service emerging challenges already known to the automotive industry.
For more information on IDTechEx’s research on this topic, please see their report, “Printed and Flexible Sensors 2024-2034: Technologies, Players, Markets”. Downloadable sample pages are available for this report.
For the full portfolio of printed and flexible electronics market research from IDTechEx, please visit www.IDTechEx.com/Research/PE.
About IDTechEx:
IDTechEx provides trusted independent research on emerging technologies and their markets. Since 1999, we have been helping our clients to understand new technologies, their supply chains, market requirements, opportunities and forecasts. For more information, contact [email protected] or visit www.IDTechEx.com. 
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