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

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1 year 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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Sinch Honored with Frost & Sullivan’s Enlightened Growth Leadership Award

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35 mins ago

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October 7, 2024

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Recognized for Commitment to Making the World a Better Place Through Innovative Growth, Customer Value, and Sustainable Business Practices
STOCKHOLM, Oct. 7, 2024 /PRNewswire/ — Sinch (Sinch AB (publ) – (XSTO: SINCH), which is pioneering the way the world communicates through its Customer Communications Cloud, is pleased to announce that it has been awarded the Enlightened Growth Leadership Best Practices Recognition by the Frost & Sullivan Institute. This prestigious award celebrates Sinch as a Company of Action, for demonstrating best practices in its growth journey, while aligning with Frost and Sullivan’s “innovation to zero” initiative, which focuses on addressing global challenges through sustainable and responsible business practices.

In addition to its sustainability efforts, Sinch was recognized for its technology leadership, leveraging innovations like its cloud-based infrastructure for scalability and cost efficiency, and its API-first approach for rapid integration and customization. AI capabilities are embedded across Sinch’s entire portfolio, enhancing customer experience and operational efficiency, further solidifying its position as a leader in communication technology. The award acknowledges companies that drive significant economic impact and drive transformation, with Sinch advancing toward a future where environmental responsibility and business success are seamlessly aligned.
Sinch was specifically recognized for its dedication to the Science Based Targets initiative aimed at meeting the Paris Agreement’s 1.5°C goal. The company proactively assesses the environmental impact of its products and emphasizes responsible business practices that minimize waste and pollution.
“We are honored to be recognized for our commitment to sustainable growth, innovation, and our dedication to our employees, partners and customers,” shared Jonathan Bean, Chief Marketing Officer at Sinch. “This award reflects our focus on enhancing the customer experience by fostering a culture of responsibility, excellence, and forward-thinking. It also serves as a reminder of our ongoing commitment to reducing our environmental impact, fostering inclusive workplaces, and upholding the highest standards of ethical business practices with our customers and partners,” added Bean.
Sinch believes in the power of communication as a force for good and recognizes its responsibility to lead by example, especially as it powers billions of engagements each year. The company’s Environmental, Social, and Governance (ESG) initiatives are closely aligned with its core values, ensuring that its innovations and strategies not only connect people but also contribute to a sustainable and equitable future.
For further information, please contact:  Janet Lennon, Director of Global Communications [email protected]
This information was brought to you by Cision http://news.cision.com
 

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LG Innotek Becomes Industry’s First to Use AI to Prevent Input of Defective Raw Materials in Production

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35 mins ago

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October 7, 2024

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Achieved early detection of cause of defects in raw materials through AI, becoming “first to overcome this challenge in the industry”Applied to high-value semiconductor substrates, analyzing raw material defects in only one minuteReduces defect analysis time by up to 90%SEOUL, South Korea, Oct. 7, 2024 /PRNewswire/ — Today, LG Innotek (CEO Moon Hyuksoo) announced the development and application of the industry’s first “Artificial Intelligence (AI)-based inspection system for incoming raw materials”, designed to detect defects at the point of receipt and prevent the use of substandard raw materials in the process.

LG Innotek applied its AI-based inspection technology, developed by combining material information and AI image processing technologies, to the RF-SiP (Radio Frequency System-in-Package) process. Recently, the technology was also introduced for the FC-BGA (Flip Chip Ball Grid Array), and is expected to further enhance the competitiveness and quality of LG Innotek’s high-value semiconductor substrate products.
Previously, incoming raw materials underwent only a visual inspection before entering the production process. However, the continued advancement of semiconductor substrate technology changed this. Even after improving all in-process defect causes, failures in reliability evaluations continued to rise. This led the quality of incoming materials to gain attention as a decisive factor affecting reliability evaluations. 
The core raw materials (i.e. Prepreg (PPG), Ajinomoto Build-up Film (ABF), and Copper-Clad Laminate (CCL)) that comprise semiconductor substrates arrive as a mixture of glass fibers, inorganic compounds, and other components. In the past, air voids (gaps between particles) or foreign particles generated during the material mixing process did not significantly impact product performance. However, as substrate specifications, such as circuit spacing, have become increasingly stringent, the presence of air voids and foreign particles, depending on their size, has started to cause defects.
As a result, it is virtually impossible to identify which part of the raw material is responsible for the defect using traditional visual inspection methods, which has become a significant challenge for the industry.
If we were to compare one lot of raw materials mixture (unit of raw materials with the same characteristics that goes into the production process) to a batch of cookie dough, it is impossible for the eye to perceive the concentration of salt or sugar in a certain portion, the number of air holes in the dough, or the number of foreign particles.
LG Innotek has found a way to overcome this industry challenge with AI. Its “AI-based Inspection System for Incoming Raw Materials” has been trained with tens of thousands of pieces of data on the composition of materials that are either suitable or unsuitable for a product. Based on this, it analyzes the components and defective areas of semiconductor substrate raw materials in only one minute, with an accuracy rate of over 90%, and visualizes quality deviations in each lot of raw materials.
By using AI machine learning to visualize, quantify, and standardize material configurations optimized for quality, LG Innotek has been able to prevent defective raw materials from entering the production process. The company can change the material design based on the quality deviation information visualized by the AI system, allowing it to ensure that the quality of the raw materials lot is uniform at a suitable level before entering the process.
An LG Innotek official commented, “With the “AI-based Inspection System for Incoming Raw Materials”, the time required to analyze defects has been decreased by up to 90%, and the cost of resolving the causes of defects has been significantly reduced.”
LG Innotek plans to enhance the AI system’s detection capabilities by sharing raw materials-related data with customers and suppliers in the substrate sector through digital partnerships.
Additionally, the company aims to expand the system’s application to optical solutions, such as camera modules, where the image-based detection of material defects can play a crucial role.
LG Innotek CTO S.David Roh said, “With the “AI-based inspection system”, we will complete LG Innotek’s unique AI ecosystem, which delivers exceptional customer value by identifying causes of product defects early in the production process.” He added, “We will continue innovating in digital production technology to create top-quality products at the lowest cost and in the shortest time.”
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CogX Unveils Innovative Knowledge Networking Platform, Proxxi AI, at the CogX Leadership Summit

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35 mins ago

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October 7, 2024

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New platform uses pioneering “Expert-in-the-Loop” model that matches questions from users with the best specialists to answer them – all assisted by state-of-the-art AI
LONDON, Oct. 7, 2024 /PRNewswire/ — CogX Group Ltd, the tech community and online platforms group, which brings together the sector’s leaders and innovators from across the world, will showcase today its new knowledge networking platform, Proxxi AI, an “expert-in-the-loop” model that connects users and specialists to provide bespoke answers to their questions, assisted by state-of-the art AI.

Proxxi AI will be unveiled later at CogX’s London Leadership Summit at the historic Royal Albert Hall. Proxxi AI understands user questions, identifies the best available experts, assists them with answers based on their own trained “proxxi”, and features a broad range of subjects to deliver the best of AI, but with human oversight.
The live stream of the Summit will be available on YouTube from 10 am here.
Proxxi AI aims to play a leading role within a global knowledge management marketplace projected to grow beyond $1 trillion by 2026 (MarketsandMarkets), with organisations seeking faster, reliable, and lower-cost ways to access expertise and stay ahead of the curve.
Employing the latest large language models (LLMs), Proxxi AI will continuously learn and improve each expert’s proxxi and ranking. The platform will initially be accessed via Slack, Teams, and the CogX Insights app. Shortly after it will be available via API for web and mobile app developers. It supports a broad range of use cases for startups and enterprises, governments, universities and research institutions.
CogX will be demonstrating Proxxi AI at today’s Leadership Summit throughout the day.
Also announced today is the organisation of CogX’s businesses — CogX Ltd (UK Events and the CogX Insights app) and Proxxi AI (Knowledge Network)— under CogX Group Ltd  enabling the community to connect both in-person at our events, and through its two online platforms.
Charlie Muirhead, Founder and CEO of CogX, said:
“CogX’s mission is to convene our community to address the question: How do we get the next 10 years right?  To do so, we need to connect the right people to the right expertise, just when they need it.
So we’re hugely excited to be sharing Proxxi AI today at the Leadership Summit, which will instantly connect people to subject specialists through Slack and Teams our own CogX Insights app, and shortly after via our API for web and mobile app developers.
By blending AI-driven insights with trusted expert oversight, we will empower organisations, large and small, to better navigate the rapid technological changes taking place and enhance their overall performance.”
Notes to editors
About CogX
Co-founded by Charlie Muirhead in 2017, CogX is a tech community and online platforms business that convenes inspirational events featuring leading voices from a huge range of sectors. The community brings together entrepreneurs, business leaders, academics, investors and policy makers both in-person, and online.
More about CogX Leadership Summit London
Taking place at the Royal Albert Hall – the historic venue that hosted the 1851 Great Exhibition, a showcase of the 1st Industrial Revolution – the CogX Summit will focus on the 4th Industrial Revolution, an era of technological convergence that will change the way we live and work.
The Summit is being held on Monday 7th October 2024, and will bring together over 100 world-class speakers, and host over 20 editorially curated salons and mixers to answer the central question: “How do we seize the AI opportunity?
Leaders from Google, OpenAI, Microsoft, NVIDIA, Meta, Hugging Face, Northern Data, Stanford University, and companies at the forefront of generative AI will join over 2,500 delegates to discuss how to apply AI safely and responsibly today and improve productivity and drive business growth.
The live stream of the Summit is available on YouTube from 10am here. (https://shorturl.at/lj3HP).
 
 

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