Top Five IoT Security Market Companies
Rising security concerns for critical IT infrastructure and growing IoT security regulations are expected to drive Global IoT security market growth through 2027.
In 2021, the
world witnessed an alarming 105% surge in ransomware cyberattacks, owing to
rise in remote work and presence of compromised IoT devices. As the cyber
security threats are increasing at a significant rate, organizations are
investing in IoT security solutions to safeguard against ransomware, malware,
and phishing threats. Rise in adoption of cybersecurity measures is presenting
growth opportunities for players involved in the IoT security services and
products. Here are the top five IoT security companies that are contributing
significantly to the global IoT security market growth.
Cisco System,
Inc.
Specialized in
designing, manufacturing, and selling of Internet Protocol (IP) licenses, and
other networking technologies, Cisco System is multinational leader in
networking & communication devices. Key offerings of Cisco System are next- generation firewall, advanced malware protection, email security, endpoint security, and multi-factor authentication. During
the fiscal year 2020, Cisco’s annual revenue reached USD49.3 billion, owing to a
drastic upgrade in all companies’ IT infrastructure resulting from the
coronavirus emergence. Cisco forecasts its revenue and earnings growth of 5%-7%
through 2025, targeting a USD400 billion total addressable market (TAM) in
existing and expansion markets. In 2021, Cisco’s software sold on
subscription garnered nearly USD12 billion. The company is well-positioned to capitalize
on the strong demand for security and networking solutions.
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Broadcom
Corporation
Broadcom
Corporation is a global technology leader in designing and developing digital
and analog semiconductor and infrastructure software. Key products of Broadcom
Corporation are Symantec Endpoint, security, identity security, web and email
security, and information security. In 2021, Broadcom collaborated with Google
to deliver Broadcom’s security and enterprise portfolio via Google Cloud. The
company is planning to acquire software firm VMware to make tools that help
cloud computers run more efficiently. Currently, Asia-Pacific region accounts
for 67.4% of the company’s revenue. However, Broadcom is planning to develop
more strategic partnerships to expand its global presence.
IBM
Corporation
American
technology company, IBM Corporation is a market leader in providing IoT
security solutions across more than 170 nations. The company offers data,
network, mobile security services, emergency response services, and security. Under
IoT security, IBM has a wide range of portfolio including Cloud Security
Enforcer, Data Security Platform, Mobile & Application Security and
IDS/IPS. In 2022, IBM announced to acquire Randori, a Boston-based offensive
security startup to enable organizations against cyber defenses. The security
solution integrates attack surface management with continuous automated red
teaming (CART). Thus, the strategic partnership will enhance IBM’s capabilities
to help improve threat detection for thousands of clients worldwide.
Intel
Corporation
Intel
Corporation provides networking, computing, data storage, and communication
solutions worldwide. Key product offerings of Intel Corporation include NAND
flash memory, cloud-based data centres, programmable semiconductors, among
others. The semiconductor giant is continuously working towards the development
in technologies such as high-end computing and artificial intelligence.
Recently, the company unveiled Project Amber to build quantum resistant
cryptography for quantum computing.
Trend Micro
Tokyo-based IoT
security services companies, Trend Micro specializes in the development and
sales of security related software for computers and Internet. Some of the key
offerings in IoT security includes Micro Deep Security for hybrid cloud
security, Intrusion Prevention System for network defense, secure web gateway,
endpoint encryption, data loss prevention, anti-virus software products, and so
on.
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According to TechSci Research
report on “Global
IoT Security Market By Component (Solution, Service), By Deployment
(Cloud, On-premise), By Enterprise (SME, Large Enterprise), By Security Type
(Network Security, End-point Security, Application Security, Cloud Security and
Others), By Application (Smart Manufacturing, Smart Energy & Utilities,
Connected Logistics, Smart Home & Consumer Electronics, etc.), By Region, Competition,
Forecast & Opportunities 2027”, the global IoT security market is
anticipated to grow at a formidable rate during the forecast period. The market
growth can be attributed to the rising expenditure by major vendors and rising
number of malware attacks.
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