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As per the latest report by IMARC Group, titled
“IoT Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global IoT security market size reached US$ 10.2 Billion in 2019. Internet of things (IoT) assists in creating smart communication environments by connecting devices like industrial equipment and consumer objects to a network, gathering information and managing these devices using software to increase efficiency. Some of the key components of IoT are radio frequency identification (RFID), wireless sensor network (WSN), near field communication (NFC), cloud services, gateways, data storage and analytics, and visualization elements. At present, there is a rise in the demand for IoT security as it eradicates vulnerabilities and equips IoT devices with the means to detect, resist and recover from malicious attacks.
BFSI to Drive the Market Growth
With a growing number of cybercrimes activities, the security of sensitive data such as financial banking details, personal banking details, personally identifiable information, and confidential corporate data is at high risk. Due to these reasons, the demand for BFSI security solutions has witnessed a high requirement, consequently boosting the Web Filtering Market’s growth.
For instance, according to Verizon Communications Inc, in 2019, the global Finance industry experienced 1,509 cybersecurity incidents. Public and Professional services were the most targeted sectors, with 7,463 and 6,843 reported incidents. As per the IC3 & FBI, in the year 2019, 16,503 online identity theft cases were reported. Phishing and similar fraud ranked first, with 114,702 complaints.
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