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Internet of Things (IoT) Security Market To Expand At 29.7% CAGR By 2025, Owing To Rising Concern About Securing Data Generated By IoT Devices In Several Sectors | Million Insights
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.
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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.
However, low awareness about the benefits of IoT security among organizations and other sectors is hindering the IoT security market growth. In addition, high installation cost is another challenge for market growth. Cling to regulatory compliance, lack of technical skills, and low budget to implement new strategies are expected to restrain the market growth during the forecast period.
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