IoT Security Market - Accounts for the Largest Market Share Because of Growth in the Technological Advancements

The global Internet of Things security market is slated to witness a tremendous growth during the forecast period from 2016 to 2024. The growth can be traced to a growing adoption of cloud based services for authentication process. Cloud is being used for the storage of biometrics information.

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As the Internet of Things (IoT) is gradually moving from being a centralized structure to a more complex network of innumerable decentralized smart devices, the need for security of data will be acknowledged to a greater degree, thereby promoting the expansion of the global IoT security market. The larger the volume of the data transferred over to IoT, the bigger the risk of device manipulation, IP theft, identity theft, data falsification, and network or server manipulation.

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With the emergence of technologies such as cloud, a large volume of data faces threat from cyber-crime. The exceeding popularity of social media has also resulted in vulnerability to identity theft and data theft. Consequently, stronger platforms that combat cyber threats are being continuously developed by several firms. Moreover, the excessive usage of smartphones, laptops, and tablets has further led to the exposure of personal data.

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The prevalence of concepts such as Bring Your Own Phone (BYOP), Bring Your Own Device (BYOD), and Bring Your Own PC (BYOPC) has undoubtedly boosted the productivity of business enterprises, but has also raised data security concerns.

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