The Internet of Things (IoT) refers to the network of internet-connected objects that can collect and exchange data using embedded sensors. IoT devices have transformed many industries by enabling remote monitoring and data collection. However, the vast amount of data being transmitted by IoT devices also poses cybersecurity risks such as potential vulnerability exploits, data breaches and distributed denial-of-service (DDoS) attacks. As more businesses and consumers adopt IoT technology, the need to secure such networks and mitigate risks has become imperative. The global Internet of Things (IoT) Market is estimated to be valued at US$ 1.56 trillion in 2023 and is expected to exhibit a CAGR of 19.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity to develop advanced cybersecurity solutions tailored for IoT networks is expected to drive significant growth in the market. As IoT deployments continue to expand across industries, the risks of malware attacks, data theft and other cyber threats continue to rise. IoT devices connected via large networks need strong security measures to ensure operational integrity and protect sensitive data. Specialized solutions that can enable automatic software updates, threat detection, access control and data encryption on IoT devices are expected see high demand. Cybersecurity vendors investing in technologies like blockchain, artificial intelligence and machine learning to build solutions securing entire IoT infrastructures will benefit from the fast growth of this market.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as it requires high investment and R&D to build and offer out-of-band authentication solutions. However, technological advancements lower the entry barriers over time.
Bargaining power of buyers: The bargaining power of buyers is high as the market has several solution providers and buyers can negotiate on price and customized offerings. Standardized products increase transparency.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the suppliers of components and technologies require specialized expertise. However, intellectual property rights protect the suppliers' position.
Threat of new substitutes: The threat of new substitutes is low as out-of-band authentication has established use cases over SMS and email alternatives. Integration with other security tools further locks-in customers.
Competitive rivalry: The competitive rivalry is high among key market players to gain more customers and market share through product innovations.
SWOT Analysis
Strengths: Robust security, customized solutions, adaptability to multiple use cases.
Weaknesses: Initial costs, specialized skill requirement, integration challenges.
Opportunities: Growth in online transactions, remote working adoption, 5G and IoT expansion.
Threats: Security breaches, alternative authentication methods, compliance complexities.
Key Takeaways
The Global Out-Of-Band Authentication Market Share is expected to witness high growth over the forecast period of 2023 to 2030 supported by the growth in online transactions.
North America dominates currently due to stringent regulations and advanced digital infrastructure. Europe holds the second largest market share with increasing cloud adoption in the region.
The key players operating in the out-of-band authentication market are IBM Corporation, Haivision, Brightcove, Qumu, Kaltura, Sonic Foundry, Vimeo, SproutVideo, VBrick, MediaPlatform, Dacast, Agile Content, and Wowza, and Panopto.
For more insights, Read- https://www.ukwebwire.com/out-of-band-authentication-market-demand-share-analysis/
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