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"The Healthcare IOT Security Market Registered US$ 1.227 Bn In 2019 And It Is Estimated To Reach More Than US$ 19.021 Bn By 2024, Likely to Grow with a CAGR of 35.6 % During The Forecast Period."
Healthcare is defined as taking precautionary measures and necessary procedures to improve a person’s wellbeing which may be done with surgery, administering of medicine, or with other modifications in a person’s lifestyle. Healthcare IOT Security is used to monitor patients more closely and using data for analytics. The central point of using healthcare IOT security has deviated towards the consumer point, such as blood pressure bands, glucose meters, and other devices devised to record data on patient vital signs. This data provides automatically-collected data and apply decision support rules to qualify for preceding intervention in the treatment process.
However, the burgeoning of IOT devices along with a dearth of network segmentation, inadequate access controls and dependency on legacy systems has originated an expanding attack surface that can be misused by cybercriminals set to abduct personally identifiable data besides detriment healthcare remittance process. Moreover, IOT is expeditiously being adopted major healthcare organizations for patient health management and also it reinforces the efficiency of these organizations.
Emergent Concerns Associated To Security and Privacy Is the Most Important Sponsor to the Growth of the Healthcare Security IOT Market
The major factor restraining the growth of the healthcare IOT security market is the growing complexity among devices and along with its lack of ubiquitous legislation. However, these IOT security systems have prompted revolutionary divergence in the current digital world by developing an interconnected environment. It also imparts efficiency to the operating environment due to advanced asset utilization sensors and connectivity which will benefit the industries to gain real-time insights.
The Consulting Services Segment Estimated To Be the Dominating Segment of the Healthcare IOT Security Market
The healthcare IOT security market can be divided on the basis of Service Type as Consulting Services, Risk Assessment, Design & Integration Services, and Managed Security Services. The consulting services segment is estimated to register the highest CAGR in the evaluation period. Moreover, healthcare IOT security market can be segmented into Component Type is Solutions Type Identify and Access Management, Data Loss Protection, Unified Threat Management, Device Authentication and Management, Secure Communication, Security Analytics. Furthermore, Healthcare IOT Security Market can be segmented by Product Type Hardware, Software, and Services.
The healthcare IOT security market is mainly executed by increasing the connectivity of healthcare IOT devices with the connectivity of healthcare IOT devices and increase data privacy and security concerns among consumers. Healthcare IOT Security Market by Specialized or professional Services can be divided into Integration Services, Consulting Services, Support and Maintenance Services. Healthcare IOT Security Market is segmented further by application is Medical Devices, Pharmaceutical, and Bio-Technology. Higher investment capabilities of organizations in premium IOT security solutions are augmenting the market growth.
North America Region Secured The Most Eminent Percentage Of The Healthcare IOT Security Market With About 47% Of The Market Since 2018.
Geographically, North America has the highest market share in the Healthcare security IOT market. The U.S accounts for major market share within the North America. Adoption of start-up culture in the North America region is growing at a higher rate in comparison to other regions along with it an increasing number of small and medium-sized enterprises and growing digitization trend in the market are expected to foster the market in this region. Europe also accounts for significant market share in this market owing to increased awareness and presence of health related complications.
By 2028, the Asia-Pacific Region Is Anticipated To Upsurge Their Grasp on the Healthcare IOT Security Market from About 17% To 22%
Asia Pacific region is expected to be the fastest-growing region among others. Countries like Japan, India, and China are expected to dispense towards the growth of this market. Factors such as rapid urbanisation, busy work life, growing awareness and increase investment in healthcare sectors are liable for the growth of the Healthcare security IOT market in the APAC region. Asia Pacific region is foreseen to improve expeditiously evolving due to mounting IOT based actions such as smart cities and smart grids which will produce a significant quantity of data which will enforce the government to build data protection policies for ownership of data.
Some of the reputed players operating in this market include IBM Corporation, Cisco Systems, Inc., DELL Corporation, Intel Corporation, Oracle Corporation, ATEL Corporation, Symantec Corporation, and Others. Most of these players have a dominant presence in North America and Europe region. Besides this, increasing concerns related to security and privacy in healthcare information system. Developing and Under-developed countries have significantly invested in R&D activities which are thereby contributing to the development of innovative technologies which will enormously create higher opportunities for the IOT security vendors.
Global Healthcare IOT Security Market by Component Type
- Solutions Type
- Identify and Access Management
- Data Loss Protection
- Unified Threat Management
- Device Authentication and Management
- Secure Communication
- Security Analytics
- Service Type
- Consulting Services
- Risk Assessment
- Design & Integration Services
- Managed Security Services
Global Healthcare IOT Security Market by Product Type
Global Healthcare IOT Security Market by Professional Services
- Integration Services
- Consulting Services
- Support and Maintenance Services
Global Healthcare IOT Security Market by Application
- Medical Devices
- Bio Technology
Global Healthcare IOT Security Market by End-user
- Healthcare Providers
- Healthcare Payers
- Research Laboratories (biotech/pharma)
- Government Authority
Global Healthcare IOT Security Market by Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa