Competitive Analysis
The sector is undergoing considerable transformation which has accelerated the growth pace of the sector. The Healthcare IoT Security Market share in the segment are utilizing their primary resources to initiate a trend of solid, volume-driven growth that has been observed in the market with the development of different varieties of product types. The best long-term growth opportunities for this sector can be harnessed by ensuring ongoing process improvements and maintaining financial flexibility to invest in the optimal strategies. However, with companies aiming to capture a considerable share of the market segment as early as possible, they are implementing and experimenting with various advantage points.
IBM Corporation, Cisco Systems Inc., Intel Corporation, Oracle Corporation, Sophos Group Plc., Symantec Corporation, Trend Micro Inc., and others are some of the industry players in the market.
The global Healthcare IoT Security Market is currently valued at USD 4.8 billion and is predicted to be valued at USD 15.82 billion growing at a CAGR of 22%. Introduction of smart devices and infrastructure has greatly led to the diversification of the healthcare sector. Diversified and coordinated efforts between IT division and healthcare device manufacturers are one of the most noticeable factors that are driving the market development of this industry.
Increased security and safety offered by IoT security has increased the appeal of this sector to a great extent. Swift expansion of IoT across a multitude of sectors has led to the implementation of IoT security in the healthcare sector. Market Research Future, a firm which specializes in market reports related to the healthcare sector among others, recently published a report on this market.
Detailed Regional Analysis
Globally North America is the largest market for Global healthcare IoT security market. Europe is the second-largest market for Global healthcare IoT security market. However, the developing regions market particularly Asia Pacific will be the fastest growing and will be the key to the future, as this region comprises 60% of the world population. With the healthcare IOT adoption for managing growing chronic illnesses increasing, IOT security will become crucial in the near future. Data privacy and security concerns among the healthcare organizations and patients related to healthcare IOT are also driving the growth of the market.
Industry Updates:
ZingBox, a vendor of Internet of Things security systems, will collaborate with VMware, which markets an IoT infrastructure management system, to deliver enhanced security to enterprise Internet of Things implementations. Following the WannaCry ransomware epidemic, Internet of Things (IoT) ZingBox will also offer healthcare organizations free access its security service, the company announced recently.
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