Palo Alto Networks has completed its acquisition of Zingbox, an Internet of Things (IoT) cybersecurity company. It previously announced plans to buy Zingbox for roughly $75 million earlier this month.
Zingbox is expected to help Palo Alto Networks accelerate the delivery of IoT security via its Next-Generation Firewall and Cortex platforms, according to a prepared statement. In addition, Zingbox could help Palo Alto Networks capitalize on an IoT security market that is projected to grow.
The global IoT security market is expected to expand at a compound annual growth rate (CAGR) of 29.7 percent between 2018 and 2025, according to industry analyst Grand View Research. This market also could be worth nearly $9.9 billion by 2025.