Global Internet of Things (IoT) Security Market

Description

Introduction

IoT security market size set to increase due to an estimated 50 billion connnected devices by 2020. This report provides analysis of internet of things (IoT) security market size, top IoT security companies, IoT market segmentation, major components and applications.

Internet of things (IoT) security market research report is segmented by type (Network security, Endpoint security, Application security, Cloud security and others), Solutions (Identity access management, Data encryption and tokenization, IDS/IPS, Device authentication and management, Secure software and firmware update, Secure communications, PKI lifecycle management, Distributed denial of service protection, Security analytics, and Others), Services (Professional Services, Integration Services, Support and Maintenance, Consulting Services and Managed services), applications (Smart Manufacturing, Smart Energy and Utilities, Connected Logistics, Consumer Wearables, Connected Healthcare, Smart Government and Defense, Connected Vehicles, Smart Retail and Others), and region.

Internet of Things or IoT is a network containing different devices. Those devices can be vehicles, home appliances or other items embedded with electronics, software, sensors and must have network connectivity so that they can connect and exchange information. IoT makes use of networking, sensors, big data and artificial intelligence. IoT works when the devices are connected to one of the IoT platforms. These platforms gather the data and using analytics share the relevant information with the users. With the passage of time, the network is becoming immensely complex and the volume of data bigger and it is becoming increasingly difficult to maintain it in a secure manner. Since a high volume of data is being transferred, the risk of manipulation is also high. This gives rise to the need for IoT security applications. IoT security applications act against all types of threats like device manipulation, data manipulation, and network manipulation.

Market Dynamics

The primary driver for the global IoT Security Market is the growing complexity of the IoT networks. According to a report by CISCO, the number of connected devices has increased from 11.2 billion in 2013 to 28.4 billion in 2017. It is estimated to touch 50 billion by 2020. With the number of devices connected increasing, the need for the secure transaction has increased multifold. The amount of data transferred to all these devices is rising and there is a need to secure them to avoid misuse and provide safety from hackers and virus. Other factors for growth include the popularity of social media and excessive use of smartphones, tablets, and laptops. All these devices being connected, produce a greater opportunity for cybercrime to occur. With Bring Your Own Device to work, a data security concern is prevalent which results in the increased use of IoT Security platforms among the corporates.

The major restraint of the market is the is the lack of knowledge of among users about the various IoT Security platforms and their effectiveness. Another inhibiting factor is the high cost of installation which is very high for the machine to machine communication. Stringent government regulations brought into place by the government has presented an opportunity for growth for the market. Rising concerns regarding data security have made governments across the globe create stringent laws and regulatory compliances. The emergence of smart cities also provides the immense prospect of growth.

Market Segmentation

The market can be segmented on the basis of the component, type, solution, service, application, and region. Based on the component, the market can be divided into Solutions and Services. Based on the type, the different markets are Network security, Endpoint security, Application security, Cloud security and others. Solutions market can be divided into Identity access management, Data encryption and tokenization, IDS/IPS, Device authentication and management, Secure software and firmware update, Secure communications, PKI lifecycle management, Distributed denial of service protection, Security analytics, and Others. Based on service, the market can be segmented into Professional Services, Integration Services, Support and Maintenance, Consulting Services and Managed services. As per application, the market is of the following segments: Smart Manufacturing, Smart Energy and Utilities, Connected Logistics, Consumer Wearables, Connected Healthcare, Smart Government and Defense, Connected Vehicles, Smart Retail and Others.

Regional/Geographic Analysis

Global IoT security market covers North America, Europe, Asia-Pacific, Middle East & Africa and South America. North America is the dominant player in this market whereas Asia Pacific is the emerging market. United States being a hub of development for IoT and also subjected to stringent regulations, is the market leader. Japan, India, and Singapore with rapidly growing internet usage and mobile workforce act as a developing market.

Key Players

Some of the major players in the market are Symantec Corporation, IBM Corporation, Cisco Systems, Infineon Technologies, RSA Security LLC and Sophos PLC.