Worldwide: The major forces driving the IoT security market are rise in security concerns for critical infrastructures such as utilities, smart grids, and manufacturing facilities and stringent regulations and compliance requirements. Nowadays, cloud-based security solutions are providing good opportunities for the growth of the IoT security market by minimizing implementation and maintenance costs, thereby leading organizations to shift towards the deployment of cloud-based security solutions.
The market for IoT security products is currently small but it is growing as both consumers and businesses start using connected devices in ever greater numbers. Report forecasts that 6.4 billion connected things will be in use worldwide in 2016, up 30 percent from 2015, and will reach 11.4 billion by 2018. However, considerable variation exists among different industry sectors as a result of different levels of prioritization and security awareness.
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During the last decade, the Asia-Pacific (APAC) region has undergone tremendous economic growth, political transformation, and social change. Owing to the sophistication of threats, countries such as India, Japan, and Singapore have all updated or launched new national security policies. Factors such as continual growth in mobile workforce, increasing complexity of businesses, unregulated nature of Internet, and growth in the adoption of BYOD, which in turn comes up with strong security requirements, are now expected to push large as well as Small and Medium Businesses (SMBs) to adopt various security solutions.
Furthermore, the IoT security market remains competitive with the presence of a large number of vendors. The major vendors in the IoT security market are Cisco, IBM, Infineon Technologies, Intel Corporation, Symantec, and Check Point Technologies, among others. The report also encompasses different strategies,
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Segmentation by network security components and analysis of the IoT security market:
- Hardware
- Software
- Services
The hardware segment will account for the largest share of the market during the forecast period and will post an impressive market value of more than USD 18 billion by 2020. Due to the recent increase in sales of hardware security components, the revenue of this market segment will increase. Also, factors such as the rapid adoption of firewall and IDP hardware for integrated security of network infrastructures will also aid in the growth of this market segment during the forecast period.
The effort of securing IoT is expected to focus more and more on the management, analytics and provisioning of devices and their data. IoT business scenarios will require a delivery mechanism that can also grow and keep pace with requirements in monitoring, detection, access control and other security needs. The future of cloud-based security services is in part linked with the future of the IoT. In fact, the IoT’s fundamental strength in scale and presence will not be fully realized without cloud-based security services to deliver an acceptable level of operation for many organizations in a cost-effective manner. By 2020, report predicts that over half of all IoT implementations will use some form of cloud-based security service.
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