IoT Security Market – Overview
The Internet of Things (IoT) has become a universal term to describe the tens of billions of devices that have sensing or actuation capabilities, and are connected to each other via the Internet. The IoT includes everything from wearable fitness bands and smart home appliances to factory control devices, medical devices and even automobiles. Security has not been a high priority for these devices till date. The Internet of Things is comprised of a wildly diverse range of device types- from small to large, from simple to complex – from consumer gadgets to sophisticated systems found in DoD, utility and industrial/manufacturing systems.
The major growth driver of IoT Security Market is the high adoption of cloud based technology by organizations and government agencies. BFSI, healthcare, and manufacturing are increasingly shifting their traditional data storage methods towards cloud based data storage thereby required high security services.
The cyber solution companies are providing various security solutions to secure the use of IoT devices. Gemalto, a leading digital security provider offers secure element (SE) technology for automotive and utility sectors. This secure element technology protects advanced digital technology & life-cycle management by providing encryption and access control limitation over sensitive data. Other major market player Microsoft corporation is also working to include BitLocker encryption & secure boot technology into its Window 10 IoT software. To improve security, an IoT device that needs to be directly accessible over the Internet, should be segmented into its own network and have network access restricted. The network segment should then be monitored to identify potential anomalous traffic, and action should be taken if there is a problem.
Cisco Systems, Inc. (U.S.), IBM Corporation (U.S.), Verizon enterprise solutions (U.S.), Symantec AG (Germany), Infineon Technologies AG (Germany), Intel Corporation (U.S.), AT&T Inc. (U.S.), Gemalto NV (U.S.), General Electric (U.S.), Sophos Group PLC (U.K) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global IoT Security Market.
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January, 2018 – Bitdefender, a leading cyber security technology company protecting 500 million users worldwide and NETGEAR, Inc, a global networking company that delivers innovative products to consumers, businesses and service providers, developed a technology licensing agreement allowing NETGEAR to include Bitdefender’s breakthrough IoT security technology on certain of its networking devices. With advanced threats leveraging vulnerabilities in smart devices, this joint offering will secure IoT devices at the WiFi router level, reducing the threat of attacks and protecting sensitive user data from cybercriminals. Consumers can count on a comprehensive IoT security technology with the capability to detect devices within the NETGEAR Nighthawk WiFi Router network and identify those with vulnerabilities.
January, 2018 – D-Link, a provider of communication network products for residential and business use, has announced an international partnership with Afero, a company that has developed a cloud-based Internet of Things (IoT) platform which, according to D-Link, promises to help improve security. The company says it selected Afero’s IoT platform to offer the market a new class of smart and secure products.
IoT Security Market – Competitive Analysis
The Market of IoT Security appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms. Prominent vendors of IoT Security are targeting to invest more in technology and research and development activities to innovate their already existing technology.
IoT Security Market – Segmentation
Segmentation by type: Comprises network security, application security, cloud security among others
Segmentation by component: Comprises solution (identity access management, data encryption and tokenization, device authentication and management, security analytics and others), service (professional and managed services)
Segmentation by end-users: Comprises retail, manufacturing, healthcare, transportation, IT, BFSI and others.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
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IoT Security Market – Regional Analysis
North America is estimated to hold the largest market share and expected to dominate the IoT security market from 2017 to 2022. High adoption of IoT technologies and devices by manufacturing and IT sectors in the region has shown impressive growth in the past few years. The high involvement of technology also lead to threat for cyber-attacks for an organization, for this reason many companies are deploying smart sensors & other security devices. In Europe, the European commission is planning to implement new cyber security platforms to protect confidential data of government as well as of organization from IoT devices which is propelling the growth for IoT Security market in the region. Furthermore, Asia-Pacific is expected to be the fastest growing IoT Security market during the forecast period. Increasing cyber-crime in the region the demand for IoT security services especially by SMEs is increasing thereby witnessing high growth of IoT services market in the region.
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