The global IoT (Internet of Things) security market size is estimated to exceed USD xx million over the forecast period.
IoT is an incorporation of a hardware, a software, communication services and IT services. For instance, sensors, RFID, NFC, cloud services, data storage and analytics are the key components of IoT. IOT helps in effective monitoring as well as management of devices that are connected to the network. Since last few decades there is a sharp rise in demand for IoT that is credited to rising popularity of related devices, enhanced web service, increase in adorability level, accessibility of cloud computing system and falling expense of sensors as well as processors.
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In addition, rise in government consumption of information communication and technology (ICT), growing number of internet user combined with systems administration gadgets, such as cell phones, and development in wireless technology. Thus, making the connected devices more vulnerable to cyber-attacks, consequently driving the IoT security market’s growth. Network powered technology can be used to address the IOT security.
Moreover, connected devices are not only limited to certain information services, but also include items like medical devices, vehicles as well as items having a great impact on society including power stations & nuclear plants. Thus, making the rise of IOT security industry more exponential. However, the cost of installing IOT devices to drive machine to machine communication is very high. Thus, the cost could be a restraint for the IOT security market growth in cost-sensitive economies. The other reason that could act as a restraint for the market growth could be the lack of knowledge about IoT and related technologies.
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Furthermore, rising number of smart city initiatives across the globe pose a great opportunity for IOT market which, in turn, will provide an opportunity to IOT security market. For instance, Government of India launched “100 smart cities mission” in 2015 to bring technological advancements in communication networks by digitalization. Every smart city was planned to have public Wi-Fi hotspots providing with shared passwords. This could be a lethal playground for malware attackers and thus, security of IoT devices would be of prime concern.
The global IoT security market is segmented by different security types, end-users as well as demographics. Further the security type is sub-divided by different End-point security, Application security, Cloud security and Network security. Then again in terms of end-user IoT security market is sub-divided by different consumers, industries as well as commercial. Furthermore, geographical segmentation is concentrated on the key regions as Europe (Germany, France, Italy, Spain & other), North America (USA, Canada), Asia Pacific (China, Japan, India, Australia & Other) and Rest of the World.
Additionally, competitive landscape of the global IoT security market involves some of the major key players operating in the market including Symantec Corporation, Cisco Systems Inc., IBM Corporation, Infineon Technologies AG, Intel Corporation, Gemalto NV and ARM Holdings
In a nutshell, with rising number of connected devices, it is found that majority of the companies are not even aware of about IoT devices connected to their network. Also, these devices are not built by keeping security in mind and usually lag behind the security of desktop computers. So, to tackle these kind of situations, Cisco bolstered identity service engine (ISE) by increasing the amount of IoT devices that can be automatically classified including those who use industrial protocols such as Profinet, BACNet, CIP & Modbus.
What to expect from the ‘Global IoT security Market’ report?
- Future prospects about the IoT security solutions, types, services and application areas with respect to growth trends
- Comprehensive analysis regarding the major factors impacting the growth of the market including drivers, opportunities, challenges as well as restraints.
- Analyzes various opportunities in the market and also details about the competitive landscape for investors and key market players.
- Study over key regions of geographical segment including Europe, Asia-Pacific (APAC), North America, Middle East and Africa (MEA) and Latin America
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