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IoT Security Market Size, Share, Security Types, Technology, Key Players Outlook with Global Industry Analysis and Forecast to 2024

Press Release

This report helps to analyze competitive developments such as Joint Ventures, Strategic Alliances, Mergers and Acquisitions, New Product Developments, And Research and Developments in the “IoT Security Market”.

What does this “IoT Security Market “report offers:
– The market estimate (ME) sheet in Excel format
– Report customization as per the client’s requirements
– 3 months of analyst support

Market Overview

– The emerging applications and business models, coupled with the falling device costs, have been driving the adoption rate of IoT, which is, consequently, influencing the number of connected devices, like connected cars, machines, meters, wearable, and consumer electronics.

– According to Ericsson, it is estimated that nearly 400 million IoT devices, with cellular connections in 2016, are projected to reach 1.5 billion by 2022. This robust growth is expected to be driven by the increased industry focus on deploying a connected ecosystem and the standardization of 3GPP cellular IoT Technologies.

– In February 2018, Nokia entered a five-year contract with Tele2. The partnership is aimed at complementing “Nokia WING”, a one stop shop for IoT managed services (IoT core network, connectivity management, billing, security, and data analytics), with Tele2 IoT technology, as well as various advanced technologies, such as 5G, NB-IoT, LTE for machine-to-machine (LTE-M), SIM management and analytics, to further accelerate the global IoT ecosystem.

– It is a challenge to construct a security structure with a combination of control and information, as it is difficult to implement security mechanism of each logical layer for a defense-in-depth of system. Further, with the increasing number of protocols and complexities in device design, the susceptibility of new attack vectors is on the rise

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Scope of the Report

IoT security is the technological area concerned with mitigating cyber threats regarding connected devices and networks in the internet of things. IoT involves adding internet connectivity to a system of interrelated computing devices, mechanical and digital machines, objects, and/or people. This interconnectivity of devices through the internet opens them up to a number of serious vulnerabilities if they are not properly protected.

Key Market Trends

Cloud Security Is Expected to Witness the Fastest Growth Rate

– Cloud connectivity has become a core part of IoT across all end users. In the current scenario, it is considered as the backbone of IoT applications. Any IoT device that is connected to the internet to send or receive data is supported by the cloud to create regular backups of that data.

– Such high-frequency interactions of cloud with almost all of the sensor networks and IoT devices, established in an enterprise or any manufacturing environment, provides multiple gateways to hackers to enter into the system and steal valuable data.

– With the increasing number of cloud storage consumers globally, both commercial and home applications, due to increased IoT solutions, such as connected cars, connected gadgets, etc. is increasing the risk related to privacy. Security issues could make many of these consumers vulnerable to cloud security threats

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North America Occupies The Largest Market Share

– The growth of network-connected devices, systems, and services embracing the Internet of Things (IoT) creates many opportunities and benefits. However, the IoT ecosystem hosts risks that include malicious elements interfere with the flow of information to and from network-connected devices or tampering with devices themselves, leading to the theft of sensitive data, loss of consumer privacy, and interruption of business operations.

– With a number of consumer increasingly embracing the smart home environment in the United States, the possibility of security and privacy hazards through exploitation by malicious hackers are also increasing.

– Also, industries, such as retail are using blockchain technology in North America to revolutionize IoT security. The blockchain model favors peer-to-peer interactions between devices, thus de-centralizes security.

Competitive Landscape

– The IoT security market comprises of several global and regional players, as well as startups vying for attention in a fairly-contested market space. This market is characterized by growing levels of product penetration, moderate/high product differentiation, and high levels of competition. These factors enable firms to tailor offerings to more-specific segments of the market, and even customize products for individual customers, further enhancing differentiation and price realization.

– Infineon Technologies AG launched OPTIGA Trust X to its OPTIGA Trust family. This hardware-based security solution provides robust security to the diverse applications in the Internet of Things, ranging from smart homes to drones.

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