Internet of things (IoT) refers to the interconnected continuum of devices, objects and things using technology. IoT has become a ubiquitous term to describe billions of devices connected over the internet. However, this large amount of data and information is vulnerable to hacking and malware attacks owing to increasing diversity of IoT devices. Hence, to ensure secure and safe communication between these devices and their effective functioning, it is imperative to maintain the security of network by implementing IoT security solutions.
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In recent years, enterprises globally have been incorporating various technologies such as cloud and social media which has led to the generation of large amounts of data. The larger the volume of data transferred over the IoT, the greater the risk of data theft, identity theft, device manipulation and network manipulation.
Additionally, the increased adoption of smartphones, tablets and other such media exposes the data to more risk, loss and breach. This mandates the need to adopt IoT security solutions to secure data against threats originating from the internet. Thus, due to the rising malware threat, businesses are looking for security solutions which is driving the global IoT security market.
Global IoT Security Market: Trends and Drivers
Furthermore, concepts such as Bring Your Own Device (BYOD), Bring Your Own Phone (BYOP) and Bring Your Own PC (BYOPC) are a growing trend. These concepts help to increase flexibility in the working environment of employees in turn swelling their productivity. However, security is of prime concern to any organization when an external device accesses the internal network. This is driving more organizations to implement security solutions in turn supporting the global IoT security market.
The increasing demand for cyber security has pushed the government to make stringent cyber and IT laws, legal and regulatory compliances for data security. Furthermore, there are various security standards that need to be adhered across various industry verticals. For instance, Health Insurance Portability and Accountability Act (HIPPA) for healthcare and Payment Card Industry Data Security Standard (PCI DSS) for BFSI mandate security standards and have specific guidelines to have secure data access and transfer across mobile devices. Such mandatory standards across different industry verticals are propelling the use of security solutions in turn driving the global IoT security market.
Global IoT Security Market: Competitive Insight
Leading IoT security solutions providers such as Cisco Systems, Inc. offer physical and cyber security solutions. These solutions work coherently to produce security intelligence in real time. There are some players such as IBM Corporation and Hewlett-Packard Development Company L.P. among others that offer IT security consulting services. This enables organizations to identify possible threats. IT security services are widely used across various industry verticals such as IT, banking, financial services and insurance (BFSI), manufacturing, healthcare and entertainment among others. Thus, in addition to physical and cyber security solutions, security consulting services are expected to rise during the forecast period.
Geographically, the global IoT market is classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Currently, North America has the largest share in the global IoT security market. Some of the leading players in the global IoT security marketplace include Cisco Systems, Inc., IBM Corporation, Hewlett Packard Development Company L.P., Symantec Corporation, Intel Corporation and Infineon Technologies among others.