The global Internet of Things (IoT) security market is slated to witness a tremendous growth during the forecast period from 2016 to 2024. The growth can be traced to a growing adoption of cloud based services for authentication process. Cloud is being used for the storage of biometrics information. As most organizations today are adopting cloud technology for storing their confidential data, there arises need for developing security measures to protect the cloud against unauthorized access.
The high adoption of cloud based services by small and medium scale enterprises such as pay per use model, is offering flexibility and scalability to these enterprises and this has resulted in a staggering increase in the adoption of cloud based services for the purpose of data storage. This is expected to create a heightened need for IoT security solutions and drive the market worldwide.
The introduction of integrated security solutions is expected to fuel the growth prospects of the global IoT security market. The demand for IoT security solutions will increase among end users as there is a need for providing overall security to networks and devices. Since stand-alone IoT security solutions are expensive, most end users are opting for integrated IoT security solutions.
Integrated IoT security solutions offer enhanced support and greater functionality to customers and this will provide the market a boost. Data loss prevention and firewalls are being integrated with IoT security solutions and this will further boost the growth of this market. This will decrease the IoT security solutions.
Global IoT Security Market: Overview
As the Internet of Things (IoT) is gradually moving from being a centralized structure to a more complex network of innumerable decentralized smart devices, the need for security of data will be acknowledged to a greater degree, thereby promoting the expansion of the global IoT security market. The larger the volume of the data transferred over to IoT, the bigger the risk of device manipulation, IP theft, identity theft, data falsification, and network or server manipulation.
By type, endpoint security, cloud security, network security, and application security could be the key segments of the global market for IoT security. Manufacturing, energy and utilities, government, defense, information technology (IT) and telecommunication, banking, financial services, and insurance (BFSI), transportation, logistics, and retail can be the major segments of the market based on application.
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All facets of the global IoT security market pertaining to the growth drivers, challenges, supply and demand, and current trends have been discussed in the report. The market size, historical developments, present scenario, and projected estimations have been revealed, together with relevant statistical data, charts, and figures. The progress of the key market players has also been mapped under the competitive landscape.
Global IoT Security Market: Drivers and Restraints
With the emergence of technologies such as cloud, a large volume of data faces threat from cyber-crime. The exceeding popularity of social media has also resulted in vulnerability to identity theft and data theft. Consequently, stronger platforms that combat cyber threats are being continuously developed by several firms. Moreover, the excessive usage of smartphones, laptops, and tablets has further led to the exposure of personal data.
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The prevalence of concepts such as Bring Your Own Phone (BYOP), Bring Your Own Device (BYOD), and Bring Your Own PC (BYOPC) has undoubtedly boosted the productivity of business enterprises, but has also raised data security concerns. Several enterprises and organizations are therefore in the quest for more efficient security solutions. All this has stoked the growth of the global IoT security market.
Antithetically, lack of knowledge about the availability and benefits of IoT security solutions might inhibit growth. However, the towering demand for data security has led to the formulation of stringent laws and regulatory compliances by several governments, ensuring that the market would continue to expand at a significant pace over the next few years.
Global IoT Security Market: Regional Outlook
By geography, Asia Pacific, Latin America, Europe, North America, and the Middle East and Africa are the key segments of the global market for IoT security. In terms of revenue, North America appears to be the dominant market. The growth of this region can be attributed to the extensive deployment of IoT devices across several domains and countries and the enforcement of regulatory frameworks. For example, the implementation of laws such as Payment Card Industry Data Security Standard (PCI DSS) and Health Insurance Portability and Accountability Act (HIPPA) have been propelling the market.
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