The idea for Internet of Things was first proposed in 1999, and the following decades saw the emergence of a new technology which has had a significant impact on how the world works today. Explained simply, Internet of Things is an interconnected network of physical computing devices that are accessible through the internet. With the convergence of wireless technologies, microservices, and internet, IoT has significantly evolved through the years.
The smart revolution has increased the demand for manufacturing smart devices. IoT is still in an emerging phase and ensuring security and privacy is an important issue that must be addressed and resolved. IoT security breaches and ransomware attacks have been overshadowing the headlines lately, and there is a major workforce laboring towards making these devices more secure. The IoT Security Industry was valued at USD x.xx billion in 2017, and it is estimated to grow with a massive CAGR of xx% during the forecast period, reaching a market value of USD xx billion by the year 2022.
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Smart devices are taking over the lives of people. They are focused on product output by optimized use of resources. Smart manufacturing provides transparency and scalability. Homes, refrigerators, thermostat, vehicles, baby monitors, medical implants, and even a toothbrush has now become ‘smart’. They are designed to monitor, collect and analyze data. And with this increase in the number of smart devices, the data being collected has also significantly increased, both in volume and range. Use of IoT in healthcare, vehicles, and mobile phones has also increased the amount of private data being generated. It is essential to emphasize the security of data over the security of network. Businesses depend on IoT data for formulating their important business decisions with the help of advanced business analytics solutions. However, in this hurry to get more products out of the door, security is put in the backseat.
IoT security is more challenging than traditional security. There are complex protocols and standards. Network security (holding the highest market share) is the backbone of the IoT ecosystem. Manufacturers are developing various protocols to secure networks, which are responsible for the exchange of data, and are at a higher risk of being attacked. Multiple step IoT authentication, consisting of strong passwords and biometric recognition, is being encouraged. Data is encrypted during transit between IoT edge devices and back-end systems by using standard cryptographic algorithms. IoT security analytics are being invented and implemented to collect, aggregate, monitor, and standardize data to provide actionable reports, and alert when unrecognizable activities are being noticed.
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The growing awareness about the benefits of IoT security solutions has led to mergers and acquisitions of cybersecurity startups by large enterprises to secure and strengthen their IoT portfolios and cloud services. Several government organizations have made mandatory regulations for the acceptance of IoT devices with proper security solutions. They are working towards developing a set of standards to be followed when manufacturing IoT devices, making strict approval methods before an IoT device can be launched in the market. Companies are making huge investments in the research and development of machine learning, artificial intelligence, and big data analytics, to provide security solutions to the IoT ecosystem.
North America is the dominant market in the IoT Security industry due to its excessive use of IoT devices across several domains, coupled with the enforcement of regulatory frameworks. However, The Asia Pacific region is a rapidly growing market, owing to the increasing number of business organizations, unregulated use of internet, and a rise in the mobile workforce. The economy is expanding, and Asian countries are experiencing social transformation. Some of the key players, providing significant security solutions are Symantec Corporation, Cisco Systems, Inc., International Business Machines Corporation, RSA Security LLC, Fortinet Inc., and Palo Alto Network.
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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