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.
The global Internet of Things (IoT) security market is slated to witness tremendous growth during the forecast period from 2016 to 2024. The growth can be traced to the adoption of cloud-based services for the 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 the 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 the pay-per-use model is offering flexibility and scalability to these enterprises, which 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: Drivers and Restraints
With the emergence of technologies such as the cloud, a large volume of data faces threats 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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IBM Corporation, Symantec Corporation, Infineon Technologies, Cisco Systems, Inc., Hewlett Packard Development Company L.P., Sophos Plc, NSIDE Secure SA, ARM Holdings, Gemalto NV, and Intel Corporation are some of the major companies operating in the global market for IoT security.