According to a new market research report published by Credence Research “Internet of Things (IoT) Security Market (Security Type – Device, Cloud Infrastructure and Network; Solution type – Intrusion Prevention System (IPS)/ Intrusion Defense Systems (IDS), Identity Access Management, Data Loss Protection (DLP), Security & Vulnerability Management (SVM), Unified Threat Management (UTM), Network Security Forensics (NSF), Security Analytics and Others (Device Authentication, Secure Booting, etc.); Vertical – Manufacturing, Healthcare, Utilities, Retail, Banking, Financial Services and Insurance (BFSI), Government and Others (Defense, Law Enforcement, etc.)) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global Internet of Things (IoT) Security market is estimated to hit US$ 36.45 Bn by 2026.
Browse the full report Internet of Things (IoT) Security Market at https://www.credenceresearch.com/report/internet-of-things-iot-security-market
Internet of Things (IoT) security is defined as any element that guards Internet of Things solutions against physical or virtual damage on one or any of the following layers of device, communication, cloud and lifecycle management. Internet of Things (IoT) security has become one of the most focused areas for consumers, businesses and regulators in the 21st century. This focus is primarily governed by the rising number of IoT devices being linked to the internet and the emergence of new threats and attacks. The number of connected devices are expected to reach 50 billion by 2020 and this will constitute both humans interacting with machines and machines interacting with other machines (M2M).
The most prominent factor driving the IoT security market is the increasing adoption of cloud-based services along with growing number of connected devices. Cloud-based services are used for authentication process for the purpose of storing biometrics information. With growing adoption of cloud-based technology for storing of confidential data, there also arises a need for proper security to protect the stored data against unauthorized access. Another prominent factor driving the IoT security market is the growing popularity of social media platforms which has caused identity and data to become more vulnerable to theft. This factor has been greatly impacted by the growing usage of multiple devices to access a single user account.
The overall IoT security market is categorized on the basis of security type, solution and vertical. Based on the security type, the market is classified into device, cloud infrastructure and network security. On the basis of solution type, the market is segmented into Intrusion Prevention System (IPS)/ Intrusion Defense Systems (IDS), Identity Access Management, Data Loss Protection (DLP), Security & Vulnerability Management (SVM), Unified Threat Management (UTM), Network Security Forensics (NSF), security analytics and others. The market is categorized, based on vertical, into manufacturing, healthcare, utilities, retail, banking, financial services and insurance (BFSI), government and others.
- Significant number of acquisitions, often involving big players such as Qualcomm, Google, Samsung, Intel, Gemalto and others
- Use of public key infrastructure (PKI’s) and digital certificates to onboard a new device into the network and local IoT ecosystem
- There may be a need for regulation of IoT device security in coming years