Global Internet of Things Security Market 2017-2021
About IoT Security
IoT refers to the communication between connected devices within a network. Data is transmitted between smart devices, such as thermostats and sensors, which are further connected to the user’s mobile devices. The interconnection of embedded hardware devices, communication services, software, and IT services makes the operations of IoT devices efficient. It helps in remote monitoring and management of numerous interconnected devices. IoT also enables the creation of smart homes, smart shopping, smart transportation, and smart healthcare.
Technavio’s analysts forecast the global IoT security market to grow at a CAGR of 47.91% during the period 2017-2021.Covered in this report
The report covers the present scenario and the growth prospects of the global IoT security market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of network security solutions, including hardware, software, and services (including managed services).
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global IoT Security Market 2017-2021
Technavio recognizes the following companies as the key players in the global IoT security market: Cisco Systems, Wurldtech Security Technologies, IBM, Infineon Technologies, Intel, and Symantec
Other Prominent Vendors in the market are: Cypress, Digi International, Ericsson, Eurotech, Fortinet, Gemalto, Kore Wireless, NetComm Wireless, Nokia, Numerex, Palo Alto Networks, PTC, Rockwell Automation, Secure Crossing, Sierra Wireless, Sophos, Systech Solutions, Telit, Tofino, and Ventus Wireless
Commenting on the report, an analyst from Technavio’s team said: “End-users prefer integrated IoT security solutions that provide overall security to devices and networks because different standalone security solutions may result in integration issues. Standalone IoT security solutions could be complex and costly for end-users. However, integrated IoT security solutions will provide better support and functionality to the customers, which will boost the growth of the market during the forecast period. The increasing complexity of network infrastructures and integration of different security solutions, including IoT security solutions, has made interoperability an important buying criterion for end-users. Another factor driving the market is the integration of DLP and firewalls with the IoT security solutions, which also reduces the overall cost of IoT security solution ownership. Vendors, such as Cisco Systems, provide integrated IoT security solutions as a package to increase their adoption among end-users.”
According to the report, the concept of smart cities, where different digital technologies that enable communication between devices, improve their performance, and help in efficient utilization of resources, is gaining popularity worldwide. Some of the technologies used in smart cities are traffic control, water management, home monitoring, transportation, and waste management. Smart cities use IoT to communicate between devices and help end-users to respond faster to the issues. Hitachi is one of the companies concentrating on developing technologies for smart cities.
Further, the report states that a number of enterprises face integration issues while implementing new network security solutions on their existing platforms. Customized solutions are expensive, which prevents vendors from deploying such solutions. However, most IoT security solutions available in the market are standalone solutions; they face issues while trying to integrate with other security solutions. Interoperability issues are a deterrent to the market growth as they discourage organizations from implementing IoT security solutions.
Cisco Systems, Wurldtech Security Technologies, IBM, Infineon Technologies, Intel, Symantec, Cypress, Digi International, Ericsson, Eurotech, Fortinet, Gemalto, Kore Wireless, NetComm Wireless, Nokia, Numerex, Palo Alto Networks, PTC, Rockwell Automation, Secure Crossing, Sierra Wireless, Sophos, Systech Solutions, Telit, Tofino, Ventus Wireless.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook