Global IoT Security Market 2015-2019
About IoT security
IoT involve the communication of multiple devices within a network, which enables data transmission between smart devices such as thermostats and sensors that are further connected to mobile devices. In IoT, embedded software, hardware devices, communication services, and IT services are interconnected, which helps in remote monitoring and managing of numerous interconnected devices efficiently. IoT plays a major role in smart homes, smart shopping, smart transportation, and smart healthcare. With an increase in the number of 2G, 3G, and 4G networks, threat to data has increased. Increase in sophisticated and complex threats and hacking activities are expected to affect IoT security. IoT security solutions comprise hardware, software products, and managed security services that are used to monitor, detect, and prevent unauthorized access, misuse, or malfunction, or to disable/destroy a computer network. This provides end-users with a secure platform that will help them perform critical tasks.
Technavio's analysts forecast the global IoT security market to grow at a CAGR of 54.93% over the period 2014-2019.
Covered in this report
The report covers the present scenario and growth prospects of the global IoT security market for the period 2015-2019. To calculate the market size, the revenue generated from the sales of IoT security software solutions used for network security and management is considered.
The report does not include individual device security revenue for market estimation.
The global IoT security market is segmented on the basis of the following:
Technavio Announces the Publication of its Research Report – Global IoT Security Market 2015-2019
Technavio recognizes the following companies as the key players in Global IoT Security Market 2015-2019: Cisco Systems, Infineon Technologies, Intel, Siemens and Wurldtech
Other Prominent Vendors in the market are: Alcatel-Lucent, Axeda Machine Cloud, Broadcom, Checkpoint Technologies, Digi International, Ericsson, Eurotech, Fortinet, Gemalto, IBM, ILS Technology, Kore Wireless, NetComm Wireless, Numerex, Palo Alto Networks, Rockwell automation, Secure Crossing, Sierra Wireless, Sophos, Systech Solutions, Tofino and Ventus Wireless
Commenting on the report, an analyst from Technavio’s team said: “Smart cities exist where there is interconnection among a number of digital technologies that enhance communication between devices and improve their performance, and help in efficient utilization of resources. For instance, traffic control, home monitoring, waste management, water management, and safe and intelligent transportation are some of the technologies used in smart cities. Hitachi is one of the companies focusing on developing technologies for smart cities, which will help in efficient use of resources. Smart cities use IoT that allows communication between devices and help end-users to respond faster to the challenges being faced. The number of smart cities is expected to grow rapidly during the forecast period. Hence, to ensure safe and secure communication between devices and their efficient functioning, it is important to maintain the security of the network infrastructure by implementing IoT security solutions.”
According to the report, one of the major drivers in the market is the need for regulatory compliance. Companies are required to comply with regulations set by government, else it can attract heavy penalty. Hence, ensuring network security of connected devices is important.
Further, the report states that TechNavio has found that high cost of implementation of IoT security solutions is a major challenge in the market.
Cisco Systems, Infineon Technologies, Intel, Siemens, Wurldtech, Alcatel-Lucent, Axeda Machine Cloud, Broadcom, Checkpoint Technologies, Digi International, Ericsson, Eurotech, Fortinet, Gemalto, IBM, ILS Technology, Kore Wireless, NetComm Wireless, Numerex, Palo Alto Networks, Rockwell automation, Secure Crossing, Sierra Wireless, Sophos, Systech Solutions, Tofino, Ventus Wireless