IoT Security: Why It’s Critical for Modern Businesses?

IoT security

The internet of things (IoT) has significantly transformed our modern world by interconnecting digital devices and everyday objects, making the implementation of IoT security solutions to keep all connected things safe and secure more important than ever. The rising demand to have effective cybersecurity solutions that specifically target the risks posed by IoT has spurred the strong growth of the global IoT security market over the recent years. With more businesses and organizations realizing the importance of security solutions in today’s digital environment, the global IoT security market is expected to have an accelerated growth over the next 4-5 years.

What is IoT Security & Why It is Important?

Internet of things is known as the extension of Internet connectivity, where software, hardware devices, communication services, and IT services are all interconnected. Such connectivity helps in remote monitoring and the managing of numerous interconnected devices efficiently. It also allows the exchange of large volumes of data stored on the cloud. IoT security solutions comprise these hardware, software products, and managed security services that are used to monitor, detect, and prevent unauthorized access, misuse, or malfunction in computer network. This security provides end-users with a secure platform that will help them perform critical tasks.

Using IoT technology, physical devices are connected and accessible via the Internet. As they can be controlled remotely, these devices are susceptible to cyberattacks, allowing hackers to exploit the features and functionality of the IoT devices. Implementation of managed IoT security services protects IoT devices, apps, and data while enhancing the security of the network. Also, this security procedure uses cryptography techniques for securing communications at the network edge. Therefore, IoT security solutions are extremely important for modern businesses as they provide overall security to devices and networks.

Global IoT Security Market Overview

According the latest market research report from Technavio, the global IoT security market size will exceed USD 81 billion by 2022, with market growth projected to accelerate at a CAGR of nearly 49% from 2018 to 2022. The growth of the IoT security market can be attributed to the rapid adoption of cloud-based services for video management systems, authentication processes, and storing biometrics information. Also, various businesses and organizations such as banks and healthcare organizations are increasingly shifting from the conventional method of storing confidential data towards the cloud technology. With this growing trend towards cloud technology, IoT security becomes imperative for service providers to keep the cloud platform secured against any unauthorized access.

In terms of geography, the Americas is currently accounting for the largest share in the global IoT security market, mainly due to the high concentration of electronic consumer devices with supporting software and services. However, the Asia Pacific region is expected to dominate the market in the near future because of the high adoption of IoT security solutions among SMEs, especially for the efficient and secure functioning of utilities like energy management sectors.

Future Trends of IoT Security

As for the future perspective, numerous technological advances in the global IoT industry, coupled with the evolving nature of attacks, are resulting in the rapid development of advanced IoT security technologies and applications. Companies are increasingly vouching for the implementation and use of AI and big data in the global IoT security market as they can detect any intrusion and take appropriate countermeasures against cyberattacks. In addition to AI and Big data, companies are also shifting towards blockchain, software-defined networks along with other technologies such as edge computing and digital twin technology to seek better protections in the digital world. With such technological advances, the future of the global IoT security market is expected to be promising.

Check Technavio’s Global Internet of Things Security Market Report 2018-2022

Check Technavio’s Global Internet of Things Security Market Report 2018-2022 for more information about this topic. This market research report provides the latest market size and market development for major market segments in terms of product types and regional market landscape. The report contains detailed market trends, market drivers, market challenges and key opportunities. In-depth market analysis such as Porter’s five force model, and comprehensive competitive landscape including detailed profiles of top companies are also included in the report.


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