This market research report presents a detailed analysis of the global Internet of Things (IoT) security market by end users (utilities, automotive, healthcare, and others), by network security components (hardware, software, and services), and by geography (the Americas, APAC, and EMEA). The leading vendors in this market are Cisco, GE, Infineon Technologies, Intel, and Symantec
Technavio has released a new market research report on the global IoT security market, which is expected to genera revenues of $16 billion between 2016 and 2020. Increase in the number of installations of IoT security solutions in utilities, smart grids, and manufacturing facilities to avoid data theft and to maintain data confidentiality, is expected to boost revenues in the IoT security market. Also, the augmented use of cloud-based services for data storage purposes has increased the need for IoT security. APAC is expected to lead the global IoT security market over the next four years because of a number of emerging SMEs that will adopt IoT security solutions for the efficient and secure functioning of utilities like energy management.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“One of the latest trends gaining prominence in this market is the introduction of integrated security solutions. The preference for IoT security solutions among end users is increasing as they provide overall security to devices and networks. As stand-alone IoT security solutions are extremely costly, many end users prefer integrated IoT security solutions as it provides better support and functionality to the customers. Furthermore, with the integration of IoT security solutions with data loss prevention (DLP) and firewalls, the overall cost of owning IoT security solutions will decrease,” says Amrita Choudhury, Lead Analyst, ICT, Technavio Research
The utilities sector is expected to be the largest adopter of IoT security solutions during the forecast period. Much of this growth can be attributed to the extensive implementation of smart meters and IoT for utility management systems like water, oil, gas, and energy. Since the transmission of data through wireless networks in such utilities are prone to cyber-attacks, the need for IoT security solutions in this sector will increase. An extensive market study carried out by the analysts at Technavio has shown that the utilities sector will grow at a CAGR of nearly 54% by 2020
The leading vendors in the global IoT security market include Cisco, GE, Infineon Technologies, Intel, and Symantec. The market is heavily fragmented due to the presence of many multinational vendors and small regional players. To survive and succeed in this market, the large vendors often acquire smaller vendors to expand their product portfolio and market share. Also, it is of utmost importance for vendors to distinguish their product and service offerings through a clear and unique selling proposition as it will help them to survive in this competitive market.
A more detailed analysis is available in the Technavio report, Global IoT Security Market 2016-2020
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