Internet of Things (IoT) connects devices such as industrial equipment and consumer objects on to a network, enabling gathering of information and management of these devices through software to increase efficiency and enable new services. IoT combines hardware, embedded software, communication services, and IT services. IoT helps create smart communication environments such as smart shopping, smart homes, smart healthcare, and smart transportation. The major components of IoT include WSN (Wireless Sensor Network), RFID (Radio Frequency Identification), cloud services, NFC (Near Field Communication), gateways, data storage & analytics, and visualization elements. IoT helps in effective management and monitoring of the multiple interconnected. IoT security can be addressed through network powered technology.
The Internet of Things has access to organizations existing operational technology (OT) networks and information technology in addition to multiple devices, sensors and other smart objects. Increasing dependence on the existing network connectivity gives rise to challenges including security threats. The priority and focus of the IT network is to protect data confidentially and secure access, ensuring operational and employee safety. Thus, there is an increased demand for IoT security solutions at workplace. The companies such as Cisco systems are trying to develop the approach that combines physical and cyber security components for employee safety and protection of the entire system.
To ensure the efficient functioning of devices such as smartphones, tablets, and PDAs at workplace, it is crucial to maintain network infrastructure security. The global IoT security market can be segmented on the basis of end-users and geography. Based on end-users, the market can be segmented into utilities, automobiles, and healthcare among others. On the basis of geography the global IoT security market can be segmented on five major regions which includes North America, Asia Pacific, Europe, Latin America and Middle East & Africa.
The need for the regulatory compliance is one of the major factors driving the market growth. With huge amount of digital information being transferred between people, the government of several economies are taking steps to secure networks from hackers and virus threats by establishing strict regulatory framework. Thus, compliance with such regulations is expected to support the demand for IoT security solutions. Furthermore, with advancements in technologies such as 3G and 4G LTE, threats such as data hacking have increased, which in turn have forced governments across the globe to establish stringent regulatory framework supporting the deployment of IoT security solutions. Emergence of smart city concept is expected to offer sound opportunity for the market growth in the coming years. The governments in the developed economies have already taken steps to develop smart cities by deploying Wi-Fi hotspots at multiple locations within a city. However, the market for IoT security solutions suffers from high cost of installation. The cost of installation is usually high to provide machine to machine communication, which has impeded the market growth in emerging cost sensitive economies.
Some of the key players in global IoT security market includes Cisco Systems, Infineon Technologies, Intel Corporation, Siemens AG, Wurldtech Security, Alcatel-Lucent S.A., Axeda Machine Cloud, Checkpoint Technologies, IBM Corporation, Huawei Technologies Co. Ltd, AT&T Inc., and NETCOM On-Line Communication Services, Inc. among others.