The emerging applications and business models, coupled with the falling device costs, have been driving the adoption rate of IoT, which is, consequently, influencing the number of connected devices, like connected cars, machines, meters, wearable, and consumer electronics. According to Ericsson, it is estimated that nearly 400 million IoT devices, with cellular connections in 2016, are projected to reach 1.5 billion by 2022. This robust growth is expected to be driven by the increased industry focus on deploying a connected ecosystem and the standardization of 3GPP cellular IoT technologies.
In February 2018, Nokia entered a five-year contract with Tele2. The partnership is aimed at complementing “Nokia WING”, a one stop shop for IoT managed services (IoT core network, connectivity management, billing, security, and data analytics), with Tele2 IoT technology, as well as various advanced technologies, such as 5G, NB-IoT, LTE for machine-to-machine (LTE-M), SIM management and analytics, to further accelerate the global IoT ecosystem. It is a challenge to construct a security structure with a combination of control and information, as it is difficult to implement security mechanism of each logical layer for a defense-in-depth of system. Further, with the increasing number of protocols and complexities in device design, the susceptibility of new attack vectors is on the rise
Scope of the Report
IoT security is the technological area concerned with mitigating cyber threats regarding connected devices and networks in the internet of things. IoT involves adding internet connectivity to a system of interrelated computing devices, mechanical and digital machines, objects, and/or people. This interconnectivity of devices through the internet opens them up to a number of serious vulnerabilities if they are not properly protected.
Key Market Trends
Cloud Security Is Expected to Witness the Fastest Growth Rate
- Cloud connectivity has become a core part of IoT across all end users. In the current scenario, it is considered as the backbone of IoT applications. Any IoT device that is connected to the internet to send or receive data is supported by the cloud to create regular backups of that data.
- Such high-frequency interactions of cloud with almost all of the sensor networks and IoT devices, established in an enterprise or any manufacturing environment, provides multiple gateways to hackers to enter into the system and steal valuable data.
- With the increasing number of cloud storage consumers globally, both commercial and home applications, due to increased IoT solutions, such as connected cars, connected gadgets, etc. is increasing the risk related to privacy. Security issues could make many of these consumers vulnerable to cloud security threats
North America Occupies The Largest Market Share
- The growth of network-connected devices, systems, and services embracing the Internet of Things (IoT) creates many opportunities and benefits. However, the IoT ecosystem hosts risks that include malicious elements interfere with the flow of information to and from network-connected devices or tampering with devices themselves, leading to the theft of sensitive data, loss of consumer privacy, and interruption of business operations.
- With a number of consumer increasingly embracing the smart home environment in the United States, the possibility of security and privacy hazards through exploitation by malicious hackers are also increasing.
- Also, industries, such as retail are using blockchain technology in North America to revolutionize IoT security. The blockchain model favors peer-to-peer interactions between devices, thus de-centralizes security.
The IoT security market comprises of several global and regional players, as well as startups vying for attention in a fairly-contested market space. This market is characterized by growing levels of product penetration, moderate/high product differentiation, and high levels of competition. These factors enable firms to tailor offerings to more-specific segments of the market, and even customize products for individual customers, further enhancing differentiation and price realization.
Infineon Technologies AG launched OPTIGA Trust X to its OPTIGA Trust family. This hardware-based security solution provides robust security to the diverse applications in the Internet of Things, ranging from smart homes to drones.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Number of Data Breaches
4.3.2 Emergence of Smart Cities
4.4 Market Restraints
4.4.1 Growing Complexity among Devices, Coupled with the Lack of Ubiquitous Legislation
4.5 Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Force Analysis
4.6.1 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Type of Security
5.1.1 Network Security
5.1.2 End-point Security
5.1.3 Application Security
5.1.4 Cloud Security
5.2 By Type of Solution
5.3 By End-User vertical
5.3.5 Energy & power
5.4.1 North America
5.4.3 Asia Pacific
5.4.4 Latin America
5.4.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Symantec Corporation
6.1.2 IBM Corporation
6.1.3 Check Point Software Technologies
6.1.4 Intel Corporation
6.1.5 HP Enterprise Company
6.1.6 FireEye Inc.
6.1.7 Infineon Technologies AG
6.1.8 Trustwave Holdings
6.1.9 Gemalto NV
6.1.10 AT&T Inc.
6.1.11 Palo Alto Networks Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
- Symantec Corporation
- IBM Corporation
- Check Point Software Technologies
- Intel Corporation
- HP Enterprise Company
- FireEye Inc.
- Infineon Technologies AG
- Trustwave Holdings
- Gemalto NV
- AT&T Inc.
- Palo Alto Networks Inc.