The integration of IoT security solutions with firewalls and data loss prevention (DLP) decreases the overall cost of employing IoT security solutions. This is also estimated to generate demand for IoT security during the forecast years. Factors such as modern video management systems, biometrics information storage, and authentication processes are driving the adoption of various cloud-based services. This is also anticipated to have a positive impact on the market development over the coming years.
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In addition, a lot of organizations across the globe, such as those from the healthcare and banking sector, have started shifting from traditional methods of confidential data storage to cloud technology. Thus, rising adoption of cloud technology has forced service providers to use those platforms that are secured against any unauthorized access. This is also likely to boost the demand for IoT security. These solutions offer overall security to networks and devices and as a result, there has been growing preference for IoT security solutions among end users. This is also predicted to fuel market demand.
On the other hand, the Internet of Things (IoT) security market may witness a slight hindrance in the overall growth on account of lack of knowledge about the benefits and availability of various IoT security solutions. However, soaring need for data security has resulted in the implementation of strict regulatory compliances by various government bodies across the globe. This is expected to boost the growth of the market over the next five years.
The global IoT security market is categorized on the basis of type, application or end user, and region. Based on type, the market is categorized into hardware, software, and services. Based on application, the market is categorized into industrial, commercial, and consumer.
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Based on region, the Internet of Things (IoT) security market is divided into United States, Europe, China, Japan, India, and Southeast Asia. North America dominated the global IoT security market in the past due to enforcement of regulatory frameworks and high usage rate of IoT devices across the region. Southeast Asia Internet of Things (IoT) security market is expected to expand at a healthy growth rate as a result of unregulated use of the Internet, rapidly growing number of business firms, and increasing mobile workforce. Rapid social transformation, constantly developing economy, and new national security rules and policies in various developing countries such as India and Japan are also estimated to contribute toward the growth of this region.
Some of the key companies operating in this highly competitive Internet of Things (IoT) security market are Infineon Technologies AG; Cisco Systems, Inc.; Wurldtech Security Technologies; International Business Machines (IBM) Corp.; Gemalto N.V.; Fortinet, Inc.; and Cypress Semiconductor Corp. ForeScout Technologies, Inc. announced that its flagship solution, ForeScout CounterACT, has been recognized as a revolutionary IoT security solution by IoT Innovator and CRN, both major publications. The company also received an award in the category of Best IoT Security Software.
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