Internet of Things (IoT) security have been instrumental in securing millions of heterogeneous devices connected over the network for proper device operation and optimum security over the network. IoT security encompasses various features for reliable security measures, such as, identity access management, data encryption and tokenization, Intrusion detections system/intrusion prevention system, device authentication and management, secure firmware and software update and secure communications among others. The IoT security market size is expected to grow from USD 6.62 billion in 2017 to USD 29.02 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 34.4%. The major forces driving this market include the increasing need for data centric security and increase in risk-based adaptive security for IoT ecosystem. Increasing incidents of ransomware attacks are also also boosting the growth of the IoT security market.
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Various regulatory mandates have been issued by governments and organizations around the globe to implement different standards and drive the adoption of IoT security solutions. The National Institute of Standards and Technology (NIST) help these industries better protect their information and physical assets from cyber-attacks. IoT standards groups are creating IoT Security Standard (ISS) for defining a minimum standard of security for devices. The Institute of Electrical and Electronic Engineers (IEEE) standards also addresses the security elements of IoT. For instance, IEEE P1619 addresses the encryption of data on fixed and removable connected devices.
Data Encryption and tokenization solution is expected to grow at the highest CAGR during the forecast period and play a key role in the IoT security market
The use of IoT is increasing at a rapid pace in various industry verticals, such as manufacturing, healthcare, and home and automation among others. The data encryption and tokenization solution is gaining traction owing to the fact that security is a major challenge faced by all organizations deploying IoT solutions, thereby increasing the demand for IoT security solutions. Furthermore, IoT has bought several security challenges, such as Point-of-Sale (PoS) threat, threats at sensors, gateways, and threats of securing IoT data and end devices. These threats have a devastating impact on businesses and can lead to great financial loss, if the IoT security system is not considered. As a result, data encryption and tokenization solution plays a crucial role in the IoT security market to secure IoT devices and the associated critical data.
Consumer Wearables is expected to be the fastest growing application area in the IoT security market during the forecast period
Consumer wearables are vulnerable to cyber-attacks and IoT security vendors find a great opportunity to address the security needs of these consumer wearables. For instance, fitness trackers provide a geolocation of the user and the data is uploaded minute by minute to the cloud. Hacking of this data can be very dangerous, as a user can be tracked anytime anywhere. As the wearables are usually connected to a variety of cloud apps, depending on an enterprise’s BYOD (Bring Your Own Device) policy and its network can be a vulnerable point for a cyber-attack. This means that malware and other forms of attacks can use that path to get inside an organization’s network and can hack other IoT devices as well.
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