Internet of Things (IoT) connects devices such as industrial equipment and consumer objects to a network, enabling the 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 and analytics, and visualization elements. IoT helps to effectively manage and monitor interconnected devices.
IoT 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 IoT security threats.
The priority and focus of IT networks is to protect data confidentially and secure access, ensuring operational and employee safety. Thus, there is an increased demand for IoT security solutions in the workplace. Companies such as Cisco systems are trying to develop an 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 in the workplace, it is crucial to maintain network infrastructure security. The global IoT security market can be segmented into two categories: end users and geography. For the end users category, the market can be segmented into utilities, automobiles, and healthcare, among others. For the geography category, the global IoT security market can be segmented into five major regions which include North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa.
The need for regulatory compliance is one of the major factors driving the IoT security market growth. With the huge amount of digital information being transferred between people, the governments of several economies are taking steps to secure networks from hackers and virus threats by establishing strict regulatory frameworks. 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 frameworks supporting the deployment of IoT security solutions. The emergence of the smart city concept is expected to offer sound opportunities for market growth in the coming years.
The governments of 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 the 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 the global IoT security market include 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.
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