Internet of Things (IoT) Security: Technologies, Global Markets (2019-2025) and Impact of COVID-19 - ResearchAndMarkets.com

The "Internet of Things (IoT) Security: Technologies and Global Markets" report has been added to ResearchAndMarkets.com's offering.

This report analyzes the market for commercialized IoT security solutions. It helps readers to understand how the IoT security solutions market will evolve and how trends will impact its adoption. The report focuses on security solutions that have been developed or customized to meet the unique needs of IoT systems. Services provided for integrating such solutions or managed security services are also included in the scope of this report.

This study was conducted with a global perspective in terms of IoT security solution technology and its applications. Market projections have been conducted for five geographic regions: North America, South America, Europe, the Middle East, and Africa (MEA), and Asia-Pacific. All market reported revenues are in constant 2019 U.S. dollars.

The scope of this report encompasses various technologies used in IoT security solutions. The market is also divided based on the size of the enterprises adopting IoT security technologies. Additionally, the application industry for the market is segmented into automotive, healthcare, retail, and eCommerce, smart homes, energy and utilities, manufacturing, government, and others (including media and entertainment and BFSI sectors). The present global market offers an opportunity to the stakeholders, largely because of a surge in cloud-based services and the increased use of IoT devices, specifically in sectors like healthcare and manufacturing.

This report highlights different security types in the market for IoT security technologies, including device/endpoint security, network security, application security, cloud security, and others (email security and web security). The market is also divided by its major components (platforms, solutions, and services). The solution part is further split up into identity and access management (IAM), data encryption, intrusion detection system/intrusion prevention system, distributed denial of service (DDoS) protection, device authentication, and management and others (firmware update, security analytics, PKI lifecycle management, etc.). The services segment is sub-divided into professional services and managed services. The estimated and forecast market revenue considered in this report is the summation of prices for software, hardware, and subscription services.

This report also offers insights on drivers, restraints, and opportunities for the market gathered through primary and secondary research. Strategies adopted by the companies in the global market are provided in this report, to analyze ongoing trends in the market. This report provides market share analysis and key vendor profiles of top IoT security companies. The regional level study includes North America, Europe, Asia-Pacific, the Middle East, and Africa, and the South American region.

COVID-19 has had a massive impact on society since the beginning of 2020. This report considers the impact of COVID-19 and the economic slowdown created due to lockdown in various countries. When people are following social distancing and relying more on technology, it is observed that IoT security threats are increased, and there are more cyber-attacks. It is expected that the demand for IoT security solutions will increase in the wake of the COVID-19 pandemic and boost the market for IoT security technologies.

The report includes:

• Descriptive study and in-depth analysis of the global Internet of Things (IoT) security solutions and technologies market
• Analyses of the global market trends, with data corresponding to market size for 2019, estimates for 2020 and projections of compound annual growth rates (CAGRs) through 2025
• Information pertaining to industry value chain analysis providing a systematic study of the key intermediaries involved, which could further assist stakeholders in formulating appropriate strategies
• Market share analysis of the leading companies encompassing their successful marketing strategies, key competitive landscape, and recent developments
• Discussion of the various IoT solutions and different security features embedded to give insight into how security technologies are provided through these solutions
• Assessment of market opportunities and a look at the IoT data security standards and regulations, and cost-benefit considerations for implementing security solutions
• Outlining the demand for IoT security solutions amid the rising number of cyber-attacks and considering the impact of COVID-19 pandemic outbreak and the economic halt created due to lockdown imposed in various countries
• Profile description of leading global corporations within the IoT technologies market, including Cisco Systems Inc., ESCRYPT, Great Bay Software Inc., Inside Secure, Microsoft Corp., SecuriThings Ltd., and Thales e-Security Inc.

Market Scenario

With the increasing use of smart IoT devices, challenges related to security are increasing. As fast as security grows, the hacking world grows faster. IoT security is the process of protecting IoT-connected devices including hardware, software, and data from cyber-attack. The security that is designed to maintain confidentiality, integrity, and availability of data, is a subset of cybersecurity. IoT security focuses on protecting internet-enabled devices that connect to each other on wireless networks. IoT security is the safety component tied to the IoT to protect IoT devices and networks against cybercrime.

Companies should enhance consumer privacy and security, thereby building consumer trust in IoT devices:

• Adopt security by design: Every IoT design should start with security. Giant tech firms and startups, alike, should incorporate security into the initial design process.
• Engage in data minimization: To avoid security breaches, IoT manufacturers should employ different approaches to protect the device from being accessed by anyone through the Internet.
• Increase transparency and provide consumers with notice and choice for unexpected data uses: IoT manufacturers should provide consumers with a notice about how data is used and shared and then offer tools that will allow consumers to turn off certain types of information collection and sharing. The manufacturers should also educate consumers about security so users can avoid risky behavior while using IoT devices.

IoT is becoming mainstream, with companies like Google, Cisco, IBM, Intel, and others leading the revolution. The IoT explosion will offer a wide range of opportunities to various sectors, including manufacturing and healthcare, it also poses major risks in terms of security. As more devices are interconnected, securing them all will be the biggest challenge. Hardware, software, and connectivity will all need to be secure for IoT objects to work effectively. Without security, any connected object, from refrigerators to manufacturing bots, can be hacked. Once hackers gain control, they can usurp the object's functionality and steal digital data.