IoT Security Market — Emergence of Technologies Boost Demands

Posted by RASHMI on May 17th, 2019

The global Internet of Things (IoT) security market is slated to witness a tremendous growth during the forecast period from 2016 to 2024. The growth can be traced to a growing adoption of cloud based services for authentication process. Cloud is being used for the storage of biometrics information. As most organizations today are adopting cloud technology for storing their confidential data, there arises need for developing security measures to protect the cloud against unauthorized access.

The high adoption of cloud based services by small and medium scale enterprises such as pay per use model, is offering flexibility and scalability to these enterprises and this has resulted in a staggering increase in the adoption of cloud based services for the purpose of data storage. This is expected to create a heightened need for IoT security solutions and drive the market worldwide.

As the Internet of Things (IoT) is gradually moving from being a centralized structure to a more complex network of innumerable decentralized smart devices, the need for security of data will be acknowledged to a greater degree, thereby promoting the expansion of the global IoT security market. The larger the volume of the data transferred over to IoT, the bigger the risk of device manipulation, IP theft, identity theft, data falsification, and network or server manipulation.   

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By type, endpoint security, cloud security, network security, and application security could be the key segments of the global market for IoT security. Manufacturing, energy and utilities, government, defense, information technology (IT) and telecommunication, banking, financial services, and insurance (BFSI), transportation, logistics, and retail can be the major segments of the market based on application.