IoT is making the transition from being a buzzword to becoming an integral component in many verticals. However, in a hyper-connected world, a chink in the armor can lead to unprecedented catastrophe. While we cheer the dawn of a new era, it’s important we have everything covered.
By Suyog Keluskar, Client Business Partner & Senior Consultant, Future Market Insights
In an inter-connected grid of computing devices and digital technologies, connectivity is the new essentiality. The widespread proliferation of the Internet of Things (IoT) corroborates the gravity of this notion.
As is the case with every disruptive technology, IoT has made the transition from being a buzzword to becoming an integral component in many verticals.
It is also pertinent to mention here that incorporation of IoT is still a work-in-progress and its full potential will only be known when it becomes truly ubiquitous.
The key benefits of IoT in a commercial setting include – commodity management through predictive analytical solutions, outright support to smart technologies, creating a demand-aware environment, and boosting customer engagement.
As IoT gains traction, it is also important that end-users show alacrity in incorporating adequate security measures. The recent WannaCry and Petya attacks are a case in point on how security loopholes can lead to attacks of unprecedented magnitude.
Key Findings of the Study on IoT Security Products Market Report
In 2017, over US$ 12 bln worth of IoT security products will be sold globally. The U.S. remains at the forefront of global demand for IoT security products.
On the back of strong demand in the U.S., the North America IoT security products market is projected to surpass US$ 4 bln in revenues in 2018.
Software sales will pip hardware sales and witness a higher y-o-y growth rate. Vendors will continue to offer a range of solutions to end-users, with the most prominent being device security, network security, identity and access management, and vulnerability management.
Among these, demand for device security will be the highest, with total sales in North America projected to reach US$ 1.12 Bln in 2018.
The smart grid will remain the dominant application segment, followed by home & building automation.
Demand for IoT security products will be highest in manufacturing and healthcare, with these two industries collectively accounting for US$ 3.37 Bln revenues in 2018.
Western Europe, another lucrative market for IoT security products is projected to witness 9.1% y-o-y growth and reach US$ 2.30 Bln in revenues.
As is the case in the North America market, the smart grid will remain the leading application segment.
Demand from the manufacturing sector will sustain growth, whereas sales in healthcare will increase at the highest y-o-y percentage.
IoT Security Shouldn’t Be an Afterthought
In early 2017, the United States Department of Homeland Security identified a cybersecurity flaw that can let hackers take control of a person’s defibrillator or pacemaker remotely. Transmitters on implanted devices, which were used to send data to physicians through the use of IoT technology, showed vulnerabilities that could be exploited by hackers.
By depleting the battery of these implanted devices, hackers can alter the pacing of a person’s heart, which could be highly-fatal.
Susceptibility of IoT devices to cyber-attacks remain a key area of concern for businesses and vendors.
Key factors why businesses are spending on IoT security include:
- Employing the Security & Vulnerability Management (SVM) model for detecting loopholes in networks, way before hackers get a whiff of it
- Limiting the connectivity of IoT devices through endpoint security
- Managing messages, sensitive data, and authoritative information by monitoring emails and web activities within an enterprise
- Using the Identification and Access Management (IAM) model to identify intruders and barricade their entry by tightening up access from all viable posterns
Bayshore Networks, Senrio, and Cisco are at the forefront of expanding their presence on the global market by offering effective solutions on IoT network security.
Along with the traditional endpoint security features, these solutions will be using a wide range of communication protocols to infiltrate complex networks and detect feasible apertures for the intrusion. Cisco’s Jasper is among such top-selling IoT security products.
This IoT connectivity management platform optimizes security with real-time monitoring of all activities taking place in an IoT ecosystem.
Particularly for enterprises that use cellular connectivity for powering their IoT devices, Jasper can integrate automated security guidelines through Cisco’s API, and combine data integrity with IoT connectivity security.
asper can also put security layers over connected devices and data transit activities, which make detection of anomalous or rogue activities more accurate.
The demand for IoT encryption is also gaining momentum in the global market. Companies such as Gemalto and Entrust Datacard have developed software that can encrypt transit as well as stored data through standard cryptographic algorithms, and maintain data integrity throughout a business network.
Such products will be witnessing greater demand since their deployment will be equivalent to the presence of an effective data lifecycle management process that eliminates the need for more security checks on data transference operations.
About the Author
Suyog Keluskar is experienced market research, customer insights & consulting professional, covering the latest industry and market updates on electronics, semiconductor and ICT domain.He has over ten years of experience in market research and consulting landscape. Currently, he is employed with Future Market Insights, fast-growing market research and consulting firm. Suyog is an alumnus of Kingston University, London.
He is the author of the report, ‘IoT Security Products Market: Global Industry Analysis and Opportunity Assessment, 2015-2020
Suyog can be reached at email@example.com and http://www.futuremarketinsights.com/