IoT Security Market Forecast 2016-2024: Over 10 Billion of IoT devices are now interconnected to the internet and with increasing number of connected devices numerous threats are also evolving. Cyber security is developing quickly into the foremost concern for businesses and consumers alike. And this digital transformation with growing security concerns is driving the overall Global IoT Security Market that is expected to grow at CAGR of around 50% during the forecast period of 2016-2024.
Most of the independent security vendors analysed have a background in either conventional IT security or in OT (other) security. While all are adapting their security solutions in the IoT context. The Internet of Things involve the growing predominance of objects and entities known, in this context as things — provided with exclusive identifiers and the ability to spontaneously transmit data over a network. Much of the upsurge in IoT communication derives from embedded sensor systems and computing systems used in smart energy grids, wearable computing devices industrial machine-to-machine (M2M) communication, vehicle to vehicle communication, and home and building automation.
Growing need for data-centric security, growing ransomware attacks on IoT systems, securing ubiquitous environment, obligatory requirements to comply with strict regulations, increase in risk-based adaptive security for IoT system will be major driving forces of IoT security market. For instance, in 2017 ransomware remained as a major threat, with the Petya/Not Petya and WannaCry attacks taking down systems around the world. While the quantity of ransomware variations increased to about 45% compared to 2016, and thus, the average ransom need dropped from its peak of over USD 1,000 in 2016 to around USD 500 in 2017. Further, increasing use of freeware IoT operating systems, increased data risk in vast IoT networks will provide ample opportunities for market players in IoT security market.
Maximize Market Research has carried out extensive research about the current Global IoT Security Market overview and estimated market size up to 2024 while considering the evolution of several technologies that will have impact on the IoT security market. The Global IoT Security Market report is broad take on the IoT security devices and systems market and explains the numerous dimensions of the IoT security on security type, device size, solutions, applications, service and power source. Internet of Things (IoT) refers to a rapidly increasing system of electronic devices with physical address or IP address for providing Internet connectivity, which enables seamless communication between IoT devices and other Internet enabled systems over the network. IoT brings Internet connectivity beyond traditional devices such as laptops, computers, smart phones and tablets, to a varied range of products used in everyday life. These products use embedded technology and are able to communicate with the external environment with the help of the Internet. However, this connectivity also poses certain challenges such as access to unauthorised individual or hackers, who could intrude into the organisation’s infrastructure by hacking the main controlling device. In order to address this issue, implementation of IoT security in the IoT infrastructure of organisations and individuals is increasingly becoming a primary necessity as these products help in securing their infrastructure and data.
What the report offers to buyer
• IoT Security Market forecast 2017 to 2022
• Key industry trends, opportunities and restraints that have a bearing on the global IoT security market
• Green Field and Brown Field critical analysis and market forecast
• Number of installed unit for battery powered and continuous powered devices from 2013-2017 and forecast from 2018-2024
• Market breakdown in six segments and five regions
• Competitive benchmarking for players operating in IoT security market based on device size and capacities
• Information on the leading market players and their key strategies that enable them to stay as leaders in this highly competitive market
• Go to market armed with pertinent insights on the various regional markets of the global IoT security product market
• 2017 List of 45+ Predictive Maintenance providers
• Necessary competitive intelligence you may require for a successful stint in the global IoT security market
• IoT security product is in more demand in which region/country of the world hence that you can make your investments consequently
• Consolidation in industry.
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