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Internet of Things (IoT) is an ecosystem of connected physical objects that are accessible through the Internet. Internet of Things (IoT) involves creation of smart communication environment between smart homes, smart transportation, and smart healthcare systems with the help of several devices in a network that enables transmission of data within these devices such as WSN (Wireless Sensor Network), RFID (Radio Frequency Identification), cloud services, NFC (Near Field Communication), gateways, data storage & analytics, and visualization elements. Moreover, embedded software, hardware devices, IT services, and communication services are interconnected with IoT for monitoring, detecting, prevention of unauthorized access, and managing numerous interrelated devices, efficiently.

Internet of Things security is used to protect and secure the network connecting IoT devices to back-end systems on the internet. Key features include traditional endpoint security such as antivirus and antimalware along with firewalls and interruption prevention and detection systems. IoT security authenticate an IoT device by managing multiple users of a single device platform, for example a connected car. Moreover it is ranging from simple static password or pins to more robust authentication mechanisms such as two-factor authentication, digital certificates and biometrics.

Advancement in technologies and increasing use of 2G, 3G, and 4G Long-Term Evolution (LTE) wireless networks have in turn also made these networks increasingly susceptibility to cyber-attacks. These cellular networks enables connectivity and communications to exchange real time information, data, and online transactions among others, which is prominent target for cyber-attacks. For the security and flexibility of these online communication IoT security solution plays a major role. According to Coherent Market Insights’ analysis, in 2016, over 88% of the U.S. population had access to the Internet, which is around 280 million of the U.S. population. Smart home solutions aid in remotely accessing devices at home including security systems. Therefore, it is important to have IoT security solutions in order to enhance security.

Increasing smart city initiatives, globally, is also another factor expected to fuel market growth. For instance, in 2015, Government of India launched "100 Smart Cities Mission". Some of the important elements in smart city initiatives involve digitalization and deploying Wi-Fi hotspots at various locations. Public Wi-Fi network do not provide security and use shared passwords. Hence, this facility is prone to cyber-attacks. Therefore, IoT security helps to enhance the security through a unique technology called ‘User Pre-Shared Key’ (UPSK) for every devices within the network to ensure device security. Such features of IoT security are expected to fuel growth of the global IoT market.

Global Internet of Things (IoT) Security Market Taxonomy

On the basis of component, the global internet of things (IoT) security market is segmented into:

  • Services
  • Solutions

On the basis of security type, the global internet of things (IoT) security market is segmented into:

  • Network Security
  • Application Security
  • Cloud Security
  • End-Point Security
  • Wireless Security

On the basis of application, the global internet of things (IoT) security market is segmented into:

  • Smart Manufacturing
  • Smart Energy and Utilities
  • Connected Logistics
  • Consumer wearable
  • Connected Healthcare
  • Smart Government and Defense
  • Connected Vehicles
  • Smart Retail

On the basis of regions, the global internet of things (IoT) security market is classified into:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa

Global Internet of Things (IoT) Security Market: Regional Insights

North America accounted largest for the market share in the global internet of things (IoT) security market in 2016. This is owing to increasing adoption of IoT in a single smart interface of smartphones, PCs, and tablets and rising cybercrimes are expected to be major factors for fuelling demand for integrated IoT security solutions in various sectors such as government, defense and healthcare. For instance, in May 2017, the WannaCry ransomware attack affected number of computers from Taiwan to the U.K. and the U.S. These are some major factors expected to boost the regional IoT security market growth.

Global Internet of Things (IoT) Security Market: Key Players

Major players operating in the global internet of things (IoT) security market are AT&T, Inc., Gemalto NV, Infineon Technologies, International Business Machines Corporation (IBM), Cisco Systems, Inc., Check Point Security Software Technologies Ltd., Verizon Enterprise Solutions, Symantec Corporation., PTC Inc., and Digicert.

Global Internet of Things (IoT) Security Market: Key Developments

  • In February 2019, Trend Micro Incorporated, one of the leader in cybersecurity solutions, announced the launch of its new mobile IoT information security service with Chunghwa Telecom (CHT) to provide Mobile IoT security service. This service can detect hacking activities and malicious connections in real time and notify users to take protective measures and strengthen client information safety, by combining the CHT Security network with Trend Micro’s Virtual Network Solution Suite at ChungHwa Telecom mobile data center.
  • In June 2019, CSPi, a provider of cybersecurity and packet capture products, managed IT and professional services and technology solutions, announced a launch of its new “Cybersecurity Solution” to address the unique security challenges found in commercial Internet of Things (IoT) devices, especially in the medical (IoMT) and industrial (IIoT) markets.
  • In June 2019, Thirdwayv, one of the IoT security and end-to-end connectivity vendor, announced a launch of its “AppAuth IoT Security Platform” for protecting mission-critical IoT applications.
  • In July 2019, GlobalSign, one of the leading provider of trusted identity and security solutions, announced the launch of its “IoT developer program” which is specifically designed to assist developers with device identity integrations to streamline IoT Security Integrations and industrial IoT (IIoT) ecosystems.
  • In July 2019, IXDen, the leading solution provider for securing IoT devices, announced the launch of its new ‘IXDen Smart Homes’, a product which will protect billions of Internet of Things (IoT) devices against cyber-attacks, tampering, and data manipulation.
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Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.


Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users