Internet of Things (IoT) refers to the rapidly expanding network of electronic devices having IP address or physical address for providing Internet connectivity, which enables communication between these IoT devices and other Internet enabled systems over the network. IoT brings Internet connectivity beyond the traditional devices, such as laptop, computers, smart phones and tablets, to various 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 Internet. At the same time, this connectivity also poses certain challenges in the form of the provision of unauthorised access to people or hackers who could intrude into the organization’s infrastructure by hacking the main controlling device. In order to address this issue, implementation of IoT security products in the IoT infrastructure of organizations and individuals is increasingly becoming a primary necessity as these products help in securing their infrastructure and data.
Growth of the global IoT security products market is driven mainly by the rise in the number of Internet enabled devices across the globe that directly or indirectly have a major impact on the market. Manufacturers of IoT devices are providing additional embedded security systems in order to make IoT devices secured from data and application security threats.
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Introduction of advanced software and hardware has resulted in making the IoT security products very convenient and easy to use. In case of organizations, these products help reduce the fear related to corporate data stealing and application security challenges. The global IoT security products market was valued at US$ 7.8 Bn in 2014 and is expected to increase at a CAGR of 16.5% during the forecast period (2015 -2020). Enhancement in end-user experience and data security are the basic factors propelling growth of this market currently.
The report classifies the market based on technology into hardware and software. In terms of the technology segments, the hardware sub-segment was valued at US$ 3.9 Bn in 2014 and is anticipated to register a CAGR of 15.9% during the forecast period. This growth is primarily attributed to the rise in various regulations imposed by the concerned regulatory authorities, which mandate the implementation of IoT security products.
Meanwhile, the software segment in the global IoT security products market was valued at US$ 3.9 Bn in 2014 and is anticipated to register a CAGR of 17.2% during the forecast period. The growth is driven mainly by the increasing demand for Internet-enabled devices across different verticals, as organizations are becoming increasingly aware about the risks posed by these devices when connected to the Internet, and thereby take all possible precautionary measures, such as device inspection and network monitoring, for securing and controlling data access and infringement. IoT device manufacturers are providing devices equipped with additional embedded security systems for securing them from data and application security threats.
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This report also covers trends driving each segment and offers analysis and insights on the potential of the IoT security products market in some key regions, including North America, Latin America, Eastern Europe, Western Europe, Asia Pacific (excluding Japan), Japan and the Middle East & Africa. Furthermore, the market is sub-segmented on the basis of the major countries across each region in order to provide a better regional analysis of the global IoT security products market.
The global IoT security products market is highly fragmented with various players, including IoT security software and hardware providers. Currently, the IoT security software providers account for a major share of the market. Symantec Corporation, IBM Corporation, Intel Corporation, Cisco Systems, Inc., Infineon Technologies AG, Trend Micro, Inc., Check Point Software Technologies Ltd., and INSIDE SECURE are few of the major players in the ecosystem of the global IoT security products market.