Concerted Efforts by key Stakeholders to adopt Best Practices Catalyzing Internet of Things (IoT) Security Market

By Bhupendra Shirsath

QYResearchReports has announced the report on, “Global Internet of Things (IoT) Security Market 2022”, to its offering. The elaborate study on the global Internet of Things (IoT) security market offers comprehensive and in-depth insights into key growth drivers and restraints, prominent adoption trends, recent technology advances, promising avenues, and the imminent investment pockets. The study offers in-depth insight into the share and size of key end-use segments and assesses the scope of key types of IoT security during the forecast period (2017–2022).

The analysis evaluates the prevailing competitive landscape in regions such as European Union, Japan, U.S., Southeast Asia, Japan, China, and India. The study further offers an attractiveness analysis of key regional markets and enumerates notable factors accounting for their prominence.

The rapidly rising array of ransomware attacks in various parts of the world, coupled with their growing complexity, is a defining trend driving the evolution of the IoT security market.  The intensifying drive for IoT security hinges on significantly rising efforts to contain these attacks. With the continued proliferation of IoT devices, malware could get more hybrid and complex in nature, giving ample scope for hacks.  In addition, the staggering adoption among enterprises and individuals in various developing and developed countries is a prominent factor stoking the demand for IoT security.

The surge in IoT botnets in recent years is a striking factor that could contribute to the burgeoning demand for IoT security in various end-use industries. The current IoT security technologies seems to fall flat in containing the emerging threats caused by hybridized malware. Furthermore, the rising incidence of quantum computing-based attacks in sectors such as medical, automotive, and aerospace is a key trend likely to aid in the swift expansion of the market. The growing adoption of risk-based adaptive securities across enterprises in developing and developed regions is expected to catalyze the growth of the market.

The IoT security market will also benefit from the expected exponential rise in machine learning technologies, artificial intelligence, and sensors in IoT framework in the years to come. This is expected to fortify the demand for a robust IoT security.

In several enterprises world over, there is a marked lack of clarity in IoT deployments in terms of scope. This is expected to significantly cripple the growth of the IoT security market. The reluctance of SMBs in investing in sophisticated security network based on end-to-end approach may further be a bottleneck in the widespread deployment. However, the advent of effective encryption technologies and the relentless research and development activities to develop potential security for emerging threats in IoT devices are likely to unlock substantial prospects in the market.

The democratization of open source operating systems for IoT is a welcome trend, opine industry players, and is expected to open lucrative avenues in the coming years. Furthermore, a dramatically rising number of IoT-centered security threats, such as the one by botnets, compromising sensitive enterprise data in various industries is expected to stimulate spending in developed regions. The surge in industry investments will lead to product innovations in the not-so-distant future.

The concerted efforts by key stakeholders comprising IoT device manufacturers, system integrators, application developers, enterprises, operators, and consumers to adopt best practices in IoT security. This is likely to act a strong catalyst to the development of better products and solutions in the IoT security landscape.

Companies with a prominent presence in the global Internet of Things security market include Symantec Corporation, Cisco Systems, Inc., Infineon Technologies AG, CENTRI Technology Inc., TrustWave Holdings, Inc., TrustWave Holdings, Inc., AT&T Inc., Bitdefender, LLC, PTC Inc., Fortinet, Inc., IBM Corporation, RSA Security LLC, and Trend Micro, Inc.