The fast-growing network of connected device has paved the way for ‘Internet of Things’ or IoT to come into force, connecting each and every object possible. Today, most devices have an IP address that allows them to connect to the internet, enabling communication between two or multiple devices as well as other Internet-enabled systems over a network. IoT has successfully extended internet connectivity beyond the conventional devices such as computers, smartphones and laptops to a string of new age electronic items, which include smart watches, home appliance, and cars among others. Most importantly, IoT has created a chain of networks through the products used in everyday life. With the help of embedded technology, these products are able to communicate with the external environment. Nonetheless, all these embedded connections are also leading up to challenges in the form of illegal device hack, unauthorised encroachments, theft of confidential data. Deployment of IoT security products in network infrastructures is crucial in order to tackle such challenges.
Of late, the demand for IoT security products has grown significantly primarily due to the increasing use of internet enable devices all over the world. Companies that manufacture IoT devices are offering additional embedded security solutions to secure their devices from any application or data security threats. Development of advanced hardware and software are making IoT security products quite convenient and user-friendly. For enterprises, these products ensure the protection of corporate data from any malignant potency. According to the latest data released by Future Market Insights (FMI), the global market for IoT security products is set to expand at a compound annual growth rate of 16.5% between 2015 and 2020. Factor such as growing concerns over data security and improvement in end-user experience is expected to propel the growth of the market in the coming years.
Enforcement of new regulatory norms is further mandating organisations and businesses to deploy of IoT security systems in their network infrastructure. The increasing use of internet-enabled devices across various verticals is considered as a key factor in driving the demand for IoT security products. Most organisations now are taking strict measures to secure their networks owing to the vulnerability of open networks that can result in data theft and infringement.
In regions such as North America, Europe and Asia, demand for IoT security products is likely to grow higher over the next couple of years. Many of the technology companies established in these regions are rapidly deploying IoT security products to secure their in-house network infrastructure.
The global market for IoT security products is highly fragmented having a number companies that offer customised internet security solutions. At present, the market is dominated by companies that primarily provide IoT security software. IBM Corporation, Cisco Systems, Inc., Trend Micro, Inc., Symantec Corporation, INSIDE SECURE, Intel Corporation, Infineon Technologies AG, and Check Point Software Technologies Ltd., are amongst few of the leading companies actively operating in the global market for IoT security products.