Techno World Internet-of-Things-Security-Market | Page 2

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.
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North America accounted largest for the market share in the 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.
Major players operating in the global 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.
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ready syndicated research reports, custom market analysis, consulting services, and competitive
analysis through various recommendations related to emerging market trends, technologies, and
potential absolute dollar opportunity.
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