New research released by London, UK-based analyst firm Technavio determined the top five leading vendors for the global IoT security market. This report also lists 12 other key vendors who are expected to contribute to this market’s growth over the forecast period.
Cisco Systems, Symantec, Intel, GE (Wurldtech Security Technologies), and Infineon Technologies reached the top of Technavio’s market research. The analyst has estimated the global Internet of Things (IoT) security market to grow profoundly at a CAGR of over 55 percent by 2020. Much of this growth can be attributed to the rapid adoption of cloud-based services for video management systems, authentication processes, and storing biometrics information.
Since numerous organizations are using the cloud to store their confidential data, the need for security measures to secure the cloud against unauthorized access will increase significantly. The adoption of cloud-based services is increasing rapidly in SMEs as cloud-based services work on a pay-per-use model and offer flexibility and scalability to accommodate the varying needs of consumers. Consequently, with the augmented use of cloud-based services for data storage purposes, the need for IoT security solutions will also increase.
The IoT is a grid of interconnected physical devices, sensors, and machines that are integrated into everyday objects and are connected to the Internet for the effective communication of data. Its ability to bolster business productivity, cost reduction, operational efficiency, and to bring about work environment improvement will result in its increased adoption across the healthcare, manufacturing, retail, energy and utilities, and transportation sectors over the next few years.
A key factor that will impel the prospects for growth in the IoT security market is the advent of integrated security solutions. The preference for IoT security solutions among end users is increasing as they provide overall security to devices and networks.
As stand-alone IoT security solutions are extremely costly, many end users prefer integrated IoT security solutions as it provides better support and functionality to the customers. Furthermore, with the integration of IoT security solutions with data loss prevention (DLP) and firewalls, the overall cost of owning IoT security solutions will decrease.
Cisco delivers products and services related to IT and communications industries including switches, IP phones, workstations, access points, call center and messaging products, telepresence systems, firewalls, intrusion prevention, cloud managed solutions, fabric interconnects, and data center products.
Wurldtech Security Technologies is a software company that provides cyber security solutions for connected devices to prevent persistent and dynamic cyber threats. The company offers assessment products to discover and analyze different threats and vulnerability profiles and to mitigate known vulnerabilities in installed networks with Achilles Threat Intelligence Software. The products and solutions provided by the company include Achilles Industrial Next-gen Firewall, Achilles Test Platform, Achilles Test Software, and OpShield.
Infineon Technologies, a Germany-based company, develops semiconductors and system solutions for automotive and industrial electronics, chip cards, and security applications. Its operations are diversified across four main divisions: industrial power control, automotive, power management, and chip card and security. The industrial power control division designs and manufactures semiconductors and system solutions for use in industrial electronic applications and for customer-specific product requirements. The automotive division offers semiconductors for use in automotive applications. The power management division focuses on components for power management of high-frequency applications. The chip card and security division offers different security controllers and security memories for chip card and security applications.
Intel manufactures integrated digital technology platforms. The company sells these platforms to OEMs, original design manufacturers, and industrial and communications equipment manufacturers in different industries. Their platforms are used in applications such as PCs, data centers, tablets, smartphones, automobiles, automated factory systems and medical devices. Intel also develops and sells software and services primarily focused on security and technology integration. It offers platforms that incorporate different components and technologies, including a microprocessor and chipset.
Symantec offers security, backup, and availability solutions. Its products and services are designed to protect information in any environment. The company’s products and services range from mobile devices to enterprise data centers and cloud-based systems.
“The growing number of connected devices in organizations across the globe is driving the demand for IoT security,” said Amrita Choudhury, a Technavio lead analysts for IT security. “Connected devices include imaging devices with cellular communications, portable navigation devices, and media players. In 2015, the number of connected devices across the globe was 10.83 billion. By 2020, the number will reach 41.15 billion.”
“With an increase in the number of connected devices, it is difficult for organizations to monitor, manage, and maintain data traversing between these devices through wired and wireless networks. Thus, the need for IoT security solutions increases among organizations in order to maintain data confidentiality,” added Amrita.