IoT Security Market to See Huge Growth & Profitable Business

It is one of the important aspects when it comes to securing the IoT ecosystem. It consists of wireless communication, remote access security, and gateway. Wireless communication is carried out with the help of various secure protocols, including LPWAN, Zig-bee, 6LowPAN, Bluetooth, Z-Wave, and NFC. In the IoT ecosystem, a huge amount of data is communicated through remote devices; therefore, the security of this wireless communication plays a significant role in network security.

The organizations in this smart energy and utilities industry primarily focus on 3 aspects while deploying smart energy systems. These aspects are electricity distribution, production control, and electronic power conditioning.

The integration of IoT with all these aspects helps reduce costs to develop, test, and deploy the interconnected networks in the ultimate energy grids. Security threats to energy networks include malware injections, denial of service, attacks on privacy, and thefts of data and energy.

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Major factors driving the growth of the market are the increasing number of ransomware attacks on IoT devices across the globe, growing IoT security regulations, and rising security concerns over critical infrastructures.

IoT security solutions include identity access management, data encryption and tokenization, intrusion detection system/intrusion prevention system, device authentication and management, secure software and firmware update, secure communications, Public Key Infrastructure (PKI) lifecycle management, Distributed Denial of Service (DDoS) protection, security analytics, and others (virtual firewall and incidence response system).

IoT is gaining traction across industries, due to its robust offerings. With the expanding reach of IoT, multiple end users and devices can be connected to networks. One of the main causes of cyber-attacks is unauthorized access to networks through intrusions. The identity access management solution plays a vital role in managing enterprises’ electronic or digital identities.

The major vendors in the global IoT security market include Cisco (US), IBM (US), Infineon (Germany), Intel (US), Symantec (US), Gemalto (Netherlands), Allot (Israel), Fortinet (US), Zingbox (US), Mocana (US), SecuriThings (Israel), CENTRI (Germany), Armis (US), ForgeRock (US), and NewSky (US).