Internet of things (IoT) security deals with safeguarding connected networks and devices in IoT. Security of connected devices has remained a prime area of concern since the emergence of IoT as a concept. Proliferation of IoT systems and mounting cases of ransomware attacks are translating into greater adoption of IoT security solutions.
Advancements in Technology to Promote Uptake of Hardware
Basic components involved in Internet of things security are software, hardware, and services. Hardware will represent a substantial share in the market through 2022. Rising adoption of IDP hardware and firewall for increased security of network infrastructures is contributing to the growth of the segment. Rapid technological advancements are also supporting the sales of hardware security components.
For instance, in November 2017, Renesas Electronics announced the extension of its RX65N/RX651 family of microcontrollers (MCUs). It addresses advanced security needs for IoT devices operating in smart metering systems, industrial automation, and building automation. The expanded RX65N/RX651 devices offer enhanced flash protection and integrated Trusted Secure IP.
Internet of things security can be used in commercial, industrial, and consumer applications. The industrial segment will be a key revenue contributor in the market. Rising utilization of IoT technology in process control, manufacturing execution system (MES), smart agriculture, maintenance, and asset location will drive the need for security solutions in the segment. Demand for IoT security will also experience a sharp rise in the commercial segment. Rising shift from standalone devices and security guards to connected devices, especially in the finance and utility sectors, is expected to supplement the growth of the segment.
With growing implementation of cloud infrastructure, it becomes imperative for service providers to secure their cloud platform against unauthorized access. This, in turn, is playing a vital role in the growth of the global Internet of things (IoT) security market. Cloud-based services are being increasingly used for storing biometrics information, authentication processes, and video management systems. Besides this, introduction of integrated security solutions can positively impact the market. Integrated IoT security solutions are gaining popularity as they offer better support and functionality to end users. U.S. will hold a prominent position in the market until 2022 as a large number of key players are headquartered in the region.
Some of the prominent companies in the industry are Cisco, Symantec, IBM, Infineon Technologies, and Intel.
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