Internet of Things (IoT) Security Market Cost Structure Analysis of AT&T, Gemalto NV, Infineon Technologies, International Business Machines Corporation (IBM), Cisco Systems, Check Point Security Software Technologies, Verizon Enterprise Solutions, Symant

Internet of Things (IoT) involves creation of smart communication environment between smart homes, smart transportation, and smart healthcare systems with the help of several devices in a network that enables transmission of data within these devices such as WSN , RFID, cloud services, NFC, gateways, data storage & analytics, and visualization elements.

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Internet of Things security is used to protect and secure the network connecting IoT devices to back-end systems on the internet. Key features include traditional endpoint security such as antivirus and antimalware along with firewalls and interruption prevention and detection systems. IoT security authenticate an IoT device by managing multiple users of a single device platform, for example a connected car. Moreover it is ranging from simple static password or pins to more robust authentication mechanisms such as two-factor authentication, digital certificates and biometrics.

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.

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.

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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IoT Security Market Taxonomy

On the basis of component, the global IoT security market is segmented into:

-Services
-Solutions

On the basis of security type, the global IoT security market is segmented into:

-Network Security
-Application Security
-Cloud Security
-End-Point Security
-Wireless Security

On the basis of application, the global IoT security market is segmented into:

-Smart Manufacturing
-Smart Energy and Utilities
-Connected Logistics
-Consumer wearable
-Connected Healthcare
-Smart Government and Defense
-Connected Vehicles
-Smart Retail

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