Because the Internet of Things (IoT) connects multiple devices in an organization via wireless sensor networks and cloud services, companies experience an increasing dependency on cloud storage and wireless network. This high degree of connectivity gives rise to challenges such as cyber-attacks and security threats. IoT security solutions and services are essential for protecting confidential and private data and to provide secure access to authorized users and individuals.
Today most of the organizations/companies are preferring to use the cloud to store their confidential data, Consequently, there is an extensive need to develop strong security system to protect systems against unauthorized access which is expected to create opportunities for players in the global internet of Things market.
Driving the Need for Better IoT Security
Primary factors driving growth of the global IoT security market is increasing adoption of cloud-based services and solutions in various sectors, and this has led to vast volumes of data being stored on the cloud, which is vulnerable to cyber-attacks and data theft. Implementation of Bring Your Own Devices (BYOD) trend by various organizations may boost employee productivity, but exposes critical information and personal data, eventually raising data security concerns. Government initiatives such as smart city projects has further led to increasing adoption of IoT applications, in order to ensure networks are secure from hackers, virus threats, and cyber-attacks, and this is further propelling growth of the IoT security market.
However, errors in real-time responses being generated by the security systems, over reliance on technology, and complexes in the systems could lead to damage. These are the major factors for the restraining the growth of the global IoT security market.
On the basis of navigation security components segmentation, the hardware segment is expected to contribute major revenue share and expected to maintain its dominance over the forecast period. Host-based systems are better at detecting and reacting to long-term attacks such as data theft, and malware attacks, as compared to network-based systems. This is a major factor for consumer preference towards hardware components, which in-turn is fueling growth for the hardware segment.