The Global Internet of Things Security Market 2016-2020 is a new research report added to SandlerResearch.org. End-users prefer integrated IoT security solutions that provide overall security to devices and networks. This is because different stand-alone security solutions may lead to integration issues. In addition, stand-alone IoT security solutions may prove to be costly to end-users and may increase network complexity. Integrated IoT security solutions provided by the vendors will provide better support and functionality to the customers.
Complete report on IoT security market spread across 63 pages, analyzing 5 major companies and provides 29 data exhibits is now available at http://www.sandlerresearch.org/global-internet-of-things-security-market-2016-2020.html
The analysts forecast the global IoT security market to grow at a CAGR of 55.01% during the period 2016-2020. According to the report, a number of sectors such as retail, manufacturing, healthcare, and automotive use IoT to ensure efficient data transmission of confidential information between devices and people through networks. Thus, governments across the globe have framed certain regulations to enforce compliance in order to secure networks from hackers and viruses.
Among all the end users, the utilities sector will witness the highest adoption of IoT security solutions during the forecast period. Much of this growth can be attributed to the extensive implementation of smart meters and IoT for utility management systems like water, oil, gas, and energy. Since the transmission of data through wireless networks in such utilities are prone to cyber-attacks, the need for IoT security solutions in this sector will increase. An extensive market study carried out by the analysts at Technavio has shown that the utilities sector will grow at a CAGR of nearly 54% by 2020.
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The hardware segment will account for the largest share of the market during the forecast period and will post an impressive market value of more than USD 18 billion by 2020. Due to the recent increase in sales of hardware security components, the revenue of this market segment will increase. Also, factors such as the rapid adoption of firewall and IDP hardware for integrated security of network infrastructures will also aid in the growth of this market segment during the forecast period. The areas of pricing, design, innovation, service and quality. Larger vendors are following an inorganic growth strategy to expand their global presence.
The global IoT security market is heavily fragmented due to the presence of many multinational vendors and small regional players. To survive and succeed in this market, the large vendors often acquire smaller vendors to expand their product portfolio and market share. Also, it is of utmost importance for vendors to distinguish their product and service offerings through a clear and unique selling proposition as it will help them to survive in this competitive market.
Main players in the Global Internet of Things Security Market are Cisco Systems, Infineon Technologies, Intel, GE (Wurldtech Security Technologies), and Symantec. Other Prominent Vendors in the market are: Axeda Machine Cloud, Broadcom, Digi International, Ericsson, Eurotech, Fortinet, Gemalto, IBM, Kore Wireless, NetComm Wireless, Nokia, Numerex, Palo Alto Networks, Rockwell Automation, Secure Crossing, Sierra Wireless, Sophos, Systech Solutions, Telit, Tofino, and Ventus Wireless.
Further, the report states that the overall deployment cost of IoT security solutions includes the cost of software licensing, system designing and customization, implementation, training, and maintenance. After implementation, IoT security solutions have to be upgraded regularly. All of these factors lead to an increase in the overall costs incurred by an organization for implementing these solutions.
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