Internet of Things (IoT) security increases efficiency and enables new services by connecting devices such as industrial equipment and consumer objects onto a network. It also facilitates the gathering of information and management of these devices through software. IoT integrates hardware, communication services, embedded software, and IT services. IoT helps in creating smart communication environments such as smart shopping, smart healthcare, smart homes, and smart transportation. Some of the major components of IoT are wireless sensor network (WSN), cloud services, near field communication (NFC), radio frequency identification (RFID), data storage & analytics, gateways, and visualization elements. It also helps in the effective management and monitoring of multiple interconnected devices.
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The Internet of Things has access to organizations’ existing operational technology networks and information technology in addition to multiple devices, sensors, and other smart objects. Increasing dependence on the existing network connectivity gives rise to challenges including security threats. The priority and focus of the IT network are to protect confidentially of data and secure access along with ensuring operational and employee safety. Thus, there is an increased demand for IoT security solutions at the workplace.
The global IoT security market is segmented on the basis of end-users as utilities, automobiles, and healthcare. Based on the software, IoT in utility market is segmented as security, analytics, smart grid management, operations control, Customer Information System (CIS), and predictive asset management. To ensure the efficient functioning of devices such as smartphones, tablets, and PDAs at the workplace, it is crucial to maintaining network infrastructure security. Moreover, traditional business models are being developed, as utilities are using emerging technologies for optimization of information flow, for improvement of asset performance, and to increase energy efficiency and ensure supply.
With the huge amount of digital information being transferred between people, the governments of several economies are undertaking steps to secure networks from hackers and virus threats by imposing strict regulatory framework. Thus, compliance with such regulations is expected to increase the demand for IoT security solutions in utilities. Furthermore, with advancements in technologies such as 3G and 4G LTE, threats such as data hacking have increased, which in turn has boosted the demand for IoT security solutions in utilities. Increasing smart city concept is anticipated to offer ample opportunities for the market growth in the coming years. The governments in the developed economies have already taken steps to develop smart cities by deploying Wi-Fi hotspots at multiple locations within a city.
Major players in the global IoT security market are BlackRidge, Infineon Technologies, Cisco Systems, Intel Corporation, Wurldtech Security, Siemens AG, Alcatel-Lucent S.A., Checkpoint Technologies, Axeda Machine Cloud, and IBM Corporation. Other key players dominating the market are Huawei Technologies Co. Ltd, and NETCOM On-Line Communication Services, Inc., and AT&T Inc. Recently, the BlackRidge Company has developed a new technology, BlackRidge Transport Access Control (TAC) technology, for providing IoT services in utilities.