The global IoT security market is expected to grow to $4.35 billion at an annual growth rate of 34.7% through 2022, with the emergence of the smart city concept believed to be the driving force for the rise in demand.
As the population is growing, the need for sustainable development is gaining importance; smart cities are well equipped with handling high traffic, population control, and better security for people.
The execution for such a task can be done by installing IoT devices in smart cities. This involves connecting devices to one another, exchange data in a secured manner, forming a pattern and then providing a final solution. The remotely connected CCTV (closed-circuit television) and automated incident detection (the use of computers to continuously monitor traffic conditions and detect incidents or traffic queues) allows for a quicker response to threats.
IoT led crowd management solutions help monitor and manage crowds of people across all sorts of gatherings. Smart street lighting helps to lower crime rates and improve driving conditions. This rising demand for security in smart cities increases investment in the IoT security market. For instance, in 2018, the Indian Government released Rs. 9,940 Crores (INR) ($1.42 Billion) for smart city mission.
IoT security is a technological area that provides solutions for safeguarding smart devices, networks, other connected devices and centralized user hubs from unwanted manipulation. This industry includes establishments that provide security solutions to counter IoT security threats such as remote vehicle hijacking, privacy leaks, brute force attacks on passwords and others.
Increasing Usage Of Block Chain Technology In The IoT Security Market
The increasing usage of block chain technology in order to protect data of IoT devices, enhance transparency and security, reduce costs, and increase efficiency is a new trend in the IoT Security market. Block chain is a distributed decentralized ledger and underlying technology of bitcoin (a cryptocurrency) which is shared database (can be saved, owned, updated at different levels), not managed by a central authority, comprising secure transactions, which are authenticated and verifiable.
Block chain technology is integrated into IoT networks to provide additional privacy and security. It helps in reduction of processing time and cost, records transactions of all connected IoT devices, ensures tracking connected devices, coordinates these devices and aids smooth transaction process, provides efficiency to compliance issues, avoid re-entries, data leakages and frauds, minimize time to settle losses and ensures cryptographic security.
For instance, Atonomi provides IoT security solutions to IoT developers and manufacturers with block chain based immutable identity and reputation tracking. According to a survey by Gemalto, a digital security firm, the adoption of block chain technology to help secure IoT data, services and devices in the IoT sector doubled from 9% to 19% in 2018.
IoT Security Market Restraints
Lack of awareness regarding the importance of IoT security and risk mitigating measures among the people may hinder the IoT security market’s growth. IoT security service providers are impacted due to the lack of awareness as there are instances where the IoT devices have been attacked by malicious software and viruses.
Installing an IoT device does not simply solve the problem of security concerns. For instance, according to a survey conducted by Trend Micro, an IT Security firm, in 2018, 86% of IT and security decision makers across the globe believe that their organizations need to enhance their awareness of IoT threats. Furthermore, the survey stated that lack of awareness makes the organization fall and lead to thefts and data breach.
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