Internet of Things (IoT) security primarily addresses a variety of dangerous cyber-attacks and fraudulent breaches into IoT device networks. Secure connectivity, device authentication and management, and data loss prevention are all examples of IoT security solutions. These technologies, when combined with IoT devices, provide real-time threat protection. As a result, the demand for innovative, reliable, and scalable Secure Communication IoT security solutions is growing. Fortune Business Insights notes that the market for Internet of Things (IoT) security was valued at USD 2,221.0 million in 2019 and is projected to reach USD 20,776.1 million by 2027, exhibiting a CAGR of 32.3% during 2022-2027.
Businesses can benefit greatly from linked devices, but anything that is connected to the internet is subject to cyber-attacks. These devices handle a significant quantity of data transfer, which is critical from the user’s standpoint. It is critical to implement effective security management of IoT networks and devices due to the rising benefits and exponential popularity of IoT.
COVID-19 Impact: Businesses to Make Adjustments to Maintain Secure Communication Network
The global spread of the coronavirus has wreaked havoc on workplaces around the world. However, the workforce in government, education, and the information technology sectors has adapted to the new working conditions. Organizations are under pressure to make quick adjustments to maintain a reliable and secure communication network.
Malware, e-mail phishing operations across connected networks, ransomware, and bogus websites claiming to give funds or advice are among the most typical security attacks. Such circumstances are expected to require the use of advanced security technologies. Moreover, the pandemic’s economic impact is expected to vary depending on country and regional conditions.
For instance, in December 2019, Forgerock was launched as a self-contained entity. ForgeRock Autonomous Identity is a cutting-edge system that provides intelligent AI-powered identity management and governance.
Blockchain Adoption is a Growing Technological Trend
A crucial component of advanced security solutions is blockchain, a decentralized distributed ledger advanced technology. Instead of communicating across centralized networks, blockchain applications in the connected device ecosystem enable direct sharing of information between connected devices. As a result of this connectivity, IoT networks and devices are less vulnerable to cyber-threats.
To boost security, the IoT security service uses sensor-embedded chips and blockchain. Autonomous Decentralized Peer-to-Peer Telemetry (ADEPT), a blockchain-enabled IoT technology for creating a distributed IoT network, was created by IBM Corporation and Samsung. Such blockchain applications would ensure that the technology will succeed in the global economy.
Vulnerabilities in IoT to Offer New Opportunities for Hackers
Digitally connected gadgets and applications are infiltrating every element of human life in the IoT era, including homes, offices, cars, and even human bodies. All of the objects have been smartly calibrated to take advantage of being connected to the internet. The IoT security market size is exploding at an ever-increasing rate due to the introduction of IPv6 and the widespread deployment of Wi-Fi networks. As a result, IoT is becoming a more appealing target for cybercriminals. It is simple to reset a device and apply new fixes if it has been hacked. IoT devices are diverse, and each one must be targeted differently, making them more difficult for hackers to exploit.
On the other hand, hackers are bypassing these obstacles by targeting the correct gadget at the right time and location, preventing it from being reset and forcing the owners to pay the ransom. According to Kaspersky’s research, cyberattacks against IoT devices increased by 100% in the first six months of 2021. More than 1.5 billion IoT threats have been detected by the organization, up from 639 million in the previous half-year, which is more than double the amount. These terrifying vulnerabilities discovered have pushed IoT security to the top of the priority list of issues that must be solved as soon as possible.
As ransomware attacks become more severe and common, IoT providers are being forced to develop security solutions for ransomware, which is pushing the IoT security market.
Identity and Access Management (IAM) is the Most Commonly Adopted Security Application
Identity and access management research & development resulted in the creation of a new identity ecosystem known as Identity of Things (IDoT). Multi-factor authentication is becoming more popular, which necessitates the use of identity and access management software. The field of security analytics is projected to grow at a rapid pace. Analytics-driven security systems can consume large amounts of data and identify possible risks using advanced techniques such as machine learning.
Encryption and tokenization of data is an important part of the IoT security market share. Device management is also projected to be a significant industry trend in the future. Device-as-a-service is a device management solution offered by Intel Corporation. To improve working productivity, the system provides improved security performance and administration capabilities. In future, other security solutions, such as unified threat management, intrusion detection and prevention systems, and secure communications, are projected to grow at a significant rate.
IoT Security to Bring Lucrative Market Opportunities in Manufacturing Industries
The use of IoT security solutions in the industrial industry is predicted to grow at an exponential rate. Industry 4.0, industrial bots, smart manufacturing, and smart factories are just a few of the drivers that are propelling the market. Retailers are embracing advanced technology solutions such as location-based services and digital signage that use beacons and sensor technology to provide a more personalized customer experience. The transportation industry is predicted to be driven by the increased adoption of fleet management systems such as vehicle tracking and location finding.
Furthermore, the healthcare industry is expected to be a prominent deployer of IoT security solutions in the post-COVID-19 situation. IoT devices provide hospitals and clinics with increased benefits. This, however, exposes them to new security risks. To limit security concerns, these elements necessitate modern security solutions.
Additionally, banking, IT & telecommunications, financial services, and insurance, as well as government and defense, are expected to account for a large share of the market. This is attributed to the fact the fact that will the deployment of IoT applications, such as smart grid, energy and utilities present significant business potential.
Asia Pacific Expected to Witness Highest Market Growth
Major economies in Asia Pacific, including Japan, India, Singapore, China, and Australia, present considerable development prospects for IoT security suppliers. During the projection period, the region is expected to grow at the fastest CAGR. The primary reasons driving the IoT security market growth in this. Region are expanding government initiatives, growing demand for rapid computing, security. Digitalization, virtualized environments, analytics, high-volume networking, and rising overall internet speed and responsiveness.
Conclusion: Businesses to Employ IoT Security Solution to Avoid Data Breach
In the current digital age, is it crucial to protect one’s privacy online and save data from breaching. Businesses around the globe are employing several applications that help. Them preserve data and keep it confidential in the longer run.
Purva Sandel is an interior designer but a writer at heart. Her interests are to travel and explore different cuisines. She is passionate about reading, writing, and listening to good music.