DUBLIN, Mar 03, 2017 /PRNewswire/ --
Research and Markets has announced the addition of the "Security Solutions to Expand Smart IoT Markets" report to their offering.
The report Security solutions to expand smart IoT markets analyzes the Internet of Things (IoT) security business opportunity. Service providers rely on IoT solutions to reach new efficiencies and performance optimization along with the introduction of new big data analytics. Although the potential benefits are undeniable, today most IoT systems lack adapted security architectures to face the risks of a connected world. IoT complexity demands the implementation of security solutions from end-to-end of the value chain.
The concept of Internet of Things (IoT) is relatively new, but the IoT itself has been growing for more than a decade now. Over the years, the number of monitoring and control devices has been growing significantly. With the addition of connectivity, these devices can now collect and transmit data in real-time that can be analyzed to extract valuable information. Combined with machine learning and behavioral analysis, IoT can derive meaning from data to deliver end-users seamless experiences and help organizations to reach new efficiencies.
IoT can be embedded into almost every imaginable type of device: automobiles, home appliances, manufacturing stations, medical devices, x-ray machines, etc. The IoT market can be segmented into six segments: smart home, consumer devices, automotive, smart cities, industrial IoT and healthcare. In each of these market segments, IoT solutions target both consumers and businesses.
Although the potential economic benefits of the IoT may be massive, they are by no means guaranteed. Recent security breaches, whether on devices, on the cloud or on the network, have put the spotlight on the need for improving IoT and connected devices security before reaching mass adoption.
Until now, IoT growth has been mainly driven by unsecure devices to which we added connectivity. These devices are then connected to traditional networks and integrated in organizations infrastructures. In fact, these unsecure devices have created new back doors for cybercriminals to sneak in, putting networks at risk.
Security concerns are driven by the vast amounts and types of data that are being collected by IoT devices, which potentially represent a far greater risk to users. This data, in the wrong hands, could be used for nefarious purposes. IoT security includes concerns about theft, privacy, safety and productivity (in the case of business customers).
IoT solution providers must understand the limitations of providing unsecure IoT and adopt the most convenient security architectures for their use case. Not all IoT devices and systems have the same security requirements; thus they do not need the same security solutions. To better understand their systems' necessities, IoT solution providers must perform a risk assessment to determine what are the best security architecture / solutions to adopt.
Independently of the security level needed, IoT security must be incorporated along the entire value chain (end-to-end security) since the solution's design (security by design). A major issue is the fact that many legacy devices are unable to support security, and new devices do not have security built in by design. Securing IoT depends on a secure device, network and ecosystem incorporating trusted service management, data management and compliance with regulation.
The author anticipates diverse security implementations (from pure software to independent hardware) will be deployed in the next years. Segmenting IoT security solutions into software (i.e. pure software solution), hybrid (i.e. software and hardware based solution) and hardware (i.e. hardware solution), forecasts suggest security adoption in the IoT market between 2017 and 2022.
Forecasts include IoT device shipments and their installed base in six market segments. In each market segment, shipments are also calculated according to the type of security solution adopted (i.e. software, hybrid or hardware.) Moreover, product and services revenues are also computed for each segment over the forecast period.
By 2022, there will be 27 billion connected devices around the world. Device shipments are expected to grow at a CAGR (Compound Annual Growth Rate) of 19% during the forecast period. IoT security solution providers have an opportunity to collect EUR 21.5 billion in revenues by 2022. These revenues correspond to both sales of security solutions and the security management services jointly delivered.
Given the complexity of IoT, security solution providers are expected to embrace a role similar to a trusted service manager (TSM) in the near field communication (NFC) ecosystem. They will be security managers acting as a neutral broker that sets up business agreements and technical connections with connectivity providers, OEMs or other service providers controlling the security architecture of the system. The IoT security manager enables service providers to distribute and manage their IoT applications remotely by allowing secure (over the air) access to devices. The need for value-added services related to IoT security management will bring the largest business opportunities for IoT security providers.
Despite IoT fast expansion and organizations efforts, IoT market still lacks standardization. Currently, every player is trying to develop the secure solution that will become the next de facto standard. This creates issues of integration of multiple solutions. Interoperability among devices is expected to be a major driver for IoT adoption and benefits.
Nevertheless, there is no one solution fits all for IoT security. Different technologies will emerge in the first stage of IoT deployment, but as the market matures and standardization and regulation evolve (especially for highly regulated markets), the market will enter a harmonization phase.
Key Topics Covered:
2. IoT definition
3. IoT devices' functions
4. IoT components
5. IoT segmentation
6. Trends and drivers
9. Value chain
11. Why we need IoT security
12. What to do with IoT data?
14. Business model
15. Standardization and interoperability
18. Market trends and forecasts
19. Final remarks
20. Companies and organizations
- Able Device
- Broadband Internet Technical Advisory Group (BITAG)
- Giesecke & Devrient
- Industrial Internet Consortium
- Inside Secure
- Internet of Things Security Foundation
- LoRa Alliance
- NXP Semiconductors
- Oberthur Technologies
- Prpl Foundation
- ST Microelectronics
- Sierra Wireless
- Trusted Objects
For more information about this report visit http://www.researchandmarkets.com/research/5d2lqw/security
About Research and Markets
Research and Markets is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/security-solutions-to-expand-smart-iot-markets-report-2017-iot-security-solution-providers-have-an-opportunity-to-collect-eur-215-billion-in-revenues-by-2022-300417043.html
SOURCE Research and Markets