IoT security solutions currently being offered on the market include identity access management, data encryption and tokenisation, intrusion detection system/intrusion prevention system, device authentication and management, secure software and firmware update, secure communications, PKI lifecycle management, DDoS protection, security analytics, and other solutions (virtual firewall and incidence response system). These solutions enable enterprises to secure IoT devices around the world.

The IAM market accounts for largest share

Identity and access management refers to a business process framework. This framework consists of policies and technologies which help organisations control the appropriate access of all employees to technology resources. It manages attributes, such as phone numbers, email addresses, and social security numbers, and authenticates identities. The analysts find that IoT is gaining traction across industries due to its robust offerings. With the expanding reach of IoT, multiple end users and devices can be connected to networks. One of the main causes of cyber attacks is unauthorised access to networks through intrusions. With the help of identity access management, users in the network can be given limited access as per their requirements. This would protect networks from fraudulent events.

North America expected to dominate

North America has witnessed significant growth in the IoT security market, leading the market in market share. North America has led in witnessing cyber attack incidents globally. It is regarded to be the most advanced region regarding information technology security adoption and infrastructure. The rising concern to safeguard critical infrastructure and sensitive data has enlarged government intermediacy in recent years. Numerous government industry-collaborative efforts have been considered to boost the IoT security market. Budget allocation, mandated information consulting policies, and collaboration with the private sector are expected to make North America the most lucrative market.

Market players

According to Marketsandmarkets, the major players in the IoT security market and listed in the report are as follows: Microsoft, AWS, Google, IBM, Intel, Cisco, Ericsson, Thales, Allot, Infenion, Atos, etc. These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and enhancements, and acquisitions to expand their footprint in the IoT security market.