IoT Security Market

Infineon (Germany) and Intel (US) are the Key Players in IoT Security Market

The global Internet of Things (IoT) security market size is expected to grow from USD 8.2 billion in 2018 to USD 35.2 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 33.7% during the forecast period. Major growth factors driving the IoT security market are the increasing number of ransomware attacks on IoT devices across the globe, growing IoT security regulations, and rising security concerns over critical infrastructures.

The major IoT security market vendors include Cisco (US), IBM (US), Infineon (Germany), Intel (US), Symantec (US), Gemalto (Netherlands), Allot (Israel), Fortinet (US), Zingbox (US), Mocana (US), SecuriThings (Israel), CENTRI (Germany), Armis (US), ForgeRock (US), and NewSky (US). These players have adopted various growth strategies, including partnerships, agreements, and collaborations and new product launches, to further expand their presence in the global IoT security market. New product launches, partnerships, and agreements have been the most adopted strategies by the major players from 2016 to 2018, which helped them innovate their offerings and increase their customer base.

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Infineon is one of the leading players in the global IoT security market. The company has been instrumental in offering various products and solutions to automotive and industrial electronics companies. In the space of IoT security, Infineon offers a variety of IoT security products and services in its chip card and security segment by integrating security microcontrollers with security chips and security applications. The company has adopted both inorganic and organic growth strategies, such as new product launches, and agreements and collaborations. For instance, in February 2018, Infineon announced the launch of OPTIGA Trust X to its OPTIGA Trust family. This hardware-based security solution provides robust security to diverse applications in IoT, ranging from smart homes to drones.

Intel is another leading vendor in the IoT security market. The company is a leader in designing, manufacturing, and selling computing and communication components, such as microprocessors, chipsets, motherboards, and wireless and wired connectivity products. In the field of IoT security, Intel offers Intel Enhanced Privacy ID (Intel EPID), a cost-effective solution for end-to-end IoT security. The Intel EPID identity technology is being adopted by different organizations for improving interoperability in securing IoT solutions. Intel follows both organic and inorganic growth strategies. It has focused on increasing its product portfolio with the help of strategies, such as partnerships and collaborations, and new product launches. For instance, in October 2018, Intel collaborated with Arm to simplify IoT’s most complex and challenging barriers, such as streamlining manufacturing and securing deployment workflows for IoT.

Related Reports:

IoT Security Market by Type (Network Security & Cloud Security), Component, Solution (Identity Access Management, Security Analytics, & Device Authentication & Management), Service, Application Area, and Region - Global Forecast to 2023

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Report Code
TC 3636
RI Published ON
4/9/2019
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