HOME Research Insight IBM Corporation (US) and Cisco Systems, Inc. (US) are the Leading Players in the Internet of Things (IoT) Security Market



IBM Corporation (US) and Cisco Systems, Inc. (US) are the Leading Players in the Internet of Things (IoT) Security Market


The Internet of Things (IoT) security market is gaining traction due to the increasing ransomware attacks on IoT systems and rising need of securing the ubiquitous environment. However, low awareness about the importance of IoT security and lack of standardization are among few challenges for the growth of the global IoT security market. MarketsandMarkets forecasts the global IoT security market size to grow from USD 6.62 Billion in 2017 to USD 29.02 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 34.4% during the forecast period.

There are several established players in this market, such as PTC, Inc. (US), Symantec Corporation (US), Verizon Enterprise Solutions (US), Trustwave (US), Check Point Security Software Technologies Ltd. (US), Cisco Systems, Inc. (US), IBM Corporation (US), Infineon Technologies (Germany), Gemalto NV (Netherlands), AT&T, Inc. (US), Trend Micro, Inc. (Japan), and DigiCert (US). These leading players have adopted various strategies, such as partnerships, collaborations, agreements, mergers and acquisitions, and new product developments, to achieve growth in the global IoT security market.

IBM Corporation is a key player in the global IoT security market. The company offers a wide range of IoT security solutions and services. The company actively follows inorganic growth strategies, such as acquisitions and new product launches/upgradation to strengthen its product portfolio. For instance, in February 2017, IBM acquired Agile 3 Solutions, a leading provider of the data risk control center, this acquisition enabled IBM authorities to visualize, understand, and manage risks associated with the protection of sensitive data. Additionally, in April 2016, IBM Corporation acquired Resilient Systems Inc., a US-based provider of security on Incident Response Platform (IRP). This acquisition enabled IBM to strengthen its incident response product portfolio. Furthermore, in 2016, IBM Corporation upgraded IBM Watson to a new cloud-based version for the advancement of cognitive security. This upgradation enabled its commercial clients to defend and detect the threat on IoT platform.

Cisco Systems, Inc. is among the major vendors in the IoT security market. The company has formed partnerships and invested in new products to expand and strengthen its IoT security solutions/services portfolio. In March 2017, Cisco entered into a partnership agreement with Three Group, a market research firm. This partnership enabled Cisco to offer its IoT capabilities to Three Group clients in IoT connectivity and security space. In November 2015, Cisco Systems launched Cisco CAS to protect the vital data in cloud-based applications such as Dropbox and Salesforce.com. It limits the data exposure breaches and restricts inappropriate data sharing in the applications. The company has also adopted inorganic growth strategies such as acquisitions. In March 2016, Cisco acquired Jasper, an industry-leading cloud-based IoT service platform. With this acquisition, Cisco strengthened its portfolio in IoT security space. Furthermore, in June 2015, Cisco Systems acquired Open DNS, a US-based advanced threat protection provider. This acquisition would strengthen Cisco’s security product portfolio and provide a broad visibility and threat intelligence on cloud-based platforms.

Related Reports:

Internet of Things (IoT) Security Market by Type (Network, Endpoint, Application and Cloud Security), Solution (Identity Access Management, Device Authentication and Management, Security Analytics, and IDS/IPS), Service, Application Area, and Region - Global Forecast to 2022

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