Global IoT Security Market 2015-2019 - Emergence of Smart Cities with Hitachi Focusing on Developing New Technologies

News provided by

May 15, 2015, 12:39 ET

DUBLIN, May 15, 2015 /PRNewswire/ --Research and Markets

(http://www.researchandmarkets.com/research/mj9j9k/global_iot) has announced the addition of the "Global IoT Security Market 2015-2019" report to their offering.

The global IoT security market to grow at a CAGR of 54.93% over the period 2014-2019

The report covers the present scenario and growth prospects of the global IoT security market for the period 2015-2019. To calculate the market size, the revenue generated from the sales of IoT security software solutions used for network security and management is considered.

Smart cities exist where there is interconnection among a number of digital technologies that enhance communication between devices and improve their performance, and help in efficient utilization of resources. For instance, traffic control, home monitoring, waste management, water management, and safe and intelligent transportation are some of the technologies used in smart cities. Hitachi is one of the companies focusing on developing technologies for smart cities, which will help in efficient use of resources.

Smart cities use IoT that allows communication between devices and help end-users to respond faster to the challenges being faced. The number of smart cities is expected to grow rapidly during the forecast period. Hence, to ensure safe and secure communication between devices and their efficient functioning, it is important to maintain the security of the network infrastructure by implementing IoT security solutions.

According to the report, one of the major drivers in the market is the need for regulatory compliance. Companies are required to comply with regulations set by government, else it can attract heavy penalty. Hence, ensuring network security of connected devices is important.

Further, the report states that The author has found that high cost of implementation of IoT security solutions is a major challenge in the market.

Key vendors