IIoT security market in APAC to reach USD 869.51 M in 2023

The Market Size of the APAC IIoT Security Market is estimated to be worth USD 489 Million in 2018 and is expected to grow at a CAGR of 12.2% to reach a Market size of USD 869.51 Million in 2023

  • Definition / Scope
  • Market Overview
  • Market Risks
  • Top Market Opportunities
  • Market Drivers
  • Market Restraints
  • Industry Challenges
  • Technology Trends
  • Other Key Market  Trends
  • Market Size and Forecast
  • Market Outlook
  • Technology Roadmap
  • Distribution Chain Analysis
  • Competitive Landscape
  • Competitive Factors
  • Key Market Players
  • Strategic Conclusion
  • References
  • Appendix

Definition / Scope

Various equipment’s and components in an industrial set-up such as controllers, servers, remote terminals, monitoring equipment and sensors are connected to the internet. Further computer systems, applications, moving assets to the cloud or even remote facilities connected to the Wide Area Network (WAN) require internet usage. All these are performed to gather real-time insights for enhanced decision making.

This is increasing the attack surface.

Adding several IoT devices to the network is creating challenges for managing security as they may transmit sensitive data. Further with the convergence of IT/OT, the attack surface is increasing with higher risk exposure. IT specialists are focusing on the IT Network exposure with little insights on OT infrastructure. They focus on legacy applications that are difficult to upgrade.

They also have limited opportunities for patch management due to the increase in vulnerabilities. IoT devices are under attack due to reasons such as poor installation of different codes and devices and lack of security professionals in IoT Security.

To meet the challenges of growing complexity of attacks several vendors are offering security solutions across the IIoT Architecture and not just for IT/OT network to provide security for every potential threat.

Market Overview

The Market Size of the Asia-Pacific Industrial Internet of Things security market is estimated to be USD 489 Million in 2018 and is expected to grow at a CAGR of 12.2% to grow to a market size of USD 869.51 Million in 2023.

Based on Component Type, the Asia-Pacific IIoT market is divided into Solution and Services, of which the Solutions segment is expected to garner highest market share in the forecast period (2018 to 2023).

This is aided by the fact that there is an increasing security breaches in critical infrastructure and personal data. IIoT security solutions include identity access management, data encryption and tokenization, intrusion detection system/intrusion prevention system, device authentication and management, secure software and firmware update, secure communications, Public Key Infrastructure (PKI) lifecycle management, Distributed Denial of Service (DDoS) protection, security analytics, and others (virtual firewall and incidence response system).

These solutions enable businesses to meet their key requirements, which help in securing the IIoT devices.

Based on Security Type, the Asia-Pacific IIoT market is divided into Application, Cloud, Endpoint, Network and Others, Of this the Network security segment is set to register highest market share. Network security is a technique that involves analysing and monitoring the different types of network security event information.

Based on Security Solution, the Asia-Pacific IIoT market is classified into Analytics, Encryption, Data Loss Prevention (DLP), Identity and Access Management (IAM), Unified Threat Management (UTM) and others. Of which the Identity and Access Management (IAM) holds the major market share in the segment. Identity and Access Management is a business process framework.

This framework consists of policies and technologies, which help organizations, control the appropriate accesses of all employees to technology resources.

China is the region that is expected to hold major market share, this is due to the fact that the region is conducive to the rapid adoption of IIoT devices and progressive in terms of technology adoption.

Market Risks

Fragmentation of IIoT platforms

The sheer number and variety of IIoT platforms in the market place are creating confusion, as well as choice. In China, Telecoms operators, such as China Mobile, China Unicom and China Telecom; ICT firms, such as Alibaba and Huawei; software firms, such as SAP and PTC; and manufacturing firms, such as Foxconn and Haier, have collectively introduced dozens of platforms. Although these firms say that their platforms can cover multiple layers of the IIoT stack, many still struggle to differentiate their capabilities and foster broader ecosystem collaboration, the big manufacturing firms also find it challenging to build and market IIoT platforms.

Lack of unanimously accepted operational standards

The Lack of Standards affect widespread, efficient IIoT adoption. Different standards, connectivity patterns and stages of maturity escalates security risks with availability of multiple touch points for hacking.

Further competing standards, vendor lock-in, proprietary devices and private networks makes it difficult for devices to share a common security protocol. Common standards by definition mean better security, whereas different standards, connectivity patterns and stages of maturity opens door for hackers.

It becomes challenging for IIoT companies to agree on common interoperability protocols and standards for sharing and protecting data and for the hardware sensors that collect the data.

For example, if an IIoT arterial blood gas monitor is affected with malware and being used for data processing of patient records and can’t communicate with the systems to warn about an impending patient health event affects the purpose of the device being connected to the network.

According to practitioners and security experts, lack of loyalty to a common standard for connected devices in other business environments is a major barrier affecting the mass adoption of this technology. While one of the barrier is non-availability of common standards another hurdle is the availability of too many standards that enforces a single standard to be adopted for widespread acceptance.

Top Market Opportunities

The shift in IT-OT Convergence

OT refers to the hardware, firmware and software that either monitor or control processes and activities in the industrial sector. One example of OT would be internet-connected temperature sensors, thermostat controls and smart locks found at many buildings these days. In essence, OT is used to facilitate and control operational business factors.

IT is the data-centric process that has revolutionized all business sectors. The security of cloud computing and office networks is managed and developed by IT researchers and technicians.

There is an increase in the convergence in the IT-OT devices as many sensor sand connected systems like wireless sensor and actuator networks (WSANs) are being integrated into the management of industrial environments, such as those for water treatment, electric power and factories.

The integration of automation, communications and networking in industrial environments is an integral part of the growing Internet of Things (IoT). IT/OT convergence enables more direct control and more complete monitoring, with easier analysis of data from these complex systems from anywhere in the world.

In industrial environments, operational technology (OT) and information technology (IT) are more connected than ever. This convergence provides industries with optimized automation and better visibility, among other benefits.

Embedding Security by Design

The need to move intelligence closer to critical processes has driven the adoption of IoT concepts in the industry, allowing for timely reaction to critical events, effective data reduction, and secure dissemination of information.

The increasing availability of low-cost intelligent systems featuring heterogeneous computing architectures for control and data aggregation operations has made this achievable. Such systems do not operate in silos, but rather are part of a system of systems that generate data used to predict situations and make smarter, more informed decisions. From the security point of view, because IIoT embedded devices operate at the edge, they also represent the last line of defense against attackers.

This is often overlooked during the design cycle of such devices because more immediate issues such as lack of domain expertise, implementation costs, and time-to-market constraints relegate security to a secondary plane of importance.

This opens opportunities for the development of a flexible platform with support for standardized, open security technologies would greatly reduce the expertise needed to develop IIoT applications while increasing security in industrial systems.

The key to making this platform useful for the IIoT is integrating the right security features so applications can automatically benefit from them. The realization of the IIoT as a feasible approach for making industrial processes more efficient requires using platforms and standards. A platform-based approach is essential to provide embedded designers with development frameworks flexible enough to meet the requirements of multiple application areas. The security aspect of these applications should not be treated differently.

A platform that can enable a core set of security requirements common across multiple application areas is a first step toward security best practices standardization for the IIoT.

Introduction of integrated security solutions

The introduction of integrated security solutions is expected to fuel the growth prospects of the global IIoT security market. The demand for IIoT security solutions will increase among end users as there is a need for providing overall security to networks and devices.

Since stand-alone IIoT security solutions are expensive, most end users are opting for integrated IIoT security solutions. Integrated IIoT security solutions offer enhanced support and greater functionality to customers and this will provide the market a boost.

Data loss prevention and firewalls are being integrated with IIoT security solutions and this will further boost the growth of this market. This will decrease the IIoT security solutions.

Market Drivers

Growing adoption of cloud based services

The growth can be traced to a growing adoption of cloud based services for authentication process. Cloud is being used for the storage of biometrics information. As most organizations today are adopting cloud technology for storing their confidential data, there arises need for developing security measures to protect the cloud against unauthorized access.

The high adoption of cloud based services by small and medium scale enterprises such as pay per use model, is offering flexibility and scalability to these enterprises and this has resulted in a staggering increase in the adoption of cloud based services for the purpose of data storage.

This is expected to create a heightened need for IIoT security solutions and drive the Asia-Pacific market.

Increasing use of 3G and 4G long-term evolution (LTE)

The increasing use of 3G and 4G long-term evolution (LTE) as well as wireless networks and technologies is augmenting the risk of cyber-attacks.

Real-time information and transaction-related information, which are crucial to users, is exchanged through these cellular networks; thereby, giving rise to the need for IIoT security.

Currently, implementation of the internet is rising exponentially in areas such as health monitors, smart home appliances, smart city projects, and smart retails, which has created the necessity for IIoT security.

Need for the regulatory compliance

The need for the regulatory compliance is one of the major factors driving the market growth. With huge amount of digital information being transferred between people, the government of several economies are taking steps to secure networks from hackers and virus threats by establishing strict regulatory framework.

Thus, compliance with such regulations is expected to support the demand for IIoT security solutions. Furthermore, with advancements in technologies such as 3G and 4G LTE, threats such as data hacking have increased, which in turn have forced governments across the globe to establish stringent regulatory framework supporting the deployment of IIoT security solutions.

Proliferation of connected devices

The rapid adoption of IIoT devices in the Industrial segments such as Smart Energy, Smart Manufacturing, Smart Retail and, Building and Automation is leading to massive generation of data used for enabling creation of new business models such as Products-as-a-Service (PaaS) or automated real-time decision making. Such rapid developments within the IIoT ecosystem are opening new vectors of attack, such as device manipulation, data & identity theft, data falsification, IP theft, and network manipulation, for hackers.

With growing significance of IIoT in corporate and government as well as critical infrastructure, privacy and security concerns are rapidly increasing, thereby augmenting the market. Security is an essential aspect of complex IIoT environment.

Whether accidental or malicious, malfunctioning of connected devices such as components of smart grids or connected car can pose a significant risk to businesses and consumers as well as society.

IIoT has created issues such privacy violation and monetary loss (for instance, denial-of-service attacks or ransomware) within devices, networks, cloud, infrastructure, applications, and services. Therefore, soaring need for preventing frauds and sabotaging cyberattacks is providing a significant push to the market.

Market Restraints

High cost of installation

The Security solutions for Industrial Internet of Things devices come at a higher markup due to the costs involved with the delivery of security solutions and for the need of customizing the security solutions based on the device installed.

The security solutions offered for the IIoT devices is typically high because of the associated costs with the operational expenses such as Network communication costs which involves the cost associated with connecting devices to the internet often via wireless sensor networks, radio frequency identification (RFID), Wi-Fi or a mobile network.

The other costs associated with the implementation of IIoT security solutions are Administrative labor costs and Technical support costs.

Significant Increase in New Variants of IioT Threats

The Industrial Internet of Things (IIoT) continues to grow as a prime target for cybercriminals to exploit, according to a new threat report from security firm Symantec. The number of IIoT attacks increased from about 6,000 in 2016 to 50,000 in 2017, a 600% rise in just one year.

Ransomware remained a major threat in 2017, with the WannaCry and Petya/Not Petya attacks taking down systems worldwide. While the number of ransomware variants increased 46% last year, the average ransom demand dropped from its peak of $1,071 in 2016 to $522 in 2017.

This indicates that established criminal groups are still working, but perhaps have shifted their focus to new, higher-value targets. Malware for smart devices is increasing not only in quantity, but also quality.

More and more exploits are being weaponized by cybercriminals, and infected devices are used to steal sensitive data and mine cryptocurrencies, on top of traditional DDoS attacks.

Adoption Constraints

The Adoption barriers such as high price points and budget constraints of the Small and Medium Enterprises is restraining the uptake of IIoT security solutions as a viable protective tool for the management of IIoT devices.

A Cisco survey of over 1,800 business and IT leaders revealed the primary barriers restricting IIoT adoption in the enterprise. According to the findings, cost and timings are currently major barriers for organisations looking to invest in IIoT.

The company found that limited internal expertise was also one of the top five barriers to implementation. In addition to these, respondents cited integration across teams and quality data as significant challenges.

Research firm Gartner also estimated that 75% of IoT projects will take up to twice as long as initially planned.

Industry Challenges

Lack of Standards

The explosion of the IIoT has created an imminent demand for security that was previously negligible due to the isolated nature of the OT. This demand has prompted many industries to apply a standards-based approach to the adoption of IoT technology.

Due to the interconnectivity of global enterprise, a number of specific standards for information technology (IT) security have been established and are enforceable. However, the operational technology (OT) services that control critical infrastructure largely were able to operate autonomously in the past. Additionally, OT has several priorities to concern itself with that IT does not, such as worker safety. As a result, the standards for IT don’t easily transition over to OT.

Even some of the standards that have been created for the IT are simply unenforceable within the OT environment due to the diversity of each industrial environment.

Throughout the years, modern enterprises have also developed IT change management processes to ensure that every new piece of hardware or software update is vetted against the current configuration. This is usually done in a virtual instance to ensure a minimal disruption in service once executed in the real world.

The OT environment has never enjoyed this luxury. For many legacy systems, there is no way to virtualize the components themselves to test their functionality and interoperability after an update.

Furthermore, for many of these outdated components, rolling back any system to pre-update status poses a considerable challenge, if even feasible.

Lack of Awareness

Trend Micro Incorporated a global leader in cybersecurity solutions, today revealed that 86 percent of surveyed IT and security decision makers across the globe believe their organization needs to improve its awareness of IIoT threats.

This significant lack of knowledge accompanies rising threat levels and security challenges related to connected devices, which leaves organizations at great risk. The poll of 1,150 IT and security leaders reveals a worrying lack of cybersecurity maturity in many organizations around the world as they deploy IIoT projects to drive innovation, agility and digital transformation.

A common theme in cyberattacks today is that many are driven by a lack of security awareness, and this is accentuated with IIoT security, A lack of IIoT security awareness leaves companies increasingly exposed to potentially damaging cyberattacks.

According to the survey, current attacks are targeting manufacturing and the supply chain devices. When an attacker compromises these devices, they can also gain access to the greater corporate network to conduct even more damaging attacks.

Gaining awareness of devices residing on corporate networks is the first step to building a viable security architecture for the Industrial internet of things.

Technology Trends

The Risk of AI-Powered Solutions

The application of AI and ML to serious cyber attacks could make it easier to carry out attacks at machine speeds. Smart malware that learns and adapts as it spreads, machine learning that coordinates global attacks and predictive analysis for attack optimization — they’re all closer to reality than you think.

In industrial settings, operational technology (OT) security teams will increasingly adopt AI-powered defense mechanisms to thwart these smart threats as they arise. But even those tools can be subject to sabotage.

Threat actors could poison the data well AI tools train on. Biased data sets could completely throw off an algorithm’s training. That’s why it is crucial for human operators to remain involved in industrial environments with smart and automated assets and processes.

Organizations need to consider Human in the Loop-type frameworks that combine technical approaches as well as management aspects with the deployment and use of AI and ML. There can’t be blind trust.

Edge Computing and the Spread of Sensitive Assets

As more IoT devices come online, the idea of edge computing has become popular as a way to deal with the large amounts of data being generated. In particular, the focus is on processing and analyzing data on devices at the edge of the network instead of a central hub or data center.

The goal is to deliver better performance to reduce operational strain and cost. Implementing this kind of infrastructure inherently expands organizations’ attack surfaces with new attack vectors. This issue is worse when you consider the diversity of IoT cases and how different they are from older, legacy IT technology. There aren’t existing IoT standards to help regulate security like there are for IT.

Just tracking and monitoring devices on the edge could lead to problems. There is also the issue of default and weak credentials for these devices. Insecure communication could be a problem as well. Not all devices are viewed as critical, but even seemingly insignificant information can be valuable to attackers.

Other Key Market Trends

Using Location-Based Analytics and Real-Time Location Systems for Improved IIoT Safety

Industries such as health care use real-time location systems (RTLS) to track assets and people. However, a company called Kontakt.io has a platform called Simon AI that brings sensor technology and RTLS to the industrial sector, too. One of the primary uses of the system is to determine when people enter and leave the workplace. But, from a safety point of view, Simon AI has other notable features.

For example, it can give warnings if unauthorized people walk into restricted areas. Or, the technology can connect to a panic button that lets individuals summon aid and send assistance to their exact location.

Then, if an evacuation occurs, the technology shows how many people reached the designated safe meeting points, and if anyone got left behind. Checking to see if people are where they should be at a particular point in time is an integral part of keeping them safe.

Systems that provide supervisors with location-based data from RTLS help them verify their employees are staying out of harm’s way.

Market Size and Forecast

China IIoT Security Market Size

  • USD 146.7 Million – The estimated market size of the Chinese IIoT Security Market in 2018
  • 12% – The expected CAGR of the Chinese IIoT Security Market in the forecast period 2018 to 2023
  • USD 258.54 Million – The expected market size of the Chinese IIoT Security Market in 2023.

Japan IIoT Security Market Size

  • USD 110 Million – The estimated market size of the Japanese IIoT Security Market in 2018
  • 12.2% – The expected CAGR of the Japanese IIoT Security Market in the forecast period 2018 to 2023
  • USD 195.95 Million – The expected market size of the Japanese IIoT Security Market in 2023.

India IIoT Security Market Size

  • USD 88.02 Million – The estimated market size of the Indian IIoT Security Market in 2018
  • 12.4% – The expected CAGR of the Indian IIoT Security Market in the forecast period 2018 to 2023
  • USD 157.91 Million – The expected market size of the Indian IIoT Security Market in 2023.

South-Korea IIoT Security Market Size

  • USD 66 Million – The estimated market size of the South-Korean IIoT Security Market in 2018
  • 12% – The expected CAGR of the South-Korean IIoT Security Market in the forecast period 2018 to 2023
  • USD 116.31 Million – The expected market size of the South-Korean IIoT Security Market in 2023.

ANZ IIoT Security Market Size

  • USD 79.21 Million – The estimated market size of the ANZ IIoT Security Market in 2018
  • 12.2% – The expected CAGR of the ANZ IIoT Security Market in the forecast period 2018 to 2023
  • USD 140.85 Million – The expected market size of the ANZ IIoT Security Market in 2023.

Market Outlook

On the basis of component, the market is classified into solutions and services. The solution segment accounted for approximately 63.0% of the overall market in 2018 holding a market size of USD 308.07 million and is expected to maintain its position in the market through 2023.

The identity & access management solution segment was valued at USD 161.37 million in 2018, registering a healthy CAGR of 13.5% over the forecast period (2018 to 2023) to reach a market size of USD 303.95 million in 2023.

The professional service is expected to retain its dominance in the market through 2023 and is projected to reach USD 185.69 million in 2023

The application security type is anticipated to register the highest CAGR of 14.2% over the forecast period (2018 to 2023) Endpoint was the most prominent security type segment in 2018 and was valued at USD 159.91 million.

China is set to top the market share in the IIoT market holding a market size of USD 146.7 million in 2018 and is expected to grow at a CAGR of 12% to reach a market size of USD 258.54 million in 2023.

Technology Roadmap

Continuing to Focus on IIoT Security to Ensure Safety

Even the most advanced IIoT systems may remain vulnerable to threats from cybercriminals. That’s why manufacturing companies must always incorporate cybersecurity into their safety checks. Some sources believe companies within the manufacturing sector and otherwise must make IIoT cybersecurity a priority. If they don’t, there’s a possibility of connected equipment malfunctioning and causing harm to people nearby.

Additionally, if hackers gain access to connected machinery and make it behave in ways that are undetectable for a while, they could cause the equipment to make defective equipment. That possibility also compromises safety.

For these reasons and others, IIoT security is a top trend to watch in 2019, and it will likely remain essential for the foreseeable future. An increasing number of manufacturing companies and enterprises from other sectors are starting to realize overlooking security could substantially hinder their IIoT investments and negatively affect safety.

Distribution Chain Analysis

The Key players in the distribution chain of IIoT Security Market and their key roles include:

At ground-level, smart choices begin with the Embedded/Electronics Hardware Designer. Careful choices of components build-in safe electronic components. Confidence in a platform begins at the lowest level – in the support chips – many of which themselves contain intelligent processors and bare-metal code. Increasingly, embedded designers rely on modules which can include

  • Network modules
  • Wireless modules
  • Single-wire / Near Field Communications modules
  • Co-Processors and FPGAs

Firmware engineers also choose the embedded processor architecture for IoT devices, and so firmware professionals also have a key role in controlling sourcing of:

  • Main processor
  • Security feature sets (such as secure boot capability)
  • Embedded Architectures and their associated reference designs. The latter often come with technology guarantees which can be a good sign of assurance. For example, more and more processor architectures experience end of life each year, whereas others such as Freescale (now NXP) offer certain architectures with come with many years of guarantee and designers can use this to judge whether they will offer greater confidence of support as reliable IoT solutions.

Supply Chain Officers – purchasing staff will need to aware of the risks of these new classes of module, system-on-chip and powerful component so they can apply rules and corresponding procedures for appropriate sourcing controls and batch identifications

Production/Inventory Controllers – will need to implement controlled MRP systems that make use of batch data through manufacturing, support traceability and retain identities.

Inspection and Testing Offices – will need to apply centralised data to their test procedures

Embedded Firmware Programmers – will need to have checks and balances on versions of code, components of code, libraries, and frameworks and ensure similar traceability of version, recognising these may not correspond with manufactured PCB revisions.

Competitive Landscape

The APAC IIoT security market is fragmented in nature. It was dominated by Kaspersky Lab in 2018. The top 10 market players accounted for over 35.0% of the overall market in the same year. Prominent vendors are continuously engaged in research and development activities to provide high quality and reliable products.

Furthermore, they are focusing on mergers and acquisition in order to provide consumers with advanced security solutions. Furthermore, small players and startups are trying to come up with innovative offerings in order to gain visibility in the market, wherein large companies with enhanced financial and technological capabilities hold prominent positions.

With growing IIoT cyber-attacks, governments across nations are anticipated to implement stringent policies in the IIoT ecosystem, thereby creating challenges for IIoT vendors. IIoT security companies are adopting secure by design policy, which is enabling them to stay ahead of the competition

Competitive Factors

Some of the Competitive Factors in the APAC IIoT Security Market include:

Competitive Pricing

Competitive pricing is the process of selecting strategic price points to best take advantage of a product or service based market relative to competition.

This pricing method is used more often by businesses selling similar products since services can vary from business to business, while the attributes of a product remain similar.

This type of pricing strategy is generally used once a price for a product or service has reached a level of equilibrium, which occurs when a product has been on the market for a long time and there are many substitutes for the product.

Research and Development

Research and development (R&D) is the part of a company’s operations that seeks knowledge to develop, design, and enhance its products, services, technologies, or processes. Along with creating new products and adding features to old ones, investing in R&D connects various parts of a company’s strategy and business plan, such as marketing and cost reduction.

Some advantages of research and development are clear, such as the possibility for increased productivity or new product lines. The Internal Revenue Service offers an R&D tax credit for businesses.

Some investors look for firms with aggressive R&D efforts. In some cases, small businesses are bought out by larger firms in the industry for their R&D.

Key Market Players

The Key Market Players in the APAC IIoT Security Market includes:

Kaspersky Lab, Inc. develops and distributes information security software solutions. The Company offers anti-malware, cybersecurity intelligence software, and threat prevention products to protect information from viruses, spyware, ransomware, phishing, hackers, and spam. Kaspersky Lab serves customers worldwide.

Waterfall Security’s technologies represent an evolutionary alternative to firewalls. Founded in 2007, their innovative, patented Unidirectional Security Gateway solutions enable safe and reliable IT/OT integration, data sharing, cloud services, and all required connectivity for industrial control systems and critical infrastructures.

Their solutions are considered as cyber-security best practices by many regulatory and governmental agencies. Moreover, their unidirectional gateway technology dramatically reduces the cost and complexity of governmental and regulatory compliance with NERC CIP, NRC, NIST, CFATS, ANSSI and other regulations.

Tenable Network Security, Inc. provides IT services. The Company offers IT infrastructures, cyber security solutions, and network management services. Tenable Network Security serves clients worldwide.

Nozomi Networks, Inc provides security software. The Company develops and delivers cybersecurity and operational visibility solutions for industrial control systems. Nozomi Networks serves customers in the United States and Switzerland.

Palo Alto Networks, Inc. is an American multinational cybersecurity company with headquarters in Santa Clara, California. Its core products are a platform that includes advanced firewalls and cloud-based offerings that extend those firewalls to cover other aspects of security.

The company serves over 60,000 organizations in over 150 countries, including 85 of the Fortune 100.

Fortinet is an American multinational corporation headquartered in Sunnyvale, California. It develops and markets cybersecurity software and appliances and services, such as firewalls, anti-virus, intrusion prevention and endpoint security. Fortinet was founded in 2000 by brothers Ken and Michael Xie.

The company’s first product was FortiGate, a firewall, later adding wireless access points, sandboxing, and messaging security.

Claroty is a New York-based cybersecurity company which provides technology for industrial and critical infrastructure environments. The company offers a platform of technologies which monitor industrial control systems (ICS) and operational technology (OT) networks, alert users to potential threats, manage remote user access and authentication policies, and assess networks for potential security risks.

Strategic Conclusion

The APAC IIoT Security market is forecast to grow at a CAGR of 12.2% from USD 489 Million in 2018 to USD 869.51 Million in 2023.

The major challenges pricking the growth of the Asia-Pacific IIoT Security market includes Lack of Standardization and Lack of Awareness

The growth of the market is restrained by factors such as High cost of installation, Significant Increase in New Variants of IioT Threats and Adoption Constraints

The growth of the APAC IIoT Security market is augmented by Drivers such as Growing adoption of cloud based services, Increasing use of 3G and 4G long-term evolution (LTE), Need for the regulatory compliance and Proliferation of connected devices

Further Reading

  • https://teskalabs.com/blog/industrial-iot-it-ot-convergence
  • https://searchitoperations.techtarget.com/definition/IT-OT-convergence
  • https://www.embedded-computing.com/embedded-computing-design/security-for-iiot-embedded-devices-a-platform-based-approach
  • https://securelist.com/new-trends-in-the-world-of-iot-threats/87991/
  • https://www.fortinet.com/corporate/about-us/newsroom/press-releases/2018/threat-landscape-report-reveals-attacks-per-firm-increased.html
  • https://newsroom.trendmicro.com/press-release/commercial/trend-micro-research-finds-major-lack-iot-security-awareness
  • https://www.securityweek.com/essential-iiot-security-trends-2020
  • https://www.ehstoday.com/safety-technology/6-iiot-trends-manufacturing-safety
  • https://medium.com/datadriveninvestor/8-industrial-iot-trends-in-2019-641edb384b4b
  • https://www.researchgate.net/figure/Technology-Roadmap-of-Internet-of-Things_fig5_317570955
  • https://federalnewsnetwork.com/technology-main/2018/02/nist-lays-out-roadmap-for-internet-of-things-security/
  • https://sourcecodecontrol.co/iot/
  • https://www.cisco.com/c/dam/m/en_ca/never-better/manufacture/pdfs/hidden-costs-of-delivering-iiot-services-white-paper.pdf
  • https://www.trendmicro.com/vinfo/in/security/news/internet-of-things/-the-iiot-attack-surface-threats-and-security-solutions
  • https://blog.trendmicro.com/how-will-companies-deploy-industrial-iot-security-solutions/
  • http://www3.weforum.org/docs/WEFUSA_IndustrialInternet_Report2015.pdf
  • https://iiot-world.com/reports/an-overview-of-the-iot-security-market-report-2017-2022/
  • https://iot-analytics.com/5-industrial-connectivity-trends-driving-the-it-ot-convergence/
  • https://www.cisco.com/c/en/us/solutions/internet-of-things/industrial-iot-devices.html
  • https://www.ge.com/digital/blog/everything-you-need-know-about-industrial-internet-things
  • https://www.ibm.com/thought-leadership/institute-business-value/report/automotiveiiot
  • https://technology.ihs.com/607003/growing-cybersecurity-concerns-within-the-industrial-iot-iiot
  • https://www.coursera.org/learn/industrial-iot-markets-security
  • https://internetofthingsagenda.techtarget.com/definition/Industrial-Internet-of-Things-IIoT
  • https://www.i-scoop.eu/news/industrial-internet-things-market-2021/


  • IIoT – Industrial Internet of Technology
  • IT -Information Technology
  • OT – Operational Technology
  • CAGR – Compounded Annual Growth Rate
  • USD – US Dollar
  • APAC – Asia-Paciic Countries
  • WAN – Wide Area Network
  • PKI – Public Key Infrastructure
  • DDoS – Distributed Denial of Service
  • DLP – Data Loss Prevention
  • IAM – Identity and Access Management
  • UTM – Unified Threat Management
  • WSAN – Wireless Sensor and Actuator Networks
  • LTE – Long Term Evolution
  • PaaS – Products-as-a-Service
  • RFID – Radio Frequency Identification
  • AI – Artificial Intelligence
  • RTLS – Real-Time Location Systems
  • ANZ – Australia & NewZealand

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