IoT Communication Protocol Market

IoT Communication Protocol Market Insight

Internet of Things (IoT) consists of smart devices that communicate with each other. It enables the devices to collect and exchange data. In addition to this, IoT has a wide range of life applications such as transportation, logistics, healthcare, social gaming robot, and city information. As far as the wireless IoT is the main concern, many different wireless communication technologies and protocols can be used to connect the smart device such as Internet Protocol Version 6 (IPv6), over Low power Wireless Personal Area Networks (6LoWPAN), ZigBee, Bluetooth Low Energy (BLE), Z-Wave and Near Field Communication (NFC). They are short range standard network protocols, while Sigfox and cellular are Low Power Wide Area Network (LPWAN), standard protocols.

Impact of COVID-19 on IoT Communication Protocol Market: 

• The working of many security teams is likely to be reduced due to the COVID-19 pandemic thereby making detection of malicious activities difficult and responding to these activities even more complicated. Revising patches on systems may also be a challenge if security teams are not operational.
• Due to the COVID-19 pandemic, many employees working from home and students learning virtually, enterprise virtual private network (VPN) servers have now become a lifeline to companies/schools, and their security and availability will be a major focus going forward. There is a possibility that an organization’s unpreparedness will lead to security misconfiguration in VPNs thereby exposing sensitive information on the internet and also exposing the devices to Denial of Service (DoS) attacks. In addition to this, some users may utilize personal computers to perform official duties which could also pose a great amount of risk to organizations.

Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Sustained growth in demand for smart home systems and expansion of internet connectivity devices are the major driving factors for the growth of IoT communication protocol market. Additionally, expansion of internet connectivity also led to the growth of market. However, security and privacy of information in IoT can hamper the growth of market. Contrarily, significant government funding across globe for research and development of IoT is an opportunistic factor for market. 

Sustained growth in demand for smart home systems

The development of the Internet of Things (IoT) has led to enormous IoT applications, such as intelligent transportation systems, smart shopping systems, and smart home systems (SHSs). However, existing architectures and designs of SHSs rarely take much consideration of the security and privacy issues. Consequently, in an SHS with low security strength, user’s privacy information can be easily exposed to strangers or other malicious entities. For example, eavesdroppers can collect and aggregate the traffic information to profile a household. Specifically, there are a few types of information that can be captured by simple eavesdropping attacks. The end devices in a smart home probably send data more frequently to the central controller when user(s) is/are using them. The types of the end devices being used can reveal the identity of the user in the house. Smart meter reports to the utility company can exhibit certain patterns in the use of utilities, which enables the attackers to further identify the user in the house.

Security and privacy of information

Increase in the number of hacking case of high-profile targets keeps this danger constantly in the back of our minds. Apparently, the consequences of interruption and denial of service could be far more serious than a compromise of privacy.  Even top companies like Apple, known for big security claims. Recent cases of ransomware attacks have also challenged the confidence of corporate. A latest research claims that by 2020, 25% of cyber-attacks will target IoT devices. In malware infiltration 24% phishing attacks, device misconfiguration issues 18%, privilege escalation 9%, and credential theft 6% are happening around in the world.

When it comes to cyber security, lapses could be from both company and consumer side, so it is essential for each party to take necessary measures to improve security. A study revealed that 54% IoT device owners do not use any third-party security tool and 35% out of these do not even change default password on their devices. Here, it should be a collaborative effort between companies and customers to plan and implement collaborative data security policies for successful IoT implementation.

Key benefits of the report:

• This study presents the analytical depiction of the global IoT communication protocol industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global IoT communication protocol market share.
• The current market is quantitatively analyzed to highlight the global IoT communication protocol market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed market analysis based on the present and future competitive intensity of the market. 

 IoT Communication Protocol Market Report Highlights