The report analyzes the M2M application security market. The first part looks at the vulnerabilities of M2M applications and the implications of such insecurities on verticals such as the automotive sector, industrial control systems, and eHealth. The second part looks at the development of a niche security market for M2M applications, driven by open-source initiatives and Internet of Things middleware. This part includes a regional breakdown of M2M application security revenues. The last part looks at 5 visionary vendors in the M2M market offering viable solutions for securing M2M applications.