Global IoT security market to see double digit growth
The report estimates that the global IoT security market is $18.82 billion in 2019 and is anticipated to grow at a CAGR of 22.26% during the forecast period, 2019-2024.
Key market drivers include the increasing number of data breaches, growing demand for IoT security regulations and guidelines, and the rising security demand for critical infrastructure.
Technological advancements in the digital industry have resulted in the worldwide adoption of IoT devices. The changing paradigm of consumers as well as major enterprises, related to the requirement of robust security mechanisms, and protection of devices are some of the factors substantiating the growth of IoT security market.
Additionally, various governments’ role in developing security regulations and guidelines is one of the major drivers for the global IoT security market. However, the growing complexity among IoT devices and lack of IoT security skillsets and awareness within the organization are pressing matters to be looked upon in the current scenario.
According to the report, North America is expected to lead the global IoT security market in 2019, followed by Europe, and is expected to maintain its dominance during the forecast period. This unprecedented growth in North America is primarily attributed to the efforts made by federal bodies to provide security regulations and guidelines for IoT markets. Moreover, the region is known for being one of the fastest technology adopters with a base of many key players.
As stated by Arpit Benjwal, Principal Analyst at BIS Research, “The IoT security market is witnessing a high growth rate due to the inclination of consumer and enterprises toward safe and secure communication. Moreover, the demand for cloud security solutions is further going to increase in the coming years owing to the launch of more number of cloud service platforms for security and storage purposes. Further, the growth of IoT security market in North America is the highest, due to strong economic growth, high disposable income, and efforts made by government and federal bodies to mandate security regulations in the region. The market in this region is expected to grow at a CAGR of 22.56% during the forecast period (2019-2024).”
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