IoT security market to grow at 36% CAGR to 2021, says report
Within the global IoT security market the Banking, Financial Services, and Insurance (BFSI) vertical is set to attain the largest IoT security market size during the forecast period dominated by Asia-Pacific which is projected to witness the highest growth during 2016-2021. The main driver here is the increasing adoption of web and mobile applications, which are prone to advanced cyber-attacks.
Smart banking, Internet banking, and mobile banking are the factors that have led the BFSI sector to focus more on Internet of Things security. Set to be overtaken by BFSI, Network security is estimated to have the largest IoT security market size in 2016. The key trends contributing to this market growth are the growing virtualization of servers and increased usage of connected devices, resulting in the rise of security breaches targeting enterprise networks.
North America is expected to hold the largest market share of the IoT security market in 2016 due to strict regulations and technological advancement. Asia-Pacific (APAC) is expected to have the highest growth rate during the forecast period due to high rate of adoption of IoT security.
The major trends in the IoT security market include increasing sophistication of threats and attacks, diversified reach of the connected devices, and risks over personal data. Huge opportunities are prevailing for IoT security in the untapped geographic regions, especially in the Middle East and Latin America.
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