The market size will grow from USD 8.2 billion in 2018 to USD 35.2 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 33.7% during the forecast period
The global Internet of Things (IoT) security market size will grow from USD 8.2 billion in 2018 to USD 35.2 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 33.7% during the forecast period, according to Markets and Markets study. Major factors driving the growth of the market are the increasing number of ransomware attacks on IoT devices across the globe, growing IoT security regulations, and rising security concerns over critical infrastructures.
The solutions segment to account for a higher market share during the forecast period
Major trends contributing to the market are the increasing security breaches in critical infrastructures and personal data. IoT 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 enterprises to meet their key requirements, which help in securing their IoT devices.
The network security segment to account for the highest market share during the forecast period
Network security is a technique for securing networks from advanced threats by collecting and analyzing the different types of network security event information. It combines the multiple layers of defenses at the edge and in networks. It is one of the important aspects when it comes to securing the IoT ecosystem. It consists of wireless communication, remote access security, and gateway. In the IoT ecosystem, a huge amount of data is communicated through remote devices; therefore, the security of this wireless communication plays a significant role in network security. The key trend contributing to the growth of the network security segment is the rising adoption of IoT applications among various industries.
The device authentication management segment to account for the highest market share during the forecast period
Identity access and management refers to a business process framework. This framework consists of policies and technologies, which help organizations control the appropriate accesses of all employees to technology resources. It is the process of managing attributes, such as phone numbers, email addresses, and social security numbers and authenticating identities. IoT is gaining traction across industries, due to its robust offerings. With the expanding reach of IoT, multiple end users and devices can be connected to networks. One of the main causes of cyber-attacks is unauthorized access to networks through intrusions. The identity access management solution plays a vital role in managing enterprises’ electronic or digital identities. These solutions can be quickly and cost-effectively integrated with identity access management policies across on-premises, cloud, and hybrid environments.
North America to account for the highest market share during the forecast period
North America is the dominant region for IoT deployment and progressive in terms of technology adoption. The region comprises the US and Canada. The US is expected to hold a higher market share in the IoT security market. The US and Canada are the early adopters of trending technologies, such as IoT, big data, and mobility, and would provide significant growth opportunities for IoT security vendors.