Internet of Things (IoT) Security Market To Top $28 Billion by 2020
The market for security solutions to protect the “Internet of Things (IoT) is expected to top $28 Billion by 2020, according to new market research report.
According to the report, published by MarketsandMarkets, the IoT Security Market is expected to grow from $6.89 Billion in 2015 to USD $28.90 Billion by 2020, representing a Compound Annual Growth Rate (CAGR) of 33.2% from 2015 to 2020.
“The rise of security concerns in critical infrastructures such as utilities, smart grids, and manufacturing facilities is expected to remain the key driver of the IoT Security Market in the coming years,” MarketsandMarkets said. “Security issues in critical infrastructures can lead to huge losses such as power hacks, loss of life, and malfunction of nuclear reactors. Therefore, proper security implementation is essential and companies are increasing their investments for the same.”
The research firm also cited regulatory bodies in North America and Europe which have mandated security standards regarding the disclosure of information and privacy as a factor in growth.
“As a result, solution providers are shifting towards IoT security solutions to safeguard the connected devices. However, the developing countries are still unaware of the IoT based cyber attacks and their resulting effects which act as a factor restraining the growth of the market,” MarketsandMarkets said.
According to the report, the IoT Security Market remains competitive with the presence of a large number of vendors. The major vendors in the IoT security market are Cisco, IBM, Infineon Technologies, Intel Corporation, Symantec, and Check Point Technologies, among others.
IoT security solutions considered it the market forecast include IAM, analytics, encryption, UTM, Data Loss Protection (DLP), IDS/IPS, DDoS protection, security & vulnerability, device management, and others. Services were segmented into consulting services, managed services, risk assessment, and support & maintenance services, the report said.