It should come as no shock that demand for IoT security is on the rise. As the cloud becomes an increasingly popular place for data, businesses implement IoT solutions, networks expand and connectivity is a top priority, demand for enhanced privacy and security surges. All of these factors, plus government efforts to implement stringent regulations to restrict the amount of data collected by IoT devices by industries results in a market expected to reach $9.88 billion by 2025, according to Grand View Research.
Other factors highlighted by Grand View Research include:
- Increasing use of 3G and 4G, as well as wireless networks. Transaction related information is being exchanged over these cellular networks.
- Adoption of cloud technologies for storing confidential data.
- Growing trend of bring your own device.
Still, there are challenges that are hampering the growth of IoT security somewhat. Some of these obstacles include high cost of installation, lack of expertise in technical handling, and low budget for implementing new strategies.
Other findings from the report:
- The identity and access management solution segment was valued at USD 255.8 million in 2017, registering a healthy CAGR over the forecast period
- The professional service is expected to retain its dominance in the market through 2025 and is projected to reach USD 2.11 billion
- The application security type is anticipated to register the highest CAGR of 33.5% over the forecast period
- The smart home & consumer application segment dominated the market in 2017 and is projected to reach USD 2.93 billion by 2025
- North America was valued at USD 442.4 million in 2017. It is expected to maintain dominance in the market until 2025. The region was followed by Europe, which accounted for a revenue share of 27.4% in 2017
- Asia Pacific is anticipated to witness the highest CAGR of 34.6% over the forecast period
- Some of the key players in the market Cisco Systems Inc.; IBM Corporation; Symantec Corporation; Gemalto NV; and McAfee, LLC.