North American IoT Security Market to See 25.1% Annual Growth Rate
WELLESLEY, Mass., January 14, 2019 (Newswire.com) - Increasing demand for cloud-based enterprise applications, growth in digitalization and IoT security spending, and the growing demand for security solutions for connected cars and connected healthcare services are advancing the North American Internet of Things (IoT) security market, according to BCC Research.
The North American IoT security market was valued at $1.7 billion in 2018 and is expected to reach $5.2 billion by 2023 at a compound annual growth rate (CAGR) of 25.1%, according to the report “Internet of Things (IoT) Security: North American Markets to 2023.”
- In July 2018, Thales e-Security and Device Authority partnered to deliver advanced IoT security solutions for healthcare devices. This initiative is expected to boost IoT security services in the healthcare market.
- The U.S. is the largest market for IoT security solutions in the North American region. Most of the growth in the demand for solutions stems from the high adoption of IoT across many industrial segments.
- In addition to these industry-specific data security standards, many new standards designed specifically for IoT services are emerging. These standards address a wide range of security concerns.
“Security management will likely shift from a centralized to decentralized process as the number of devices multiply,” the report states. “Similarly, as the sheer volume of data required for managing devices increases, centralized management will reach a point where it ceases effectiveness and efficiency.”
Start-Up Market for IoT Security Presents Opportunity for Growth
The start-up market for IoT security solution developers has been strong in the past year in the North American market. This is expected to be a prime launch pad for new technologies and solutions that address the future needs of IoT security and is a market that is expected to see continuous growth over the next five years.
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Source: BCC Research