- The smart home and consumer electronics segment will see the highest growth during the forecast period
- The report said that North America will account for the highest market share during the forecast period
The global IoT security market is expected to grow from $ 12.5 billion in 2020 to $36.6 billion by 2025 as per a report by MarketsandMarkets. It will grow at a CAGR of 23.9 per cent during the forecast period as per the report. It said that the major factors that are driving this growth 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 report said, “Major trends contributing to the market are the increasing security breaches in critical infrastructures and personal data. IoT security solutions include identity and 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.”
Consumer electronics segment and smart home to lead
As per the report, the smart home and consumer electronics segment will see the highest growth during the forecast period. Smart home and consumer electronics consist of devices, such as wristwear, eyewear, neckwear, and bodywear, and smart home appliances. Consumer electronics and smart home appliances are vulnerable and susceptible to cyber-attacks.
This vulnerability and susceptibility give IoT security vendors a big opportunity to address the security needs of these consumer wearables. The report added that increasing the adoption of smart home devices like smart glass and smart speakers are enhancing the vulnerability of smart homes. The rise in the number of attacks over smart homes is boosting the demand for integrated security solutions.
North America will account for the highest market share
The report said that North America will account for the highest market share during the forecast period. It added that North America is the dominant region for IoT deployment and progressive in terms of technology adoption. It comprises the US and Canada. The US is expected to capture 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.