- The cloud security segment will grow at the highest CAGR during the forecast period
- The APAC region is expected to record the highest CAGR during the forecast period
The global Internet of Things (IoT) security market size is expected to grow to $36.6 billion by 2025 as per a report by Reportlinker. It also said that the market valuation stood at $12.5 billion in 2020 and will grow at a Compound Annual Growth Rate (CAGR) of 23.9 per cent.
As per the report, the major factors that are pushing the growth of the IoT security 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. It also said that the new variants of IoT threats, lack of awareness, costly IoT security solutions, and budget constraints among SMEs for IoT security may hinder its growth.
Identity and access management segment to lead
The report said that the cloud security segment will grow at the highest CAGR during the forecast period. Cloud security addresses both physical and virtual security across the service models of software, platforms, and infrastructures. Different cloud application security solutions include risk assessment, application governance, identity access management, encryption, malware detection and protection, and Security Information and Event Management (SIEM). As per the report, cloud security is one of the most important aspects of IoT security, as IoT data is saved in Virtual Machines (VMs) and susceptible to cyber-attacks.
The identity and access management segment will hold the largest share of IoT security solutions during the forecast period. Identity and access management refers to a business process framework which consists of policies and technologies, which help organisations control the appropriate accesses of all employees to technology resources.
APAC at the front
The report added, “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.”
The APAC region is expected to record the highest CAGR during the forecast period. Factors like increasing government initiatives; growing requirements for quick computing, virtualized environments, analytics, security, digitalization, and high-volume networking, and rising overall internet speed and responsiveness are fuelling the growth in this region.