Demand for products and services from the Internet of Things (IoT) security market is expected to see strong growth due to the proliferation of connected devices and threats to these networks, according to research from Reportbuyer.
The adoption of automation across varying verticals has diversified these threats and hence organisations are seeking improved security solutions, the report notes. The IoT security market is anticipated to grow at a compound annual growth rate (CAGR) of 33.2% in the period 2015 to 2020 to reach $28.90 billion at the end of the period.
Growth in the market is being driven by initiatives to secure key infrastructures and stringent regulation by watchdogs. The market is expected to see robust growth in developing countries, as unlike developed nations, they would not have to shift from legacy infrastructure, thereby avoiding extra costs.
However, a constraint for growth in such markets is the lack of awareness on the subject. Cisco, IBM, Infineon Technologies, Intel and Symantec are among the important players in the market.
Reportbuyer asserts IoT security comprises network security, endpoint security, application security, content security, and cloud security. Solutions include identity and access management (IAM), analytics, encryption, unified threat management (UTM) and data loss protection (DLP). Certain key verticals for the market are BFSI, retail, manufacturing, and healthcare.
Interested in hearing industry leaders discuss subjects like this and sharing their IoT use-cases? Attend the IoT Tech Expo World Series events with upcoming shows in Silicon Valley, London and Amsterdam to learn more.