As per the latest report by IMARC Group, titled “IoT Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the global IoT security market size reached US$ 10.2 Billion in 2019. Internet of things (IoT) assists in creating smart communication environments by connecting devices like industrial equipment and consumer objects to a network, gathering information and managing these devices using software to increase efficiency. Some of the key components of IoT are radio frequency identification (RFID), wireless sensor network (WSN), near field communication (NFC), cloud services, gateways, data storage and analytics, and visualization elements. At present, there is a rise in the demand for IoT security as it eradicates vulnerabilities and equips IoT devices with the means to detect, resist and recover from malicious attacks.
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Global IoT Security Market Trends:
Several high-profile data breach incidents have been reported recently wherein a common IoT device was employed as a tool to attack a larger network. Such incidences, in confluence with the rising threat of cyber terrorism and rapid adoption of IoT technologies, is strengthening the market growth. Besides this, increasing automation in various industry verticals, along with the construction of smart cities, is creating a requirement for enhanced and effective security solutions. This aids in safeguarding highly sensitive personal and organizational data from malware injection. Moreover, the growing trend of Bring Your Own Device (BYOD) in corporate organizational setups is anticipated to contribute to the market growth in the coming years. On account of these factors, the market value is projected to reach US$ 40.7 Billion by 2025, expanding at a CAGR of around 26% during the forecast period (2020-2025).
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