Global internet of things security market was valued over US$ 7,550 million in 2017, and is expected to register a CAGR of over 34%. Internet of things connects multiple devices in an organization via wireless sensor networks and cloud services, this connection provides access to operational technology network and information technology.
The rapid growth of the Internet of Things (IoT) security owing to threat from malicious and ransomware attacks on connected devices will increase investment on IoT security. The growth of the global internet of thing security market is attributed to this threat.
Increasing need for data-centric security solutions for various security controls for the information itself stored and processed in database systems, primary computing and network infrastructures, as well as applications accessing the data is driving the market.
Errors in real-time responses being generated by the security systems, over reliance on technology, and complexes in the systems could lead to damage. Host-based systems are better at detecting and reacting to long-term attacks such as data theft, and malware attacks, as compared to network-based systems. This is a major factor for consumer preference towards hardware components, which in-turn is fueling growth for the hardware segment.
Digital transformation in the manufacturing industry has resulted in high data transmission between connected devices which is driving the adoption of IoT security solutions, and in turn fueling growth of industrial sector segment.
The market in the Americas is expected to dominate the global internet of things security market, and it accounts for largest market revenue over US$ 2,600 million in 2017 as compared to that of markets in other regions.Growing demand for smart devices such as smartphones, tablets, windows desktop computers, wireless gaming, and smart TVs in the region, that are connected to Wi-Fi network are lagging in secure their network which results their personal information might be leaked or stolen, to avoid this kind of attack adoption of IoT security system is must to protect personal data which in turn is expected to fuel growth of the IoT security market in the region.
General Data Protection Regulation (GDPR) is regulation to strengthen data protection for all individuals within the European Union (EU). Regulation was adopted on April 27, 2016 and become applicable from May 25, 2018.
To avoid interruption from third party who can take control of all machines by hacking system, implementation of IoT security is important in this sector helps to fuel growth of the IoT security market in the region.The demand for internet of things security is estimated to witness significant growth owing to various ongoing smart city projects.
Major factors driving the growth of the global Internet of Things security market is increasing adoption of cloud-based services and solutions in various sectors, which has led to storage of vast volumes of data on the cloud that could be vulnerable to cyber-attack and data theft.
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