IoT security market set to grow over 25 percent annually

A report predicts a growth rate of over 25 percent annually in the North American IoT security market. The market was valued at $1.7 billion in 2018 and is expected to reach $5.2 billion by 2023 at a compound annual growth rate (CAGR) of 25.1 percent, according to the report ‘Internet of Things (IoT) Security: North American Markets to 2023’. BCC Research notes this growth is being driven by demand for cloud-based enterprise applications, growth in digitalisation and IoT security spending, and the growing demand for security solutions for connected cars and connected healthcare services. "Security management will likely shift from a centralized to decentralized process as the number of devices multiply," the report states. "Similarly, as the sheer volume of data required for managing devices increases, centralized management will reach a point where it ceases effectiveness and efficiency." The biggest players in the market include Sophos, Thales e-Security, Inc., Infineon, BAE Systems plc, CENTRI Technology, Cisco Systems, Inc., ForgeRock, Intel Corp. and Symantec Corp., among others.