Press Releases

Global Market for IoT Security Technologies Booming with 25.6% CAGR

June 27, 2017

Wellesley, Mass., Jun 27, 2017 – The pervasive threat of Internet of Things (IoT) data security breaches is fueling huge growth in the global market for IoT security technologies, which will easily triple its market value from 2016 to 2021, says Global Markets for Security Technologies for the Internet of Things (IoT).

The BCC Research report finds that software-based solutions (32.0% CAGR) will outpace hardware-based solutions (23.4% CAGR), although the latter commands 77% of the market. By 2021, the global market is estimated to reach $11.4 billion, up from $3.7 billion in 2016.

Solutions that secure IoT device data through hardware (i.e., silicon)-based secure environments, identity access management (IAM) and crypto-authentication solutions that use public key infrastructure (PKI) techniques dominate the solution types in this subsegment. PKI solutions also are expected to continue as the dominant technologies for future IoT security solutions, with vendors such as DigiCert, Symantec and GlobalSign already providing end-to-end IoT PKI solutions.

Research Highlights

  • Intel, Gemalto, NXP Semiconductors, Microchip, Cisco and Symantec accounted for 30% of the 2016 market for commercial security solutions.
  • The June 2017 report focuses on hardware- and software-based IoT-specific security solutions that address the security needs of a large network of low-cost, resource-constrained embedded IoT devices.
  • The next few years will be ripe for acquisitions and mergers, with large IT services and network solution companies trying to build comprehensive and profitable IoT solution portfolios.

"The IoT security solutions market is also moving gradually to the cloud-based model, a trend that is expected to only become stronger in the overall IoT market," says Kevin Fitzgerald, BCC Research editorial director. " Many current IoT security solutions vendors are already offering cloud-based subscription model pricing and deployment for their solutions. This trend is expected to be a growth driver as these solutions become more cost-efficient for small- and medium-sized IoT projects."

Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming@bccresearch.com.

Global Markets for Security Technologies for the Internet of Things (IoT)( IFT134A )
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