January 14, 2019
WELLESLEY, Mass., Jan. 14, 2019 – Increasing demand for cloud-based enterprise applications, growth in digitalization and IoT security spending, and the growing demand for security solutions for connected cars and connected healthcare services are advancing the North American Internet of Things (IoT) security market, according to BCC Research.
The North American IoT security 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%, according to the report “Internet of Things (IoT) Security: North American Markets to 2023.”
Major players in the market include: Sophos (SHPPY), Thales e-Security, Inc., Infineon, BAE Systems plc (BAESF), CENTRI Technology, Cisco Systems, Inc. (CSCO), ForgeRock, Intel Corp. (INTC) and Symantec Corp. (SYMC), among others.
“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.”
Start-Up Market for IoT Security Presents Opportunity for Growth
The start-up market for IoT security solution developers has been strong in the past year in the North American market. This is expected to be a prime launch pad for new technologies and solutions that address the future needs of IoT security and is a market that is expected to see continuous growth over the next five years.
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Internet of Things (IoT) Security: North American Markets to 2023( IFT176A )
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