The IoT security market, currently estimated at USD 157.05 billion, is forecast to reach USD 661.74 Billion by 2021, for a CAGR of 33.3%, announced Markets and Markets in a report examining IoT market size and opportunities in various areas, domains, and segments.
Following global excitement around connected devices, analysts say the trend is for manufacturers and industries to offer more affordable and accessible, and higher-quality services. Besides coming up with innovative applications for consumers, the largest concern is around safeguarding infrastructures, with software solutions dominating the market in the near future.
“The major forces driving the IoT market are development of cheaper and smarter sensors, evolution of high speed networking technologies, and rising adoption of cloud platforms across industry verticals,” researchers found. “Furthermore, increasing penetration of connected devices has unleashed the growth potential through predictive maintenance, security, and analytics which is expected to drive the market during the forecast period.”
The study looked into specific regions such as North America, Asia-Pacific (APAC), Europe, Middle East and Africa (MEA), and Latin America. Countries in the APAC area have sustained constant development as a result of unregulated Internet, general acceptance of BYOD and a mobile workforce.
Although major growth will be driven by market opportunities in APAC countries like India, China and Japan, North America will dominate the IoT market in the time frame examined, with a strong accent on implementing robust security mechanisms.