Report: Global IoT Security Market to Expand in Next Four Years
New research conducted by New York-based MarketResearchReports projects that the global Internet of Things (IoT) security market will have a compound annual growth rate of 55% during the period between 2016 and 2020.
The report, titled “Global Internet of Things Security Market 2016-2020,” offers a comprehensive study on the global Internet of Things (IoT) security market as well as profiles some of the major vendors operating in the market, including Symantec, Cisco Systems, Intel, Ericsson, Eurotech, IBM, Nokia, Sierra Wireless, Secure Crossing, and many others.
Fueled by recent advances in sensor technology, the report underlines this development as a key factor in the IoT security market expansion.
“Innovations in material sciences have led to the introduction of different types of sensors help to boost remote monitoring, enterprise mobility, and remote system control across industries,” the report stated. “All these factors will lead to the increased adoption of IoT security.”
However, high total cost of ownership of IoT security solutions will negatively impact the growth of the market during the forecast period, the reported noted, while the emergence of integrated security solutions will open new opportunities for the market in the near future.
While the research team zeroed in on the healthcare and automotive segments of the global IoT security market, the key channel defining the growth proved to be utilities, which is expected to drive the demand from the market with the highest adoption of IoT security solutions. Extensive implementation of smart meters and IoT for utility management systems such as gas, energy, water, and oil will contribute towards the growth of the market, the report stated.
The report studies the global IoT security market across some of the key regions such as the Americas, EMEA, and APAC.