Internet of Things (IoT) Security Product Market - A growing number of connected devices is expected to fuel demand for IoT security in North America

Future Market Insights forecasts revenue from the global IoT security product market to increase from US$ 12 Bn in 2017 to about US$ 48 Bn by 2027 end, representing a CAGR of 14.9% from 2017 to 2027. This increasing revenue growth is attributed to continuous launching of IoT security offerings and emergence of niche players in the market. Moreover, an increasing number of service providers is also supporting revenue growth of this market.

Government initiatives in smart cities projects

Government organisations of various countries have partnered with major technology companies for implementing IoT across urban cities. These organisations are also providing funds for the development of IoT applications to technology vendors. Due to increasing smart city projects, the adoption of sensor applications is rising significantly. A growing number of connected devices is expected to fuel demand for IoT security in North America. For instance, the U.S. government invested US$ 8.8 Bn in 2015 in IoT for infrastructure, software and cyber security solutions.

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Growing intensity of cyber-attacks on IoT devices and networks

Growing number of devices connected to each other via IoT has resulted in increasing vulnerability in terms of security of the entire IoT ecosystem. Increasing intensity of cyber-attacks on IoT networks and devices has prompted solution providers to focus more on security aspects, which is driving market demand for IoT security solutions globally. In December 2016, Dyn Inc., which is a U.S. based managing domain name system (DNS) Infrastructure Company, witnessed a Distributed Denial of Service (DDoS) attack from a malware known as Mirai botnet, wherein a number of interconnected IoT devices were being used to conduct cyber-attacks, resulting in disruption of Internet services across the U.S.

Non-adherence to guidelines issued by governing authorities deterring the growth of the IoT security product market

Although a number of governing authorities have issued guidelines to be followed by IoT device manufacturers so as to protect against cyber-attacks on IoT networks and devices, many device manufacturers and users are not strictly adhering to these guidelines and taking precautionary measures. Non-adherence to these guidelines results in security lapses, which cyber attackers can take advantage of and this creates challenges for IoT security solution providers. This factor is expected to hamper growth of the IoT security product market to a large extent.

Increasing collaborations and partnerships in the North America region fostering revenue growth of the IoT security product market

In order to offer cutting-edge technology and to cater to the rising demand for IoT among businesses, prominent players in the IoT space are focussing on entering into partnerships and collaborations with other players in the IoT market. Various connected devices manufacturers such as Cisco Systems Inc., telecommunication network solution providers such as AT&T Inc., and technology companies such as IBM Corporation are opting to offer smart solutions for advanced data analytics by utilising IoT platforms. In March 2017, AT&T Inc. partnered with IBM Corporation to offer enterprise customers data insights of industrial IoT. AT&T utilises various IBM products such as Watson IoT Platform, IBM Watson Data Platform and IBM Machine Learning Service to manage apps and devices and offer insights from multiple data sources. In June 2016, Cisco Systems Inc. collaborated with IBM Corporation to offer instant IoT insights at the edge of the network. Customers at remote and autonomous locations would be benefited with the combined solutions of IBM Watson IoT and business analytics technologies and Cisco’s edge analytics capabilities to better understand critical data on the network edge.

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Global IoT Security Product Market Attractiveness, By Application, 2017–2027

In terms of value, the smart grid segment is projected to be the most attractive in the global IoT security product market during the forecast period. However, the home and building automation segment is expected to register high Y-o-Y growth rates throughout the forecast period. In terms of value, the home and building automation segment is expected to register a CAGR of 16.2% during the forecast period. In 2016, the smart grid segment was valued at US$ 3,697.8 Mn and is expected to witness steady growth in terms of revenue throughout the forecast period.

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