According to research conducted by BCC, a marketing research company based in the U.S., the North American IoT security markets are showing a promising growth rate.
The report, titled “Internet of Things (IoT) Security: North American Markets to 2023,” highlights that cloud-based enterprise applications, digitalization, and IoT security spending, and security solutions for connected cars and connected health care providers will stimulate the growth of the market.
Growth rate projections
These factors will be the main drivers of spending growth for the forecast period of spending on IoT security, which is expected to reach $5.2bn by 2023, progressing at a CAGR rate of 25.1%.
The report predicts that Sophos, Thales e-Security, Inc., Infineon, BAE Systems plc, CENTRI Technology, Cisco Systems, Inc., ForgeRock, Intel Corp. and Symantec Corp., among other will lead IoT spending growth.
In January 2018, Thales and Device Authorities announced a partnership to help give healthcare professionals access to secure, authenticated IoT devices.
BCC report states that their partnership is expected to improve IoT security services in the health market.
The U.S commands the largest market share for IoT security solutions in the North American region. The surging demand for solutions stems from the high adoption of IoT across several industrial segments.
In addition to these industry-specific data security standards, several new standards designed specifically for IoT are emerging.
Moreover, according to BCC’s report, these new standards will help tackle security concerns.
“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 opportunities for IoT security developers
The start-up market in North America has always presented IoT developers with opportunities. The report notes that the start-up market in North America will not only continue to grow over the next few years, but it will also help with the development of new technologies and solutions for IoT security within the region.