By Staff Writer
The Internet of Things (IoT) security market size is forecast to grow from $6.62 billion in 2017 to $29.02 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 34.4%, according to Research and Markets.
“The increasing ransomware attacks on IoT systems, securing the ubiquitous environment, and increasing need for data-centric security are some of the driving factors for the growth of IoT security market,” said Research and Markets in a report titled: “Internet of Things (IoT) Integration Market – Global Forecast to 2022”.
The IoT security market is segmented by type, solution, service, application area, and region.
The service segment is expected to grow at a higher CAGR than the solution segment during the forecast period because services help organizations to easily deploy the software on the cloud. The services segment is further categorized into professional services and managed services.
Furthermore, the professional services segment is classified into consulting service, support and maintenance, and integration services.
The integration service segment is growing at a rapid pace as compared to the other professional service segments, owing to the lack of standardization and increase in diverse protocols, and connectivity of technologies and devices.
“The data encryption and tokenization solution is the fastest growing solution in the IoT security market, as the problems of data breach and data thefts are increasing in enterprises.
Moreover, as numerous devices are connected to each other in an IoT system, the security of data becomes complex due to the non-standardization and non-compatibility of devices.
“Due to such humungous connectivity, it has become easier for hackers/attackers to perform malicious activities by finding an unsecured link,” said Research and Markets.
“Thus, IoT security solution vendors are investing large capitals in Research and Development (R&D) of security solutions, as data security is also one of the major challenges faced by organizations while deploying IoT solutions.”