IoT security solutions market growing at a meteoric pace
Of the many verticals touched by the IoT phenomenon, the security solutions segment is projected to exhibit the highest growth rate over the next seven years.
IoT device management will be a $5.1 billion market in 2025, according to data resulted from a study by Grand View Research. Demand for IoT services, the increasing need for digitalization, and increasing penetration of communication and networking technologies will further drive the market over the coming years, driving adjacent industries.
Increasing investments in research & development activities for advanced IoT systems are driving the popularity of IoT device management products, including provisioning, monitoring, administration, and diagnostics. However, the luckiest players to reap the benefits of the lucrative IoT market are said to be in the security industry.
“The security solutions segment is projected to exhibit the highest growth rate over the forecast years,” reads the report. “The market is witnessing increasing use of security solutions for connected devices. Advantages bestowed by the technology include higher efficiency in device monitoring, diagnostics, and analytics.”
In other words, IoT security solutions not only have a bright future in and of themselves, but adjacent segments stand to gain as well. And the news is hardly surprising. Security is the key ingredient to make connected devices trustworthy and reliable for users to even begin considering them – be it enterprise customers, or regular folk.
Managed services are predicted to contribute substantially to market growth too, as they facilitate higher level of performance and efficiencies. And Asia Pacific is expected to be the fastest-growing region, thanks to high demand for smart city infrastructure and IoT healthcare solutions.
IoT security is expected to be the fastest-growing segment with a compound annual growth rate (CAGR) of 29.2% over the forecast period (2018 – 2025).