The Internet of Things (IoT) security market is projected to grow from USD 7.9 billion in 2016 to USD 36.7 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 35.9% due to rising concerns for security in critical infrastructures and strict security regulations imposed by regulating bodies.
Network security is estimated to have the largest IoT security market size in 2016. The key trends contributing to this market growth are the growing virtualization of servers and increased usage of connected devices, resulting in the rise of security breaches targeting enterprise networks.
On a related note, another research on Internet of Things (IoT) in Smart Cities Market Global Forecast to 2020 says, data management solutions sub segment holds the most promising potential for the next five years. The market size is estimated to grow from USD 51.96 billion in 2015 to USD 147.51 billion by 2020, at CAGR of 23.2%.
Cloud-based security solutions are also providing good opportunities for the growth of the IoT security market by minimizing implementation and maintenance costs and organizations are shifting towards the deployment of cloud-based security solutions. However, developing countries remain mostly unaware of IoT-based cyberattacks and resulting adverse effects, which act as a factor restraining the growth of the market.
Read Full Report: http://www.gosreports.com/global-internet-of-things-iot-security-market-research-report-2016/
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Last updated on: 23/09/2016
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