According to a new report from Research and Markets (www.researchandmarkets.com), the global IoT [Internet of Things] security market size is expected to reach $9.88 billion by 2025, progressing at a compound annual growth rate (CAGR) of 29.7% during the forecast period.
The research group says surging demand for enhanced privacy is driving the market. Increasing government efforts to implement stringent regulations to restrict the amount of data collected by IoT devices by industries such as BFSI, retail, and healthcare is expected to stimulate the growth of the market.
Safeguarding future of internet connected devices by robustly configuring necessary/next-generation security features and increasing transparency as well as providing consumers with a choice to opt-out of data collection are some of the key factors driving the market over the forecast period, according to Research and Markets.
Currently, implementation of the internet is rising exponentially in areas such as health monitors, smart home appliances, smart city projects, and smart retails, which has created the necessity for IoT security. Research and Markets says adoption of cloud technologies by various organizations for storing confidential data gives rise to risk of unauthorized access to data. Moreover, growing trend of bring your own device (BYOD) is increasing concerns regarding data security, adds the research group.
The accompanying graphic is courtesy of Pixelbay.
