IoT Security Market Value is Expected to Reach $51.42 Billion by 2024

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FREMONT, Calif. - Feb. 28, 2020 - PRLog -- The global IoT security market accounted for a revenue of $16.55 billion in 2018, and is expected to reach $51.42 billion by 2024, at a CAGR of 22.26%. The high growth is supported by the growing demand for cyber security regulations in IoT ecosystem from enterprises and consumers, requiring better protection from external malwares and threats. Moreover, in recent years, due to a strong demand for cyber security measures from other application areas such as healthcare, government, finance, and aerospace, among others, there has been a surge in demand for faster IoT security adoption.

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North America is expected to generate the maximum revenue in the global IoT security market. The total revenue generation from North America is estimated to reach $7.61 billion in 2018 and is expected to reach $24.00 billion by 2024 at a CAGR of 22.56%. Another region generating considerable revenue in the global IoT security market is Europe. The region is estimated to account for a revenue of $4.63 billion in 2018 and is further projected to reach $15.86 billion by 2024, at a CAGR of 24.38%.

Regionally, North America is expected to lead the IoT security market in 2019, and is expected to maintain its dominance during the forecast period, in terms of value. This unprecedented growth is primarily attributed to the large number of security regulations provided by government and federal bodies to prevent IoT devices. Moreover, the adoption of industry 4.0 leading to smart manufacturing is also very high in the North America with manufacturing growth rate accounting for 1.67% between 2014 to 2018. This has further led to enterprises and federal bodies to provide necessary solutions or services and regulations to protect IoT channel.

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