The report estimates that the global IoT security market is $18.82 billion in 2019 and is anticipated to grow at a CAGR of 22.26% during the forecast period, 2019-2024.
Key market drivers include the increasing number of data breaches, growing demand for IoT security regulations and guidelines, and the rising security demand for critical infrastructure.
Technological advancements in the digital industry have resulted in the worldwide adoption of IoT devices. The changing paradigm of consumers as well as major enterprises, related to the requirement of robust security mechanisms, and protection of devices are some of the factors substantiating the growth of IoT security market.
Additionally, various governments' role in developing security regulations and guidelines is one of the major drivers for the global IoT security market. However, the growing complexity among IoT devices and lack of IoT security skillsets and awareness within the organization are pressing matters to be looked upon in the current scenario.
According to the report, North America is expected to lead the global IoT security market in 2019, followed by Europe, and is expected to maintain its dominance during the forecast period. This unprecedented growth in North America is primarily attributed to the efforts made by federal bodies to provide security regulations and guidelines for IoT markets. Moreover, the region is known for being one of the fastest technology adopters with a base of many key players.