The North America IOT security market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 21.5% during 2023–2031. The growth of the market is attributed to growing enterprises with wide adoption towards IoT security solutions and infrastructures.
The Internet of Things (IoT) is a fast-growing network of electronic devices with IP addresses or physical addresses for Internet access, allowing communication between these IoT devices and other Internet-connected systems through the network. IoT extends Internet connectivity beyond traditional devices like laptops, PCs, smartphones, and tablets to a wide range of common objects.
These goods make use of embedded technology and can connect with the outside world through the Internet. At the same hand, this connectivity creates some risks, such as granting unauthorized access to persons or hackers who could use the primary controlling device to get into the organization's infrastructure.
Moreover, because of internet-based connection, IoT devices offer a large attack surface than conventional technologies. While this accessibility is immensely beneficial for hackers it also allows interfering with equipment resulting into phishing and other hacking tactics attacks.
In December 2016, Dyn Inc., a DNS infrastructure company based in the United States, experienced a Distributed Denial of Service (DDoS) attack from the Mirai botnet, a malware that used a network of interconnected IoT devices to conduct cyber-attacks, causing Internet service disruption across the United States.
North America IOT Security Market Trends, Drivers, Restraints, and Opportunities
Increasing number of IoT-enabled smart linked devices is projected to boost the market during the forecast period.
Rising instance of cyber security threats is anticipated to drive the market in the coming years.
Growing enterprises with wide adoption towards IoT security solutions and infrastructures is expected to boost the market.
Rapid growth of the large and medium industries is key factors fueling the market.
High maintenance cost is expected to hamper the market growth.
Resource constraints such as devices unable to integrate sophisticated firewalls or antivirus software act as main challenges that can restrict the market expansion in the coming years.
R&D investment and technological development in software is projected to create significant opportunities for the market players.
Scope of North America IOT Security Market Report
The report on the North America IOT security market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
North America IOT Security Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
End-user Industries (Government, Manufacturing, Automotive, Healthcare, Energy & Power, Retail, and BFSI), Types of Security (Network Security, and End-point Security), Solutions (Software, and Services)
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Hewlett Packard Enterprise Company; Cisco Systems Inc.; Symantec Corporation; IBM Corporation; Intel Corporation (Intel Security)
North America IOT Security Market Segment Insights
The retail segment is projected to account for a major market share
Based on end-user industries, the North America IOT security market is divided into government, manufacturing, automotive, healthcare, energy & power, retail, and BFSI. The retail segment is expected to hold a key share of the market during the forecast period owing to rising smart home product adoption and governments in the area are promoting the adoption of smart cities.
The end-point security segment is expected to grow at a rapid pace
In terms of types of security, the North America IOT security market is bifurcated into network security and end-point security. The end-point security segment is expected to represent a key share of the market in the coming years owing to increasing demand for securing entry points of end-user devices such as desktops, laptops, and mobile devices.
The services segment is anticipated to expand at a substantial CAGR
On the basis of solutions, the North America IOT security market is bifurcated into software, and services. The services segment is expected to constitute a key share of the market in the coming years owing to IoT-based solutions gain popularity, organizations around the world are spending extensively in the security of these systems.
The North America IOT security market has been segmented on the basis of
- Energy & Power
Types of Security
- Network Security
- End-point Security
Key players competing in the North America IOT security market include Hewlett Packard Enterprise Company; Cisco Systems Inc.; Symantec Corporation; IBM Corporation; Intel Corporation (Intel Security)
Some of these players are up for several market strategies including mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares. For instance,
On September 2019, Zing box, an IoT cybersecurity business acquired by Palo Alto Networks Inc. Palo Alto Networks' offering of IoT security through its Next-Generation Firewall and Cortex platforms was accelerated as a result of this purchase.