Internet of Things (IoT) Security Product Market to reach US$ 48 Bn by 2027
IoT.Business.News | February 01, 2018
Increasing adoption of digital technologies including web-based services, online education, and online banking has accelerated adoption of smartphone among individuals, which in turn has necessitated security of such technologies against cyber-attacks. Various governments across the globe have imposed stringent laws, in order to ensure secure environment and maintain privacy for connected devices. In addition, several enterprises are focusing on implementation of Internet of Things (IoT)-based solutions, encouraging employees in bringing their own devices for flexibility. In its recent research, Future Market Insights (FMI) projects the global IoT security product market to register a staggering expansion at 14.9% CAGR through 2027. In 2017, the market will account for revenues worth US$ 12,007.9 Mn, and it is further estimated to reach nearly US$ 50,000 Mn by 2027-end. This growth is primarily attributed to continuous launches of IoT security offerings by enterprises, soaring number of service providers, and emergence of niche players in the market.