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Global IoT Security Market by Type of Security, Solutions, End-user Vertical and Region

December 20, 2018 / Ryan Daws

The global IoT Security Market was valued at USD 4,270 million. It is expected to reach a value of USD 18,267.2 million by 2023, registering a CAGR of about 27.85% over 2018-2023 (the forecast period). One of the factors driving the IoT security market is effective communication architecture to end users. The major factors hampering the growth of the market are lack of technical expertise about infrastructure handling and a low budget for strategic implementations. North America is a major contributor to the IoT security market. The Asia-Pacific region is expected to witness the fastest growth during the forecast period. Cloud security is witnessing substantial growth across different verticals. IAM (Identity Access Management) is poised to be the most favorable solution segment during forecast period, as it provides advanced authentication over other solutions and enhances the enterprise mobility. BFSI is another major contributor to the IoT security market, with a rising adoption in ...