A new report from Future Market Insights indicates the IoT security products market will experience substantial growth within the next three years. The market, previously valued at $7.8 billion during 2014, is anticipated to grow at a CAGR of 16.5 percent until 2020, creating potential for the market to exceed $16 billion.
IoT encompasses the myriad of connected devices being introduced each year, including smart home, smart office and smart car technology. IoT creates opportunities for more customized user experience and new data streams for the enterprise. IoT’s advanced capabilities are what make the connected devices appealing, but also raise concerns about privacy and security.
The market’s growth is attributed to more users growing aware of the security risks associated with IoT, and authorities requiring security measures be implemented in products. As more connected devices are introduced and adopted each year, the IoT security market will continue to grow.