A report predicts a growth rate of over 25 percent annually in the North American IoT security market.

The market was valued at $1.7 billion in 2018 and is expected to reach $5.2 billion by 2023 at a compound annual growth rate (CAGR) of 25.1 percent, according to the report ‘Internet of Things (IoT) Security: North American Markets to 2023’.

BCC Research notes this growth is being driven by demand for cloud-based enterprise applications, growth in digitalisation and IoT security spending, and the growing demand for security solutions for connected cars and connected healthcare services

“Security management will likely shift from a centralized to decentralized process as the number of devices multiply,” the report states.

“Similarly, as the sheer volume of data required for managing devices increases, centralized management will reach a point where it ceases effectiveness and efficiency.”

The biggest players in the market include Sophos, Thales e-Security, Inc., Infineon, BAE Systems plc, CENTRI Technology, Cisco Systems, Inc., ForgeRock, Intel Corp. and Symantec Corp., among others.

Most of the growth in the demand for solutions stems from the high adoption of IoT across many industrial segments. In addition to these industry-specific data security standards, many new standards designed specifically for IoT services are emerging.

You can find the full report here (paywall)