North America IoT Security Market - Growth, Trends, Forecasts (2020 - 2025)
The North America IoT Security Market is Segmented by Type of Security (Network Security, End-point Security), Solution (Software, Services), End-user Industry (Automotive, Healthcare, Government, Manufacturing, Energy & Power, Retail, BFSI), and Country.
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Scope of the report
Key Market Trends
TABLE OF CONTENTS
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The North American IoT Security Market is expected to register a CAGR of approximately 21.5% during the forecast period (2020 - 2025). The emerging business models and applications, coupled with the reducing device costs, have been instrumental in driving the adoption of IoT, consequently, the number of connected devices, such as connected cars, machines, meters, wearables, and consumer electronics.
Attacks on consumer IoT are prevalent, but the possibility of disruption in manufacturing and similar industries makes the threat more serious. IoT security is becoming a significant focus area for businesses, consumers, and regulators. Following such increasing prominence, enterprises that are offering IoT-based solutions worldwide are investing heavily in the security aspect of these solutions.
In 2019, for instance, Symantec Corp. announced a new service that enables its Cloud Workload Protection (CWP) solution and AMZN GuardDuty from Amazon to provide automated remediation and enhanced threat intelligence for Amazon Web Services (AWS) workloads and storage. This new service is anticipated to help enterprises to navigate the complex security landscape, allowing AWS customers to automate and streamline critical components of cloud security.
Increasing dependency on the connected devices is creating the need to keep the connected device secure. According to Ericsson, it is estimated that nearly 400 million IoT devices with cellular connections in 2016 are projected to reach 1.5 billion by 2022. This robust growth is expected to be driven by the increased industry focus on deploying a connected ecosystem and the standardization of 3GPP cellular IoT technologies.
With the increase in the number of devices connected to the Internet, the cyber world is expected to witness a rise in the occurrence and emergence of new threats and attacks. The attacks of WannaCry and Petya, which affected over 150 countries worldwide, have further revealed the vulnerability of IoT devices as end-points. Thus, fueling the need for IoT security for consumer devices that are highly susceptible to DDoS attacks.
Since the onset of COVID-19, there has been an increase in IOT attacks.
Scope of the report
IoT is a network of internet-connected objects. These objects collect and exchange the data using sensors embedded within them. Attacks on these IoT devices are prevalent; however, the possibility of disruption in manufacturing and similar industries makes the threat more serious.
IoT security is becoming a significant focus area for businesses, consumers, and regulators. Following such increasing prominence, enterprises that are offering IoT-based solutions across the world are investing heavily in the security aspect of these solutions.
The solution that has been considered in the scope of the study comprises of the software and the services offered by the vendors in the North American market. The vendors profiled in the market even offer an embedded solution that is a crucial strategy followed by the vendors to offer a one-point solution for such end-user, who want to deal with a single responsible party to have better control over the business flow.
Type of Security
Energy and Power
Others End-user Industries
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Key Market Trends
Emergence of Smart Home Trends is Expected to Act as a Significant Driver
A smart home, a significant trend in the smart city concept, offered several benefits. Smart home product adoption has been on the rise in the North American region, with nearly 30 million US households projected to add smart home technology soon. The products consumers are looking to add to their homes include connected cameras (highest demand), video doorbells (2nd highest demand), connected light bulbs, smart locks, and smart speakers (over the last two years).
It is estimated that 12 of the world's 50 smartest cities are in the American region. Furthermore, various governments in the area are promoting the adoption of smart cities. For instance, Las Vegas is testing three pilot projects, with the government allocating USD 500 million to find ways to connect the entire city by 2025.
However, the resource-constrained nature of various IoT devices in a smart home environment, such as meters, thermostats, and entertainment units, among others, does not permit the implementation of standardized security solutions. Therefore, currently, smart homes are vulnerable to security threats.
The rise of high-tech smart devices that store and share personal data poses a serious threat to the privacy of the people in the region and one that is not adequately addressed by existing privacy laws, which could hinder the growth of the overall smart home market in the region.
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United States is Expected to Dominate the Market
The major factors for the growth of the IoT security market in the United States are the high adoption of advanced technologies, increasing cyberattacks, and a growing number of connected devices in the country. The country is one of the dominant regions for IoT deployment. Other factors include the growth in digitalization and IoT security spending in the region.
Moreover, the region houses significant IoT Security vendors, including Symantec Corporation, IBM Corporation, FireEye Inc., and Palo Alto Networks Inc., among others.
The vendors are strengthening their product portfolio and market presence by boosting their product innovation. For instance, in September 2019, Palo Alto Networks Inc. announced that it completed its acquisition of Zingbox, an IoT cybersecurity company. This acquisition will accelerate the Palo Alto Networks delivery of IoT security through its Next-Generation Firewall and Cortex platforms. Zingbox’s cloud-based service uses AI and Machine Learning (ML) technologies to help organizations discover, identify, secure, and optimize connected devices. With the addition of Zingbox, Palo Alto Networks will provide customers IoT security with best-in-class visibility and automated in-line prevention.
Notably, the United States is experiencing an increasing number of cyber threats. According to the Identity Theft Resource Center (ITRC), the average number of breaches in the country has increased marginally over the past few years.
The US government signed the law to establish the Cybersecurity and Infrastructure Security Agency (CISA), to enhance national defense against cyberattacks. It works with the Federal Government to provide cybersecurity tools, incident response services, and assessment capabilities to safeguard the government networks that support essential operations of the partner departments and agencies.
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The competitive landscape of the IoT Security Market in the North American region is fragmented owing to the presence of several regional players in the countries in the region. The market players are increasingly offering innovative solutions for various companies across the industries. Also, the market is witnessing a significant number of collaborations and acquisitions to boost the market presence.
October 2020 - Infinidat, a provider of multi-petabyte data storage solutions, partnered with VMware to provide a complete data center software-defined solution that tackles security threats Current and scalable IoT Edge.
January 2020 - Insight Partners agreed to acquire internet-of-things security business, Armis in a USD 1.1bn deal. The deal represents the largest-ever enterprise IoT security software acquisition. The company’s technology can be used to analyze devices like laptops and smartphones as well as unmanaged smart devices like smart TVs, webcams, printers, HVAC systems, and industrial control systems.