North America IoT Security Market Size

North America IoT Security Market Analysis

The North America IoT Security Market size is estimated at USD 9.79 billion in 2024, and is expected to reach USD 26.44 billion by 2029, growing at a CAGR of 21.97% during the forecast period (2024-2029).

• 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 machines, wearables, cars, meters, and consumer electronics.
• Attacks on consumer IoT devices are prevalent, and the overall possibility of disruption in manufacturing and similar industries makes the threat more serious. Various end-user industries in the United States and Canada have faced considerable security attacks in various industries in the past few years. 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.
• For instance, in October 2022, Datadog, Inc., the monitoring and security platform for cloud applications, declared the general availability of Cloud Security Management. This product brings together capabilities from Cloud Security Posture Management (CSPM), Cloud Workload Security (CWS), alerting, incident management, and reporting in a single platform to enable DevOps and Security teams to identify misconfigurations, detect threats, and secure cloud-native applications.
• Moreover, the increasing dependency on connected devices is creating the need to keep the connected devices secure. This significant growth is anticipated to be driven by the growing industry focus on deploying a connected ecosystem as well as the standardization of 3GPP cellular IoT technologies.
• With the growing number of devices connected to the Internet, the cyber world is anticipated to witness a significant rise in the occurrence and emergence of new threats and attacks. IoT devices are particularly vulnerable to various network attacks, such as data theft, spoofing, phishing attacks, and DDoS attacks (denial of service attacks). These can lead to various cybersecurity-related threats like ransomware attacks and other serious data breaches that can take businesses a lot of money and effort to recover from.
• However, the growing complexity among devices, coupled with the lack of ubiquitous legislation, could be a major matter of concern that can limit the overall market’s growth throughout the forecast period.
• Since the beginning of COVID-19, there has been an increase in IoT attacks, and hence, countries worldwide have implemented several preventive measures. With communities being asked to stay at home and schools being closed, multiple organizations have found a way to allow their employees to work from their homes. This has resulted in a rise in the adoption of video communication platforms. Moreover, during the post-COVID-19 period, the market is expected to witness significant growth opportunities, especially due to the introduction of various cost-effective cloud-based and hybrid solutions by the leading major market participants.