Internet Of Things (IoT) Security Market to Benefit from Characteristics, Specialized Endpoint, Industrial IoT & Grand Visionary Ideas in North America

North America Internet Of Things (IoT) Security Market - Segmented by Type of Security (Network, End-point, Application), Solution (Identity Access Management, Intrusion Prevention System, Data Loss Protection), End User (Automotive, Manufacturing, Healthcare), and Region - Growth, Trends, and Forecasts (2018 - 2023)

The North American IoT security market was valued at USD 136.56 million in 2017, and it is expected to reach a value of USD 588.31 million by 2023, at a CAGR of 27.56%, over the forecast period (2018 - 2023). The scope of the report is limited to solutions offered by players, including providers of security for hardware, applications, and data storage.

The increasing adoption of industrial IoT across major manufacturing facilities, coupled with the growing use of IoT in retail and the burgeoning connected car market, has driven the adoption of cloud-based systems and increased the number of end-point devices.

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However, these have led to greater vulnerabilities in the systems, leading to increasing cyberattacks and breaches. And thus, have been the primary factors in driving the adoption of IoT security solutions in the region.

Healthcare to Witness the Greatest Adoption

With IoT drifting towards healthcare, and data from devices flows from patients’ wrist to physicians’ charts, the Food and Drug Administration (FDA) is keeping up the pace with the fast-evolving technologies. From EHRs (Electronic Health Records) to population health management, security solutions are the core for organizations to collect, circulate and utilize data and information across their ecosystem. Electronic Protected Health Information (ePHI) is the top priority for IT departments, specifically because of the U.S. Department of Health and Human Services Security Rule. Patient authentication is essential in IoT paradigm because it ensures to generate correct information and shared with the correct patient. One-to-one link between patients and their medical records is created for patient identification. Providers with integration of devices will become part of the credential set for patients, which requires a secure enrolment process to bind devices to patient identities. Thus, the healthcare institutions are increasingly adopting the five key functions of security—IAM, encryption, application security, and network security — across many possible end point devices and channels involved within the firm architecture.

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Growing Number of Data Breaches

North America has made significant progress in the adoption of IoT, particularly in the manufacturing and automotive sectors. However, the increasing number of data breaches has led to the demand for IoT security solutions. Cloud services are experiencing high adoption, due to the demand for IoT. This rise in the use of cloud systems, across various verticals, has increased the vulnerabilities of these systems to data breaches. According to Kaspersky, in 2017, the average cost of a data breach in North America is USD 1.3 million for large enterprises and USD 117,000 for small and medium-sized businesses (SMBs). These factors are expected to be instrumental in driving the growth of the North American IoT security market.

End-point Security Solutions to Witness the Fastest Growth

With rapid adoption of IoT, the demand for strict regulations and security packages to protect confidential data across different verticals, such as government, banking, retail, manufacturing, among others, is increasing, and is expected to drive the growth of the end-point security market. Further, the growing adoption of various cloud applications, with the deployment of IoT, leads to many organizations opting for cloud security solutions. According to The Center for Strategic and International Studies (CSIS), a United States based think tank, cybercrimes lead to an annual loss of more than USD 445 billion, globally. Some of the other major statistics from the same think tank states- 40 million US citizens lost their personal data to hackers, 54 million people were affected by the same in Turkey, 16 million in Germany and more than 20 million in China. These cyberattacks have pushed endpoint security vendors to come up with newer perspectives to deal with increasing security threats to their IoT devices.

The key players in the market include: Symantec Corporation, IBM Corporation, Check Point Software Technologies, Intel Corporation, HP Enterprise Company, FireEye Inc., Infineon Technologies AG, Trustwave Holdings, Gemalto NV, AT&T Inc., and Palo Alto Networks Inc.

Key Developments in the Market

August 2017 - Cisco acquired Observable Networks. This acquisition was aimed at diversifying Cisco’s security portfolio in cloud security capabilities, and providing security support and compliance for applications deployed on public cloud platforms, such as Amazon Web Services (AMZN) and Microsoft (MSFT) Azure.

November 2017 - IBM acquired Agile 3 Solutions, a San Francisco-based company, which develops software used by C-Suite and senior executives, to better visualize, understand, and manage risks associated with the protection of sensitive data. The acquisition is aimed at complementing the company’s security solutions across cloud and IoT platforms.

January 2018- IBM partnered with Maersk, global logistics, a transport leader, to use blockchain technology to create a digitized global trade platform, and create a more efficient and secure process for conducting global trade. The companies also aimed at tapping artificial intelligence (AI), Internet of Things (IoT), and analytics technologies to enhance the movement and tracking of goods digitally across the world. Through this partnership, IBM aims to develop and strengthen its position and product portfolio in the transportation and logistics sector.

Reasons to Purchase this Report

The growing number of data breaches act as drivers to the North American market scenario.
Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
The solutions and type of security expected to dominate the market.
The regions that are expected to witness fastest growth during the forecast period.
Identify the latest developments, market shares. and strategies employed by the major market players.
Three month analyst support, along with the Market Estimate sheet (in excel).
Customization of the Report
This report can be customized to meet your requirements.

Companies Mentioned:

Symantec Corporation,
IBM Corporation,
Check Point Software Technologies,
Intel Corporation,
HP Enterprise Company,
FireEye Inc.,
Infineon Technologies AG,
Trustwave Holdings,
Gemalto NV,
AT&T Inc.,
Palo Alto Networks Inc.

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