As per a report titled “Internet of Things (IoT) Security: North American Markets to 2023,” published by ReportLinker, an award-winning market research solution, the North American IoT security markets are showing a promising growth rate. The markets are flushing with IoT security solutions, creating intense competition in the IoT security market space. As a result, many cloud, and managed service providers are facing fierce competition from in-house IT teams for IoT security solutions and deployments.
The Report Includes: 12 data tables; an in-depth analysis of North American markets for security technologies for the Internet of Things (IoT); analyses of global market trends, with data from 2017 to 2018, and compound annual growth rates (CAGRs) projections through 2023; quantification of the market potential for North American markets for security technologies for the IoT applications; a look at key trends in the market; descriptive study with focus on various organizations and inorganic market development strategies; and technological assessment of the competitive landscape and company profiles of major IoT security solution providers.
The report highlights that many upcoming IoT projects are moving towards in-house security systems and solutions. This industry inclination may seem to look okay at the proof-of-concept stage, but in long-term, many of these in-house solutions suffer from a major drawback, i.e. scalability, they cannot scale to meet the demands of today’s IoT projects.
In recent years, looking at major cyber attacks, the IoT security markets in the U.S. has proven beneficial for solution developers. The report calls for attunement of solution and service providers to new developments and trends, and also identify which of them would fit their IoT portfolio.