Fast Facts: 400% Growth Forecast In IoT Security Market

In the fast-paced IT industry, new statistics and data are released daily. Each week, Enterprise Mobility Exchange publishes Fast Facts, taking a look at interesting or noteworthy information impacting businesses.

There’s a legitimate reason why the Internet of Things (IoT) is being renamed in many circles as the Internet of Everything, because, well, if a device can connect to the web or another machine, it falls under that umbrella. And that essentially incorporates every computing device being manufactured today.

At the base of IoT is mobility – after all, the untethered web-connected movement began once employees left their desks and started using mobile devices to continue doing business. As such, the proliferation of devices has caused more data, and more information, to be spread across an innumerable amount of threat vectors.

See related: ZingBox Bolsters IoT Security Offering With $22M In Funding

If securing company data wasn’t important before, it’s paramount now, which would explain the forecasted skyrocketing in the market. According to MarketsandMarkets, the growth of the IoT Security is expected to see a compound annual growth rate of 34.4% through 2022. In real dollars, the market saw a value of $6.62 billion in 2017, and is expected to top $29.02 billion by 2022.

The forecast also shows North America, specifically the U.S. and Canada, will be the main drivers of the growth, citing healthcare and smart manufacturing industries as the catalyst.

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