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North American IoT Security Market to See 25.1% Annual Growth RateWELLESLEY, Mass., Jan. 14, 2019 /PRNewswire/ -- Increasing demand for cloud-based enterprise applications, growth in digitalization and IoT security spending, and the growing demand for security solutions for connected cars and connected healthcare services are advancing the North American Internet of Things (IoT) security market, according to BCC Research. The North American IoT security market was valued at $1.7 billion in 2018 and is expected to reach $5.2 billion by 2023 at a compound annual growth rate (CAGR) of 25.1%, according to the report "Internet of Things (IoT) Security: North American Markets to 2023." Major players in the market include: Sophos, Thales e-Security, Inc., Infineon, BAE Systems plc, CENTRI Tecnology, Cisco Systems, Inc., ForgeRock, Intel Corp. and Symantec Corp., among others. Research Highlights:
"Security management will likely shift from a centralized to decentralized process as the number of devices multiply," the report states. "Similarly, as the sheer volume of data required for managing devices increases, centralized management will reach a point where it ceases effectiveness and efficiency." Start-Up Market for IoT Security Presents Opportunity for Growth The start-up market for IoT security solution developers has been strong in the past year in the North American market. This is expected to be a prime launch pad for new technologies and solutions that address the future needs of IoT security and is a market that is expected to see continuous growth over the next five years. Editors/reporters requesting analyst interviews should contact Eric Surber at [email protected]. Related Links Internet of Things (IoT) Security: North American Markets to 2023 View original content to download multimedia:http://www.prnewswire.com/news-releases/north-american-iot-security-market-to-see-25-1-annual-growth-rate-300777643.html SOURCE BCC Research |