Internet of Things (IoT) Security: North American Markets | 2023

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Summary

The North American IoT security markets are experiencing good market growth rate, which is creating intense competition. Consequently, many cloud and managed service providers are facing intense competition from in-house IT teams for IoT security solution deployment. Many upcoming IoT projects intend to implement in-house security systems to implement various security solutions. This may work well in the proof-of-concept stage, but in the longer term, many in-house solutions cannot scale to meet the demands of IoT projects. IoT solution providers who can benefit such companies with purpose built, modular solutions are using SaaS model. This is expected to be best prepared to meet the demand for
IoT security as the IoT market matures and the need for security increases.

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                               Internet of Things (IoT) Security: North American Markets to 2023



In recent years, the IoT security markets in the U.S. has benefited solution developers, which should drive the development and penetration of new technologies and solutions. Solution and service providers should be attuned to new developments and identify which new solutions would fit their IoT portfolio. During the forecast period, a considerable amount of this activity is expected in the U.S. market.

Surging demand for cloud-based enterprise applications is a key driver of the North American IoT security markets. Cloud-based solutions depend on internet connectivity to function in a hosted environment. As a result, the risks of cyber attacks and other threats are constant, which is a growth factor for cyber security providers. Other growth factors include the growth in digitalization and IoT security spending, and the increasing demand for security solutions for connected cars and connected healthcare services. Moreover, the industry has been seeing various partnerships and new product launches in IoT security field in the region. Some of the major players who are involved in these strategic
developments are Sophos, Thales eSecurity, Infineon, BAE Systems, and CENTRI Technology.

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