#IoT expected to reach a value of USD 6062.77 million by 2024

The internet of things (IoT) market was valued at USD 1130.16 million in 2018, and it is expected to reach a value of USD 6062.77 million by 2024, registering a CAGR of 31.87% over the forecast period 2019

  • 2024. The emerging applications and business models, coupled with the falling device costs, have been driving the adoption rate of IoT, which is, consequently, influencing the number of connected devices, such as connected cars, machines, meters, wearable, and consumer electronics
  • Increasing dependency on the connected devices is creating the need to keep the connected device secure. According to Ericsson, it is estimated that nearly 400 million IoT devices, with cellular connections in 2016, are projected to reach 1.5 billion by 2022. This robust growth is expected to be driven by the increased industry focus on deploying a connected ecosystem and the standardization of 3GPP cellular IoT technologies.
  • In 2019, for instance, Symantec Corp. announced a new service that enables its Cloud Workload Protection (CWP) solution and AMZN GuardDuty from Amazon, to provide automated remediation and enhanced threat intelligence for Amazon Web Services (AWS) workloads and storage. This new service is anticipated to help enterprises to navigate the complex security landscape, allowing AWS customers to automate and streamline critical components of cloud security.
  • Increasing number data breaches, emergence of smart cities, are some of the factors driving the market.
  • However, factors, such as the dearth of skilled workforce and less awareness about the importance of the IoT security solutions hinder the market growth.

Scope of the Report
IoT security is the technological area concerned with mitigating cyber threats regarding connected devices and networks in the internet of things. IoT involves adding internet connectivity to a system of interrelated computing devices, mechanical and digital machines, objects, and/or people. This interconnectivity of devices through the internet opens them up to a number of serious vulnerabilities if they are not properly protected. This market is characterized by growing levels of product penetration, moderate/high product differentiation, and high levels of competition.

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