North America to Lead Growth in Global IoT Security, Reaching $51.4B in 2024

IoT security will exceed $51.42 billion in 2024, with a 22.3 percent compound annual growth rate the next five years, reported BIS Research Friday. It cited “the increasing number of data breaches, growing demand for IoT security regulations and guidelines, and the rising security demand for critical infrastructure.” North America is expected to lead the market in 2019, followed by Europe, and is expected to “maintain its dominance” during the period: “This unprecedented growth in North America is primarily attributed to the efforts made by federal bodies to provide IoT security regulations and guidelines. Moreover, the region is known for being one of the fastest technology adopters with a base to many key players.”