The Internet of Things (IoT) security market is set to grow from $7.9bn this year to $37bn by 2021, according to a report by RnR Market Research. Banking, financial services and insurance are predicted to be the biggest players in the security market, with the increased adoption of mobile banking, while North America is expected to grab the largest market share, due to technological advancements. “IoT devices will become an integral part of our everyday lives, but they also present new opportunities for cybercriminals looking to steal data or disrupt critical infrastructure,” said John Chambers, chief executive officer
The Internet of Things (IoT) security market is set to grow from $7.9bn this year to $37bn by 2021, according to a report by RnR Market Research. Banking, financial services and insurance are predicted to be the biggest players in the security market, with the increased adoption of mobile banking, while North America is expected to grab the largest market share, due to technological advancements. The Asia-Pacific region will see the biggest growth while markets in Latin America and the Middle East are untapped.