Global IoT Security-as-a-Service Revenue to Reach $563 Million in 2020, According to VDC Research
Natick, MA (PRWEB) March 31, 2016 -- Revenue for cloud-based automated security services for IoT systems is forecast to rise from $207M in 2015 to $563M in 2020, a CAGR of 22.2%, according to a new report from VDC Research (click here for more info). The report, entitled IoT Security-as-a-Service: Addressing the Evolving Needs of Connected Systems, examines security-as-a-service solutions for IoT in two major categories: Identity & Access Management; and Threat Detection, Prevention & Response.
As with much of the software industry, many IoT security solutions are transitioning to cloud-based services. This shift is being driven by technological requirements for cloud-based components in IoT, business model migration of software vendors, and demand-side factors that benefit both OEMs and end users from service delivery. In addition, IoT-oriented features are becoming a more common component of IT cloud security solutions. Many existing IT security vendors now have offerings in this space, but it is also ripe for startups.
“Because IoT systems are by definition connected to the Internet, managing and monitoring their security from their cloud is a natural fit, especially when other features and functions are already being controlled from the cloud,” notes Steve Hoffenberg, Director of IoT & Embedded Technology at VDC Research. “However, cloud-based security-as-a-service is a supplement to, not a replacement for, other IoT security measures such as embedded security hardware, middleware, and application software.”
About VDC Research
VDC Research is a leading technology market analyst firm covering the connected world, focusing on embedded devices and enterprise mobility. Founded in 1971, the firm provides critical market intelligence to the world's leading technology vendors, who rely on its analysts for the data, ideas, and insights they need to make impactful strategic decisions with confidence.
Steve Hoffenberg, VDC Research Group, Inc, http://www.vdcresearch.com, +1 (508) 653-9000 Ext: 143, [email protected]
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