The Forecasted Growth of Future IoT Security Market Based on Smart City Development

The IoT market is growing on a global scale. Today, people use devices for everything. From a home’s AC to a home’s gates, everything can be controlled with smart devices. The IoT market flourishes on different prospects of growth, starting from smart homes to smart cities. A lot of manual functions can be taken over by devices. Since this process will take years, the growth of the IoT market will persist over the next few years. Till the year 2025, there are great prospects of IoT market growth. IoT applications are over different spheres of public life. Therefore, there are many segments of the global IoT sector.

The IoT security applications market is a major segment of the international IoT market. The IoT security market reached a valuation of $1.95 billion in 2020. On the other hand, the growth of the IoT security application market persists over 2021, and the market value will reach a mark of $2.2 billion. The CAGR for the IoT security market will grow at a double-digit rate of 13.8 percent. Moreover, the CAGR will double by 2025 and reach a mark of 30 percent. The market valuation will reach $ 6.43 billion.



The move towards device-powered life after the pandemic to reduce human contact is support for market growth in the next few years. The development of the smart city infrastructure and its implementation around the world is also great support for the IoT security market. There are various aspects of the smart city that need to be covered by IoT solutions. People need a sustainable lifestyle enabled by IoT devices. From traffic management to security enhancement, many things are ensured by the global IoT sector and security market. The enhanced security system in smart cities is necessary to control the crime rate in modern smart cities.

This can only happen by the use of IoT devices, connecting IoT devices to each other to create a data-backed network for security. This way, the authorities monitor the security measures of a smart city at any given time. On the other hand, the security devices will be used in single homes at an individual level. Thus, the IoT security devices of the future apply not just at an urban ecosystem level but also at a domestic level.

The creation of smart cities and their growth in different parts of the world will fuel the growth of the IoT security market at a global level. The smart city concept is still at a fledgling level in the world. By 2025, smart cities around the world will grow in number and scale. This will further empower the global IoT security market to project double the growth it projects today. Since enhanced security is an important aspect of a smart city, the global IoT security market is at an advantage for the next few years. One can only wait to see if the projections for the global IoT market will be true in the near future.