USD 11.7 billion
Report ID:
SQMIG45A2155 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
209 |
Figures:
75
Global IOT Security Market size was valued at USD 11.7 billion in 2022 and is poised to grow from USD 14.39 billion in 2023 to USD 43.11 billion by 2031, growing at a CAGR of 29.8% in the forecast period (2024-2031).
IoT security encompasses a suite of strategies and measures meticulously designed to fortify Internet of Things (IoT) devices, networks, and data against potential threats. Its core purpose revolves around ensuring the seamless functionality of IoT devices while thwarting any malicious tampering.
By safeguarding sensitive information from unauthorized access or leaks, it maintains the integrity of data within the interconnected network. Crucially, IoT security serves as a bulwark, shielding the entire ecosystem from potential cyber threats by erecting barriers against unauthorized entry points.
Global Market Size
USD 11.7 billion
Largest Segment
Cloud-based Solutions
Fastest Growth
Cloud-based Solutions
Growth Rate
29.8% CAGR
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The global IOT security market is segmented into three six major segments i.e. by deployment mode, organization size, product type, component, security type, industry vertical and region. Based on deployment mode the market is segmented as, on-premise, cloud. Based on organization size the market is segmented as, large enterprises, small & medium enterprises. Based on product type the market is segmented as, device authentication & management, identity access & management, intrusion detection system & intrusion prevention system, data encryption & tokenization, others. Based on security type the market is segmented as, network security, endpoint security, application security, cloud security, others. Based on industry vertical the market is segmented as, manufacturing, retail & e-commerce, government & defense, transportation & logistics, energy & utilities, healthcare, others. Based on the end-use industry, the market has been segmented into agriculture, BFSI, healthcare, government, retail, manufacturing, sustainable energy, transportation, IT & telecom, and others. On the basis of components, the market is bifurcated into platforms and solutions & services. Based on Region the market is segmented as, North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Analysis by End-Use
The agricultural sector is anticipated to experience the most rapid growth in terms of CAGR, primarily driven by the increasing demand for field-based sensors and advanced equipment. Within this domain, IoT technology finds versatile applications, ranging from smart farming and precision agriculture to smart greenhouses and the utilization of smart drones, among other innovative practices.
During the forecast period, healthcare and manufacturing sectors are poised to secure the highest market share, marking a significant trend in technological adoption. The manufacturing industry, in particular, is undergoing a profound transformation fueled by Industry 4.0 technologies like the industrial Internet of Things (IIoT), machine learning, and big data analytics. This digital evolution is reshaping manufacturing paradigms, steering the industry towards comprehensive digital transformation.
Analysis by Component
The platform segment is projected to experience the highest CAGR, primarily fueled by the increasing need for robust and efficient platforms catering to downstream data servers and seamless connectivity with enterprise applications. This burgeoning demand underscores the critical role platforms play in facilitating data management, integration, and accessibility across diverse systems within an organization.
Solutions and services are poised to take the lead in the market, projected to secure the highest market share. This dominance stems from diverse industries embracing intelligent solutions to augment their existing systems. A prime example lies within healthcare, where facilities are integrating connected devices to revolutionize medical outcomes.
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In 2022, North America emerged as the frontrunner in market share, primarily propelled by substantial growth across key sectors like healthcare, industrial, and automotive industries. This surge is attributed to the expanding consumer base favoring cloud-based platforms, a trend driving notable advancements. The region witnesses a robust adoption of cloud platforms, a phenomenon bolstered by the proliferation of IoT-enabled devices and escalating investments in technology-focused R&D initiatives.
Asia-Pacific emerges as a leader in the widespread adoption of IoT technologies, chiefly driven by the ambitious smart city initiatives underway throughout the region. The proliferation of these transformative projects underscores Asia-Pacific's pivotal role in embracing IoT solutions to optimize urban infrastructure and services. Furthermore, the region's substantial industrialization, coupled with the burgeoning population of mobile device users, serves as a strong indicator of its potential for significant growth in IoT integration.
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Drivers
Adoption of IoT Devices across Different Industry Verticals to Fuel Market Growth
Restraints
Limitations Associated with Security, Integrity, and Privacy of Data in Connected Devices to Inhibit Growth
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The competitive environment of the global IOT Security Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global IOT security market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The IoT security market is experiencing a robust surge, propelled by the widespread integration of IoT systems across diverse verticals including logistics, government, healthcare, manufacturing, transportation, and more. This expansive adoption coincides with heightened concerns surrounding cybersecurity and the escalating risks of breaches within these interconnected networks. Moreover, the escalating investments by governments in the development of smart cities further fuel this growth trajectory, driving the imperative need for advanced security solutions to fortify these expansive IoT ecosystems against potential cyber threats.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 11.7 billion |
Market size value in 2031 | USD 43.11 billion |
Growth Rate | 29.8% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global IOT Security Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global IOT Security Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global IOT Security Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global IOT Security Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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