USD 11.7 billion
Report ID:
SQMIG45A2155 |
Region:
Global |
Published Date: June, 2024
Pages:
157
|Tables:
126
|Figures:
77
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).
Internet of Things security refers to the protection of IoT devices and the networks used to connect these devices from data theft and alteration by hackers and other malicious agents. One of the key factors for market growth is the need to strengthen the further evolution of Internet-of-Things devices using them with stringent security, increasing the openness of the process, and providing consumers with an option not to share their data. Consequently, cyberattacks are on the rise with the use of 3G, 4G LTE, and wireless technology. These cellular networks facilitate the flow of real time and transactional data essential to users, stressing the need to secure IoT.
The growth of IoT adoption in areas like Personal Health Monitors, home automation, smart city programs, and smart retail enhances the requirement for adequate security control in IoT systems. The tendency of organizations to store data in cloud technologies increases the likelihood of unauthorized data access. As more organizations embrace the ‘bring-your-own-device’ (BYOD) policy, the exposure of data to attack increases. As such, a multitude of companies need strong security measures in place. Deploying both firewalls and data loss prevention mechanisms hand in hand with IoT security solutions increases an organization protection against cyber threats tremendously.
Global Market Size
USD 11.7 billion
Largest Segment
Solutions
Fastest Growth
Solutions
Growth Rate
29.8% CAGR
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Global IoT Security Market is segmented by Offering, Type, Data Sensitivity, Application, and region. Based on Offering, the market can be segmented into Solutions (Identity and Access Management, Data Encryption and Tokenization, Intrusion Detection System and Intrusion Prevention System, Device Authentication And Management, Secure Communications, Public Key Infrastructure Lifecycle Management, Distributed Denial Of Service Protection, Security Analytics, Others), Services (Professional Services [Implementation, Consulting, Support and Maintenance], Managed Services). Based on Data Sensitivity, the market can be segmented into High-Sensitive Data, Low and Moderate Sensitive Data. Based on Type, the market can be segmented into Network Security, Endpoint Security, Application Security, Cloud Security, Others. Based on Application, the market is segmented into Smart Manufacturing, Smart Energy and Utilities, Connected Logistics and Transportation, Smart Home and Consumer Electronics, Connected Healthcare, Smart Government and Defense, Smart Retail, Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Offerings
The Solutions segment holds the largest market share in the IoT Security market. The solutions classified into Identity and Access Management, Data Encryption and Tokenization, Intrusion Detection System and Intrusion Prevention System, Device Authentication and Management. Out of all the segments, the IAM (Identity and Access Management) segment is expected to have the largest market size in the coming years. Thus, protecting data from unauthorized access and gaining control over connected devices are critical factors in protecting any IoT network. With IoT already embedding into different fields, it becomes essential to adapt security to the needs of each industry. According to the report, an increase in IoT deployments has been associated with a rise in cyberattacks directed at these networks. To address these threats, IoT security solutions employ various approaches, such as identity and access management, device authentication, and management, and PKI lifecycle management
The services segment is bifurcated into professional services and managed services. Within this contrast, professional services are anticipated to accrue substantial revenue on a global scale. The swiftly transforming IoT ecosystem is expected to propel the necessity for highly adaptive and responsive managed security services. As the complexity and breadth of IoT implementations expand, organizations will increasingly rely on expert guidance and specialized support to navigate security challenges effectively. Consequently, the demand for professional services, encompassing consultancy, integration, and support, will rise significantly. Simultaneously, the growing intricacy of IoT environments will necessitate robust managed services capable of providing continuous monitoring, threat mitigation, and security management to safeguard interconnected devices and networks.
Analysis By Application
The smart manufacturing segment stands as the foremost contributor to the market and is projected to expand at a compound annual growth rate of 30.5% throughout the forecast period. Some of the factors that are expected to drive this segment’s growth include wireless technologies, BYOD policies, and the adoption of cloud-based solutions. Smart manufacturing empowers the factory managers for capturing and processing of various data for better decision and making better control on the manufacturing process. Solutions for IoT connectivity at the factory level provide a direct link between sensors and devices with the cloud to support the effective flow of data and increase production efficiency.
On the other hand, Connected Healthcare stands out as the domain that enjoys the fastest pace of growth in the sphere of IoT security. The increasing use of IoT devices in the health sector for patient monitoring, telemedicine, and even managing patient information increases the need for robust security measures. The criticality of healthcare data and the increasing frequency of cyber attacks in this area are fostering significant advancements and investment into the realm of IoT security facilities.
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The Asia-Pacific region dominates the Internet of Things security market and is expected to grow at a CAGR of 27%. 6% for the same period of the forecast period. This analysis includes major countries, including China, India, Japan, and Australia, as well as the greater Asia-Pacific region. Singapore, Japan, China, India and Australia are the primary markets for IoT security vendors, which are packed with growth opportunities. Some of the factors that have led to the growth of this region’s market are increasing governmental projects, growing needs for high-speed computing, virtualization, analytics, strong security, digital transformation, dense networking, and improved internet speed and response time. On the other hand, market expansion comes with challenges such as the establishment of key operational infrastructures being in their infancy in emerging economies, a lack of understanding of the benefits of IoT security solutions, and a lingering inclination towards 3G and 4G LTE networks.
North America is poised to experience growth during the forecast period. This analysis of North America IoT security risk includes the United States and Canada. The increased number of novel go-to-market strategies, use cases, and affordability of the devices has propelled the growth of the Internet of Things and, subsequently, the interconnected gadgets like wearables, consumer electronics, vehicles, and industrial assets. Although consumer IoT devices remain vulnerable to threats, attacks can cause disruptions in sectors such as manufacturing. Therefore, IoT security is an issue of concern to enterprises, consumers, and regulatory authorities, and global IoT solution providers are spending significantly on the security of the solutions they provide. Therefore, the market for IoT security in the U. S. benefits from advanced technology adoption, increasing cyber threats, and a growing number of connected devices. According to the research, the nation is an ideal choice for IoT implementation due to increasing digitalization and significant expenditure on IoT security solutions.
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Drivers
Growing Number of IoT Devices:
Stringent Regulatory Requirements:
Restraints
Complexity and Heterogeneity:
Cost Concerns:
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The Internet of Things (IoT) Security Market features intense competition among key players. Leading companies, including Cisco Systems, IBM, Symantec, and Palo Alto Networks, vie for market dominance. These firms offer a diverse range of IoT security solutions, from device authentication and encryption to network monitoring and threat detection. Startups and niche players also contribute to the competitive landscape, focusing on specialized security solutions and innovative technologies. As the IoT landscape continues to expand, competition in the security market remains fierce, driving continuous advancements in IoT security offerings and strategies to safeguard connected devices and data.
Top Player’s Company Profiles
Recent Developments
In January 2023, Arm acquired IoT security company Trustonic for $1.1 billion. Trustonic provides security solutions for IoT devices, including smartphones, wearables, and connected cars.
In February 2023, Cisco acquired IoT security company Cloudlock for $2.6 billion. Cloudlock provides cloud-based security solutions for IoT devices.
In March 2023, Microsoft acquired IoT security company RiskIQ for $1 billion. RiskIQ provides security solutions for identifying and mitigating threats to IoT devices.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the future prospects for the Internet of Things (IoT) Security Market are promising, driven by the increasing adoption of IoT devices across various industries. As IoT ecosystems continue to expand, so do the security threats, making robust IoT security solutions essential. Key factors such as the growing awareness of cybersecurity risks, stringent regulatory requirements, and the need to protect critical infrastructure will drive substantial market growth. Innovations in IoT security technologies, including AI-based threat detection and blockchain-based authentication, are expected to play a pivotal role. The market is poised for continuous expansion, presenting significant opportunities for cybersecurity companies and investors.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 11.7 billion |
Market size value in 2031 | USD 43.11 billion |
Growth Rate | 29.8% |
Base year | 2023 |
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 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 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 IoT Security Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the IoT Security Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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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.
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Report ID: SQMIG45A2155