What is the Global market size of IOT Security Market?

Global IOT Security Market size was valued at USD 9.01 billion in 2021 and is poised to grow from USD 11.7 billion in 2022 to USD 94.27 billion by 2030, growing at a CAGR of 29.8% in the forecast period (2023-2030).

Global IOT Security Market Size, Share, Growth Analysis, By Deployment Mode(On-Premise, Cloud), By Product(Device Authentication & Management, Identity Access & Management), By Organization Size(Large Enterprises, Small & Medium Enterprises), By Security(Network Security, Endpoint Security), By Industry Vertical(Manufacturing, Retail & E-Commerce), By Component(Platforms and Solutions & Services), By End-use(Agriculture, BFSI) - Industry Forecast 2024-2031

Report ID: SQMIG45A2155 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 209 | Figures: 75

Global IOT Security Market Regional Insights

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.

Global IOT Security Market Report Snapshots

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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).

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. 'Allot Ltd.', 'Armis Inc.', 'CENTRI Technology', 'Cisco Systems, Inc.', 'ForgeRock Inc.', 'Fortinet Inc.', 'Gemalto NV', 'International Business Machines (IBM) Corporation', 'Infineon Technologies AG', 'Intel Corporation', 'Mocana Corporation', 'Newsky Internet Limited', 'SecuriThings', 'NortonLifeLock Inc. (Symantec Corporation)', 'ZingBox Inc.'

The logistics industry's escalating integration of IoT devices has become a catalyst for market growth, facilitating predictive maintenance, real-time machinery monitoring, and optimization of supply chain operations. Leveraging sensors capable of monitoring variables such as temperature and vibration enables predictive analysis, foreseeing and preventing potential machine failures.

The current market landscape benefits from a swift embrace of new technologies geared toward process automation, elevating customer experiences, and enabling remote work capabilities. Organizations are actively investing in digital platforms that heavily rely on interconnected devices to streamline operations, fostering a promising market trajectory. This surge in technological integration parallels an increased dependence on cloud-based services and data analytics tools, marking a pivotal shift in operational paradigms.

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Global IOT Security Market Regional Insights

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