IoT Security Market: Global Industry Analysis and Forecast (2023-2029)

Global IoT Security Market size was valued at US$ 18.19 Bn. in 2022 and the total revenue is expected to grow at a CAGR of 22.1% through 2023 to 2029, reaching nearly US$ 73.60 Bn.
IoT Security Market Overview:
The IoT Security Market is expected to grow rapidly at a CAGR of 22.1% during the forecast period 2022-2029. IoT security is a branch of technology dedicated to safeguarding connected devices and networks in the internet of things (IoT). Connecting a system of interconnected computing devices, mechanical and digital machinery, goods, animals, and/or people to the internet is referred to as the Internet of Things (IoT).

IoT gadgets require secure hardware, software, and communication to function properly. If IoT security isn't in place, anything linked, from refrigerators to factory automation, can be hacked. Once in control, hackers can take over the object's functionality and steal the user's digital data.To know about the Research Methodology:-Request Free Sample Report
COVID-19 Influences on the IoT Security Market:
Businesses and organisations all throughout the world have been impacted by the COVID-19 pandemic. In the midst of the COVID-19 crisis all around the world, communication is critical. Every citizen and government in society, including the federal, state, central, local, and provincial governments, has been in constant contact with one another to supply and receive real-time COVID-19 information.

Healthcare, telecommunications, media and entertainment, utilities, and government organisations are all working around the clock to stabilize the situation and ensure that everyone has access to important services. Modern civilization has become increasingly dependent on remote working, video streaming, and worldwide internet connectivity.

According to a survey conducted by the International Trade Union Congress, 65 percent of countries support the work-from-home approach. Almost all firms have halted all business-related travel as a result of the same; roughly 80% of organisations have provided a work-from-home facility to their employees all over the world. Companies are increasingly depending on remote-based workforce monitoring to manage employees who work from home, which is driving up demand for IoT solutions.

This contributes to increased transparency, real-time tracking, improved safety, and government compliance. Remote workforce and enterprise cybersecurity, on the other hand, is critical in providing services to clients during lockdowns. As a result, IoT security suppliers have a huge market opportunity.
IoT Security Market Dynamics:
Digitally connected equipment and applications are infiltrating every element of human life in the Internet of Things era, including homes, offices, cars, and even human bodies. Connected objects have all been smartly calibrated to take full advantage of the advantages of being online. As IPv6 is implemented and Wi-Fi networks are widely deployed, the Internet of Things is growing at a rapid rate. Cybercriminals are becoming more attracted to the Internet of Things as a result. If a device is hacked, it's easy to reset it and apply new fixes. Hackers have a hard time exploiting IoT devices due to their diversity, requiring different methods to target each.

These hackers, on the other hand, are bypassing these obstacles by targeting the correct equipment at the right time and location, preventing it from being reset and forcing the owners to pay the ransom. According to Kaspersky's research, cyber attacks against internet-of-things (IoT) devices increased by 100% in the first six months of 2021. More than 1.5 billion IoT threats have been detected by the organisation, up from 639 million in the previous half-year, which is more than double the amount.

These terrifying vulnerabilities discovered on IoT devices have pushed IoT security to the top of the priority list of issues that must be solved as soon as possible. Because of the increased severity and frequency of ransomware attacks, IoT suppliers are being forced to develop security solutions for IoT ransomware, which is driving the market.

The lack of awareness regarding security that is associated with the appropriate company portfolio is hampering the IoT security market's growth. In Latin America, the Middle East, and North Africa, a majority of customers do not know and cannot utilize the security goods and services available in the market.
IoT Security Market Segment Analysis:
The IoT Security Market is segmented by Component, Solution, Service, Type, Application area, Deployment Mode, and Organisation Size.

Based on the Component, the market is segmented into Solutions, and Services. Solutions segment is expected to hold the largest market shares of xx% by 2029. Any IoT network must have security in place to secure data confidentiality and authorised control over connected devices. With the rising use of IoT in a variety of industries, IoT security must be maintained according to the industry in which it is used.

As the number of IoT deployments grows, so does the intensity of cyber attacks. Identity access management, data encryption and tokenization, intrusion detection/prevention systems, device authentication and management, secure software and firmware updates, secure communications, PKI lifecycle management, DDoS protection, security analytics, and other solutions are all used in IoT security solutions.Based on the Type, the market is segmented into Network Security, Endpoint Security, Application Security, Cloud Security, and Other Security Types. Network Security segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. The backbone of the IoT ecosystem is networking, and the growing number of network protocols is one of the key factors driving network security growth. Under network security, wireless communication, gateways, and remote access are all covered.

Traditionally handled by network administrators, certain parts of network security management are increasingly being handled by highly trained machines. This change in security management tasks allows human workers to devote more attention to more sophisticated security efforts.

Based on the Application Area, the market is segmented into Smart Manufacturing, Smart Energy and Utilities, Connected Logistics, Smart Home and Consumer Electronics, Connected Healthcare, Smart Government and Defense, Smart Retail, and Other Application Areas. Smart Energy and Utilities segment is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. This is due to the increased use of IoT in various devices such as smart metres, smart appliances, and renewable energy resources.

Energy and utility industries are being revitalised by the Internet of Things, which allows them to take advantage of new business-enhancing and cost-cutting technologies and practises. IoT allows for continuous monitoring of widely dispersed processes, automated remote infrastructure control, and the deployment of efficient smart-grid technology, among other things. Most importantly, IoT devices provide a steady supply of Big Data, allowing for more in-depth business insights and better-informed decision-making.
Regional Insights:
Asia Pacific region is expected to dominate the IoT Security market during the forecast period 2023-2029. Asia Pacific region is expected to hold the largest market shares of xx% by 2029. Major economies in Asia Pacific, such as Singapore, Japan, China, India, and Australia, provide considerable development prospects for IoT security suppliers. The key factors driving the IoT security market growth in this region are rising government initiatives, growing demand for rapid computing, virtualized environments, analytics, security, digitalization, and high-volume networking, and rising overall internet speed and responsiveness.

North America region is expected to grow rapidly at a CAGR of xx% during the forecast period 2023-2029. The adoption of IoT has been boosted by new business models and applications, as well as lower device costs, which has resulted in an increase in the number of linked devices, such as connected cars, machinery, metres, wearables, and consumer electronics.

Attacks against consumer IoT are common, but the threat is heightened by the likelihood of disruption in manufacturing and other industries. Businesses, consumers, and regulators are all paying attention to IoT security. Enterprises that provide IoT-based solutions around the world are spending extensively on the security aspect of these solutions as a result of their growing significance.

The high adoption of advanced technologies, increased cyber attacks and a growing number of connected devices in the United States are the key factors driving the IoT security market in the country. The country is one of the leading IoT implementation regions. Other factors include the region's increasing digitization and IoT security spending.

The objective of the report is to present a comprehensive analysis of the Global IoT Security Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Global IoT Security Market dynamic, structure by analyzing the market segments and project the Global IoT Security Market size. Clear representation of competitive analysis of key players by Platform, price, financial position, product portfolio, growth strategies, and regional presence in the Global IoT Security Market make the report investor’s guide.
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IoT Security Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 18.19 Bn.


Forecast Period 2023 to 2029 CAGR:
22.1%
Market Size in 2029:
US $ 73.60 Bn.


 Segments Covered:
by Component
Solutions
Services


by Solution
Identity and Access Management
Data Encryption and Tokenization
Intrusion Detection System/Intrusion Prevention System
Device Authentication and Management
Secure Communications
PKI Lifecycle Management
Distributed Denial of Service Protection
Security Analytics
Other Solutions


by Service
Professional services
Managed Services


by Type
Network Security
Endpoint Security
Application Security
Cloud Security
Other Security Types


by Application Area
Smart Manufacturing
Smart Energy and Utilities
Connected Logistics
Smart Home and Consumer Electronics
Connected Healthcare
Smart Government and Defense
Smart Retail
Other Application Areas


by Deployment Mode
On-Premises
Cloud


by Organisation Size
Small and Medium Enterprises
Large Enterprises



IoT Security Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players are:
1. Microsoft (US)
2. AWS (US)
3. Google (US)
4. IBM (US
5. Intel (US)
6. Cisco (US)
7. Ericsson (Sweden)
8. Thales (France)
9. Allot (Israel)
10.Infineon (Germany)
11.Atos (France)
12.Magiccube (US)
13.Dragos Security (US)
14.Claroty(US)
15.Karamba Security (Israel)
16.Vdoo (JFrog) (US)
17.Forgerock (US)
18.Ordr (US)
19.Newsky (US)
20.Armis (US)
21.Mobileum(US)
22.Trend Micro (Japan)
23.Sophos (UK)
24.Checkpoint (US)
25.Fortinet (US)

Frequently Asked Questions:

1] What segments are covered in IoT Security Market report?
Ans. The segments covered in IoT Security Market report are based on Component, Solution, Service, Type, Application area, Deployment Mode, and Organisation Size.

2] Which region is expected to hold the highest share in the IoT Security Market?
Ans. Asia Pacific is expected to hold the highest share in the IoT Security Market.

3] Who are the top key players in the IoT Security Market?
Ans. Microsoft (US), AWS (US), Google (US), IBM (US, Intel (US), Cisco (US), Ericsson (Sweden), Thales (France), Allot (Israel), and Infineon (Germany) are the top key players in the IoT Security Market.

4] Which segment holds the largest market share in the IoT Security market by 2029?
Ans. IoT Security Solutions segment hold the largest market share in the IoT Security market by 2029.

5] What is the market size of the IoT Security market by 2029?
Ans. The market size of the IoT Security market is expected to reach US $ 73.60 Bn. by 2029.

6] What was the market size of the IoT Security market in 2022?
Ans. The market size of the IoT Security market was worth US $ 18.19 Bn. in 2022.