IoT Security Market

Market Overview

The IoT security market is experiencing robust growth driven by the increasing adoption of Internet of Things (IoT) devices across various industries. As the number of connected devices continues to soar, concerns about cybersecurity threats and vulnerabilities have escalated, propelling the demand for advanced security solutions. Organizations are investing heavily in IoT security to safeguard sensitive data, prevent unauthorized access, and mitigate potential cyber risks. The market is characterized by a proliferation of innovative technologies such as blockchain, artificial intelligence, and machine learning, aimed at fortifying the resilience of IoT ecosystems. Additionally, stringent regulatory frameworks and compliance requirements are compelling businesses to prioritize IoT security solutions, further fueling market expansion. With a growing awareness of the critical importance of securing IoT infrastructures, the IoT security market is poised for sustained growth as companies seek comprehensive, adaptive security measures to protect their interconnected environments.

IoT Security Market Size

Report	Details
Market Size Value	USD 20.9 billion in 2024
Market Size Value	USD 40.7 billion by 2032
CAGR	25.50%
Forecast Period	2024-2032
Base Year	2023
Historic Data	2020
Segments Covered	Offering, Type, Data Sensitivity, Application area and Region
Geographics Covered	North America, Europe, Asia Pacific, and RoW

Major vendors in the global IoT Security Market:  Broadcom Inc. (Symantec Corporation), IBM Corporation, Check Point Software Technologies Ltd., Intel Corporation, Hewlett Packard Enterprise Co., Cisco Systems Inc., Fortinet Inc., Trustwave Holdings, Thales Group (Gemalto NV), AT&T Inc., Palo Alto Networks Inc and Others

The frequency of data breaches is on the rise

The escalating frequency of data breaches has emerged as a compelling driver for the IoT Security Market. As the number of interconnected devices in the Internet of Things (IoT) ecosystem continues to surge, the attack surface for cyber threats expands exponentially. The increasing sophistication of cyberattacks and the potential compromise of sensitive data have heightened awareness among businesses and individuals regarding the critical need for robust IoT security measures. Organizations across various industries are recognizing the imperative of safeguarding their IoT infrastructures against unauthorized access, data breaches, and other cybersecurity risks. This heightened awareness, fueled by the rising incidence of data breaches, is propelling significant investments in IoT security solutions, driving the market's growth as stakeholders prioritize comprehensive measures to ensure the integrity and resilience of their interconnected environments.

Market Dynamics

Drivers:

• The rise of smart cities
• Growth of Critical Infrastructure and Industrial IoT (IIoT)
• Increasing Awareness of Cybersecurity Threats

Opportunities:

• Addressing Evolving Threats and Vulnerabilities
• Tailor Solutions for Diverse Sectors and Applications
• Increasing emergence Technologies

Convergence of IT and OT Security

The trend towards the convergence of Information Technology (IT) and Operational Technology (OT) security is a notable development in the IoT Security Market. Traditionally, IT and OT operated in silos, but the increasing integration of IoT devices has blurred the lines between these domains. As industries leverage IoT for operational efficiency, the need to align IT and OT security strategies has become paramount. The convergence allows for a holistic approach to security, addressing vulnerabilities across both IT and OT networks. This integration is driven by the recognition that a unified security framework is essential to protect against cyber threats that can exploit the interconnectedness of IT and OT systems. As organizations strive for a cohesive security posture, the convergence trend is shaping the landscape of IoT security solutions, promoting comprehensive measures that bridge the gap between traditionally distinct realms of technology.

Asia-Pacific dominates the market for IoT Security Market.

The Asia-Pacific region stands out as a key hub for IoT adoption, primarily driven by the implementation of smart city initiatives. The substantial industrialization and a growing number of mobile device users in the region indicate a significant anticipated expansion. According to the Cisco VNI report, projections for 2022 suggest that the region might witness a surge to 2.6 billion internet users, constituting 62% of the population, compared to 1.7 billion (41% of the population) in 2017. Additionally, the region is expected to host 13.1 billion networked devices/connections by 2022, up from 8.6 billion in 2017. However, Asia-Pacific faces a 35% higher likelihood of being targeted by advanced cyber-attacks, as reported by FireEye. The National Institute of Information and Communication Technology (NIICT) notes a significant uptick in cyberattacks on IoT devices, projecting a potential increase to 30 billion devices by 2020, compared to 15 billion devices in 2015. In response to these challenges, governments and related organizations are increasingly deploying IoT security solutions to mitigate potential damages. China, with its technological innovation, notably influences the rise of IoT, fostering heightened demand in the smart home market among Chinese consumers, encompassing central systems for lighting control, security, entertainment, home appliances, and more.

Network Security Segments is anticipated to hold the Largest Market Share during the Forecast Period

Based on the type segment categorized into Network Security, Endpoint Security, Application Security, Cloud Security and Others. Network Security has a major share in the IoT Security Market. Enterprises globally identify IoT networks as primary targets and a top concern, with the network security segment encompassing various subsegments like firewalls, servers, VPN, IDS, IPS, WIDPS, gateway, and network hardware. The escalating adoption of Bring Your Own Device (BYOD) and IoT in enterprises amplifies security apprehensions regarding network attacks. Notably, the global network hardware market reached USD 181 billion in fiscal 2018, with enterprise network hardware alone valued at USD 52 billion, according to IT Candor. IBM X-Force threat intelligence reported a staggering 5,400% increase in IoT vulnerabilities in 2018 compared to five years prior, exemplified by the impactful Mirai attack in 2016, utilizing over 150,000 devices for a massive 1TB per second data assault on servers. Predominantly, IoT-based attacks manifest in Distributed Denial of Service (DDoS) form, with Symantec's report attributing nearly 80% of 2018's IoT attacks to three DDoS-associated malware: LightAidra, Kaiten, and Mirai. Market vendors are responding with specialized solutions to address network security challenges, exemplified by Palo Alto Networks' integration of IoT security into its firewall services following the acquisition of Zingbox, showcasing a broader industry trend to mitigate network threats and stimulate demand in the network

Major Segmentations Are Distributed as follows:

• By Offerings
  • Services
  • Solutions
• By Solutions
  • Data Encryption and Tokenization
  • Device Authentication And Management
  • Distributed Denial Of Service Protection
  • Identity and Access Management
  • Security Analytics
  • Others
• By Services
  • Managed Services
  • Professional Service
• By Professional Services
  • Consulting
  • Implementation
  • Support and Maintenance
• By Type
  • Application Security
  • Cloud Security
  • Endpoint Security
  • Network Security
  • Others
• By Application area
  • Connected Logistics and Transportation
  • Smart Energy and Utilities
  • Smart Government and Defense
  • Smart Manufacturing
  • Smart Retail
  • Others
• By Data Sensitivity
  • High-Sensitive Data
  • Low and Moderate Sensitive Data
• By Region
  • North America
    • US
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Colombia
    • Chile
    • Peru
    • Rest of Latin America
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • BENELUX
    • CIS & Russia
    • Nordics
    • Austria
    • Poland
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Thailand
    • Indonesia
    • Malaysia
    • Vietnam
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Nigeria
    • Egypt
    • Israel
    • Turkey
    • Rest of Middle East & Africa

Recent Developments

• May 2023, AWS introduces support for Transport Layer Security (TLS) 1.3 via Configurable Endpoints, enhancing security and performance by eliminating legacy features and cipher suites from previous TLS versions and streamlining the handshake process for improved efficiency.
• April 2023, IBM unveils IBM Security QRadar for IoT, a cutting-edge IoT security platform. The QRadar Suite integrates advanced AI and automation into a unified user interface, enhancing security analysts' efficiency and response speed throughout the entire attack chain.

IoT Security Market Report Gives Answers to Following Key Questions:

• What will be the IoT Security Market’s Trends & growth rate? What analysis has been done of the prices, sales, and volume of the top producers of IoT Security Market?
• What are the main forces behind the worldwide IoT Security Market? Which companies dominate the IoT Security Market?
• Which companies dominate the IoT Security Market? Which business possibilities, dangers, and tactics did they embrace in the market?
• What are the global Natural Food Colors industry's suppliers' opportunities and dangers in IoT Security Market?
• What is the Natural Food Colors industry's regional sales, income, and pricing analysis? In the IoT Security Market, who are the distributors, traders, and resellers?
• What are the main geographic areas for various trades that are anticipated to have astounding expansion over the IoT Security Market?
• What are the main geographical areas for various industries that are anticipated to observe an astounding expansion in IoT Security Market?
• What are the dominant revenue-generating regions for IoT Security Market, as well as regional growth trends?
• By the end of the forecast period, what will the market size and growth rate be?
• What are the main IoT Security Market trends that are influencing the market's expansion?
• Which key product categories dominate the IoT Security Market? What are the IoT Security Market’s main applications?
• In the coming years, which IoT Security Market technology will dominate the market?

Reason to purchase this IoT Security Market Report:

• Determine prospective investment areas based on a detailed trend analysis of the global IoT Security Market over the next years.
• Gain an in-depth understanding of the underlying factors driving demand for different xxx Market segments in the top spending countries across the world and identify the opportunities each offers.
• Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
• Identify the major channels that are driving the global IoT Security Market , providing a clear picture of future opportunities that can be tapped, resulting in revenue expansion.
• Channelize resources by focusing on the ongoing programs that are being undertaken by the different countries within the global IoT Security Market.
• Make correct business decisions based on a thorough analysis of the total competitive landscape of the sector with detailed profiles of the top IoT Security Market  providers worldwide, including information about their products, alliances, recent contract wins, and financial analysis wherever available.