IoT Security Market

GMI Research analysis indicates that the IoT Security Market size was estimated at USD 16.7 billion in 2022 and is slated to register a double digit CAGR of 22.0% over the forecast period, and is projected to reach USD 82.0 billion in 2030.

To have an edge over the competition by knowing the market dynamics and current trends of “IoT Security Market,” request for Sample Report here

Key Drivers

The global IoT Security Market is expected to become more mainstream in the coming six years due to the rising number of ransomware attacks on IoT devices and the growing data risk in IoT networks across the globe. The hackers are targeting IoT devices and taking advantage of known vulnerabilities, such as those regarding the default username, password, and static code backdoor. Thus, the increasing vulnerability of critical systems is encouraging the government of various countries to opt for IoT-enabled security. In addition to this, the rising requirement for IoT security solutions with multiplying variants of attacks is another factor that is having a positive influence on market growth. The increasing incorporation of IoT products in artificial intelligence, wireless networking, and machine learning and the development of sensors and microcontrollers has augmented the need for security for reliable operations of the technology, driving the market growth. Factors including the innovations in 4G and 5G technologies and growing penetration of social media platforms has bolstered the number of identity and data thefts, bolstering the market growth.

Further, the development of smart cities and rising automation across several industry verticals has bolstered the need for effective security solutions to secure personal and organizational data from malware attacks. The advent of new trends which include Bring Your Own Device (BYOD), primarily across the corporate organizations will pave the way for the market growth. Thus, the growing deployment of IoT security solutions in order to handle communications and digital identities of their employees across on-premises, cloud and hybrid environments will offer enormous opportunities to the market.

The cybercriminals are using the multi-layered cyber-attacks to monitor the intelligence and commercial aspects of individuals, enterprises, and countries. This factor has encouraged large companies to integrate their security solutions to decrease the cost and enhance the safety of their facility. Hence, the increasing requirement for integrated security solutions will surge the market demand in the coming years. Furthermore, the rising usage of 3G and 4G long-term evolution and wireless networks and technologies is growing the risk related to cyber-attacks. Real-time information and transaction-related information, which is essential to users, is basically exchanged through these cellular networks, which in turn, is boosting the need for IoT security. The increasing trend of bring your own device (BYOD) is rising concerns related to data security. On the other hand, the lack of awareness related to the remarkable benefits and availability of IoT security solutions are likely to hamper the growth of the market in the coming years. Moreover, the high cost of installation is another factor that will have a negative impact on market growth.

Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report

Component Segment Analysis

Based on the component, the services segment is anticipated to grow at a higher CAGR during the forecast period. The services segment is further segmented into professional services and managed services. The accelerating demand for technical expertise in IoT devices is a major factor that is surging the demand for consultation and professional services.

Security solutions are anticipated to witness a higher CAGR over the upcoming years, because of their ability to help organizations mitigate the chances of malware and ransomware attacks on the enterprise connected IoT network and smoothly operate the business.

Solution Segment Analysis

Data encryption and tokenization is expected to witness higher CAGR during the forecast period. Security is considered as one of the essential component when it comes to the deployment of IoT into the manufacturing processes. The IoT sensors measure variables, which include pressure, speed, consumption, actuator, and temperature. These systems adversely impact the physical world, control critical infrastructure, and helps in collecting sensitive information related to various operations and smart equipment. The combination of these factors is propelling the demand for IoT security and privacy protection in various organizations.

Application Segment Analysis

Smart home & consumer electronics is expected to hold a larger share over the upcoming years, owing to the rising incidences of cyber attacks which include denial of service (DoS) and data & identity theft. With a significant surge in the number of connected homes, the adoption rate of products like smart fire & alarm systems, intelligent security systems, and smart electronics has increased. Thus, the need for security solutions and services has increased in smart homes and consumer electronics, driving the market size.

In case, any of your pain points areas are not covered in the current scope of this report, Request for Free Customization here

Regional Analysis

Based on the region, Asia-Pacific region is expected to dominate the market in the next six years. The rising adoption of advanced technologies such as IoT, Artificial Intelligence, and various other advanced technologies is a major factor that is propelling the growth of the market in this region. Moreover, the continuous economic growth and the increasing spending on IoT, especially in the major economies such as China, India, Singapore, and Japan, is further complementing the market growth in the coming years.

Top Market Players

Various notable players operating in the market include Cisco Systems Inc., IBM, Intel Corporation, Infineon Technologies AG, NortonLifeLock Inc., Thales Group, Allot, Fortinet, Inc., Mocana, and SecuriThings, among others.

Key Developments: 

• • In 2020, Cisco launched a new Cloud-Native Platform, SecureX, that will help in simplifying the security and tackles complexity. Cisco SecureX offers greater visibility in the entire security portfolio, delivers security analytics, and automates workflows to speed up threat detection and response.
  • In 2020, IBM completed the acquisition of Spanugo, a cloud security startup to improve its compliance. The company will help IBM at the time of auditing with their technology that can effectively and transparently show cybersecurity compliance in the real time.
  • In 2020, Infineon Technologies AG entered into a partnership with Sectigo which will help to safeguard IoT devices.

The global IoT Security Market has been segmented on the basis of component, type, solution, service, application area, and key regions. Based on component, the market is segmented into services and solutions. Based on type, the market is segmented into endpoint security, network security, cloud security, application security, and others. Based on solution, the market is segmented into data encryption & tokenization, identity & access management, device authentication & management, intrusion detection system & intrusion prevention system, public key infrastructure lifecycle management, secure communications, security analytics, distributed denial of service protection, and others. Based on service, the market is segmented into managed services and professional services. The professional services segment is further categorized into consulting services, integration services, and support & maintenance services. Based on application area, the market is segmented into smart energy & utilities, smart manufacturing, smart home & consumer electronics, connected logistics & transportation, smart government & defense, connected healthcare, smart retail, and others. 

For detailed scope of the “IoT Security Market” report request a Sample Copy of the report

Market Segmentation

Global IoT Security Market by Component

• • Services
  • Solutions

Global IoT Security Market by Type

• • Endpoint Security
  • Network Security
  • Cloud Security
  • Application Security
  • Others

Global IoT Security Market by Solution

• • Data Encryption & Tokenization
  • Identity & Access Management
  • Device Authentication & Management
  • Intrusion Detection System & Intrusion Prevention System
  • Public Key Infrastructure Lifecycle Management
  • Secure Communications
  • Security Analytics
  • Distributed Denial of Service Protection
  • Others

Global IoT Security Market by Service

• • Managed Services
  • Professional Services
    • Consulting Services
    • Integration Services
    • Support & Maintenance Services

Global IoT Security Market by Application Area

• • Smart Energy & Utilities
  • Smart Manufacturing
  • Smart Home & Consumer Electronics
  • Connected Logistics & Transportation
  • Smart Government & Defense
  • Connected Healthcare
  • Smart Retail
  • Others

Global IoT Security Market by Region

• • North America IoT Security Market (Option 1: As a part of the free 25% customization)
    • By Component
    • By Type
    • By Solution
    • By Service
    • By Application Area
    • US Market All-Up
    • Canada Market All-Up
  • Europe IoT Security Market (Option 2: As a part of the free 25% customization)
    • By Component
    • By Type
    • By Solution
    • By Service
    • By Application Area
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific IoT Security Market (Option 3: As a part of the free 25% customization)
    • By Component
    • By Type
    • By Solution
    • By Service
    • By Application Area
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW IoT Security Market (Option 4: As a part of the free 25% customization)
    • By Component
    • By Type
    • By Solution
    • By Service
    • By Application Area
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the IoT Security Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Cisco Systems Inc.
  • IBM
  • Intel Corporation
  • Infineon Technologies AG
  • NortonLifeLock Inc.
  • Thales Group
  • Allot
  • Fortinet, Inc.
  • Mocana
  • SecuriThings