USD 11.7 billion
IoT Security Market Size, Share, Growth Analysis, By Product Type(Device Authentication & Management, Identity Access & Management, Intrusion Detection System & Intrusion Prevention System, Data Encryption & Tokenization), By Security Type(Network Security, Endpoint Security, Application Security, Cloud Security), By Industry Vertical(Manufacturing, Retail & E-Commerce, Government & Defense, Transportation & Logistics), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2155 |
Region:
Global |
Published Date: June, 2024
Pages:
157
|Tables:
133
|Figures:
77
IoT Security Market Insights
Global IoT Security Market size was valued at USD 11.7 Billion in 2022 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).
Security is becoming more and more important for the technology to function reliably as a result of the increasing use of Internet of Things (IoT) devices in wireless networking, AI, and machine learning as well as the advancement of sensors and microcontrollers. Consumers and organisations are becoming more conscious of cyberattacks as a result of the growing use of linked IoT technologies, which has made organisation networks and devices susceptible to security breaches. For this reason, it is expected that tackling security issues in the IoT domain will propel market expansion throughout the projected time.
The healthcare, residential, and industrial sectors are all benefiting from smart devices with networking and computational power. A better way to manage patients, optimise manufacturing processes, and save energy consumption is provided by the growing network of interconnected devices. Notwithstanding these systems' many advantages, consumers are becoming dissatisfied due to security flaws in them. Products-as-a-Service (PaaS) and automated real-time decision making are two examples of the new business models made possible by the vast amounts of data generated by the proliferation of connected devices. The IoT ecosystem is evolving so quickly that hackers now have access to new attack avenues, including network manipulation, device manipulation, data & identity theft, data fabrication, and IP theft.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Solutions
Fastest Growth
Solutions
Growth Rate
29.8% CAGR
Global IOT Security Market ($ Bn)
Country Share for Asia Pacific Region (%)
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IoT Security Market Segmental Analysis
The global IoT security market is segmented based on Product Type, Security Type and Industrial Vertical. In terms of Product Type, the market is segmented into Device Authentication & Management, Identity Access & Management, Intrusion Detection System & Intrusion Prevention System, Data Encryption & Tokenization and Others. Based on the Security Type, the market is grouped into Network Security, Endpoint Security, Application Security, Cloud Security and Others. In terms of Industrial Vertical, the market is segmented into Manufacturing, Retail & E-Commerce, Government & Defense, Transportation & Logistics, Energy & Utilities, Healthcare and Others. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa.
Analysis by Product Type
As per categorization by product type, the market is classified as device authentication & management, identity access & management, intrusion detection system & intrusion prevention system, data encryption & tokenization and others. Among these, device authentication & management earned the largest share and continues to dominate the market. To provide strong security for linked devices, current innovation in Device Authentication & Management within the global IoT security market focuses on biometrics, AI-driven identity verification, and enhanced encryption. The main role for such company is how significant it is to contain undesirable entrances, safeguard the integrity of data, and maintain trust in IoT environments that are progressively more complex.
Due to its crucial role in ensuring safe, seamless access control and user authentication across a variety of devices and networks, identity access and management is expected to grow at the fastest rate in the global IoT security market. This momentum will get the optimal fuel from the ever growing demand for trustworthy, easily expandable security solutions, together with the ever increasing adoption of IoT.
Analysis by Security Type
In order to provide safe data storage and transmission, modern innovations in cloud security within the global IoT security market include AI-driven threat detection, automatic compliance, and improved encryption. The main reason why cloud security leads the market is as it is affordable, scalable, can provide comprehensive protection for distributed internet of things networks, while managing the increasing number of interconnected devices and their complexity.
Due to expanding cyber threats, more IoT deployments, and the need for robust, secure network infrastructures, network security is expected to develop at the quickest rate in the worldwide IoT security market. Protecting networked devices and data transmission requires sophisticated solutions like AI-driven anomaly detection and real-time monitoring.
Global IOT Security Market By Offerings
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IoT Security Market Regional Insights
North America is the leading global market for IoT security due to advanced technological infrastructure, wide usage of IoT gadgets and substantial investments into cyber defense. The region boasts esteemed tech firms that contribute to creativity and development of perfect IoT protections. There is a growth within the market due to regulations made by the government that aim at providing online protection and requirements being stricter at the same time. The adoption of healthcare that is connected, smart cities and industrial IoT in North America is increasingly creating an interest towards IoT security suites which provide a comprehensive shield for essential infrastructure and sensitive information against rapidly changing cyber malpractices.
The rapid growth in the global IoT security market is taking place in the Asia Pacific region due to increasing urbanization, technological advancements, as well as the proliferation of IoT devices in manufacturing, healthcare and smart cities among other sectors. There is a high need for advanced IoT security solutions since more resources are devoted towards digital transformation accompanied by huge amounts invested by both the private and public sectors. Organizations are also forced to improve their security frameworks due to the rise in cybersecurity threats and the implementation of stricter regulatory criteria. The market is growing in this dynamic region due in part to the presence of major competitors in the market and growing awareness of the need of IoT security.
Global IOT Security Market By Geography
- Largest
- Fastest
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IoT Security Market Dynamics
Drivers
Growing Concerns about Vital Infrastructure Security
- Hackers are targeting Internet of Things (IoT) devices and taking advantage of well-known flaws including password defaults, username defaults, and static code backdoors. All industries are adopting automation in the modern environment through loT integration. Early adopters of the Internet of Things, essential infrastructures like water, power, and other resources are currently automating.
Fresh Generation of IoT Applications will be Accelerated by 5G Networks
- In an Internet of Things (IoT) equipped smart factory, production is optimized by the reduced latency of 5G and Multi-access Edge Computing (MEC). On the whole the ICT industry benefits from the faster adoption of IoT applications and services due to 5G technology. 5G technology is expected to enable new use cases for remote monitoring, visual inspection, and autonomous operations in large-scale remote areas such as mines and connected vehicles.
Restraints
Newly Discovered IoT Threat Varieties and Ignorance
- Targeting Internet of Things devices, the Miori malware version is a new threat in the Mirai virus family that may be used to perform Distributed Denial-of-Service (DDoS) assaults and merge into a bigger botnet. In addition to Miori, additional Mirai progeny, such as Shinoa, APEP, and IZ1H9, employ the same Remote Code Execution (RCE) vulnerability to locate and compromise victims' workstations that run open-source software.
IoT Protocol Standardisation is Lacking
- Coordinating with these devices has become more important since a wider variety of devices must be connected. Different devices are made by different manufacturers, run on different platforms, and employ diverse hardware. The interoperability problem in the Internet of Things is caused by incompatibilities between devices, sensors, and even distant server interfaces.
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IoT Security Market Competitive Landscape
The market's competitive environment has also been thoroughly analysed in the IoT security market research report. Additionally, comprehensive profiles of all significant businesses are available. Among the leading companies in the IoT security sector are Armis Inc. and Allot Ltd. Prominent industry participants are consistently developing and enhancing all-encompassing security remedies to counter new risks affecting IoT networks. These companies provide efficient threat detection, prevention, and response capabilities by utilising cutting-edge technology like blockchain, artificial intelligence (AI), and machine learning (ML).
Top Player’s Company Profiles
- Cisco Systems Inc. (US)
- IBM Corporation (US)
- Intel Corporation (US)
- Thales Group (France)
- Forgerock (US)
- Infineon Technologies AG (Germany)
- Mocana Corporation (US)
- NortonLifeLock Inc. (US)
- Allot Ltd. (Israel)
- Fortinet, Inc. (US)
- New Sky Internet Limited (Hong Kong)
- Allot (Israel)
- Infenion (Germany)
- Atos (France)
Recent Developments
- In May 2023, AWS announces that Configurable Endpoints will support Transport Layer Security (TLS) 1.3. TLS 1.3 delivers two significant security and performance enhancements: it gets rid of older cypher suites and legacy features from earlier TLS versions, and it performs better thanks to a streamlined handshake procedure.
- In February 2023, Cisco has presented a multitude of advanced cloud management solutions primarily aimed at the industrial Internet of things. These solutions are designed to blend Information Technology (IT) and Operational Technology (OT) functions more efficiently as they have simplistic and easy-to-understand panels for improved monitoring and management of industrial systems.
- In July 2022, in order to safeguard connected devices other than PCs and smartphones, such as printers and smart TVs, Microsoft introduced Defender for IoT. Originally known as Azure Defender for IoT, which debuted in public preview in 2020, Microsoft Defender for IoT was introduced in late 2021. It was known as Azure Security Centre for IoT prior to then.
IoT Security Key Market Trends
- Revolutionizing IoT Security with Decentralized Ledger Technology: Advanced security solutions rely on blockchain technology, a decentralized distributed ledger. Instead of communicating via centralized networks, linked objects can now directly share information thanks to blockchain applications in the ecosystem. These connections lessen the vulnerability of Internet of Things devices or networks to cyberattacks.
- Blockchain and Sensor-Embedded Chips are Revolutionizing IoT Security: Blockchain technology and sensor-embedded chips are used by the IoT security service to greatly improve security. In the creation of a distributed IoT network, IBM Corporation and Samsung developed an IoT system that uses blockchain technology calling it Autonomous Decentralized Peer-to-Peer Telemetry (ADEPT). Such blockchain applications would guarantee their dominance in the international market.
IoT Security Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, rapid growth and transformation of the Internet of Things (IoT) security market brings focus on the need for strong defenses against novel virtual threats. The integration of IoT devices in various sectors including health and smart cities makes advanced security solutions ever more vital. Cloud security innovation, identity access management, and device authentication are all required components for safeguarding these networks.
Despite North American domination stemming from its technology achievements and rigid regulations and while the rise of Asia Pacific accentuates its rapid digital transformation and heightened security fears, the main challenge remains standardizing policies and addressing new threats, with corporations across the globe continually advancing on securing more linked planet.
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on IoT Security Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on IoT Security Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
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.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
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.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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