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

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.