What is the Global market size of IOT Security Market?

Global IOT Security Market size was valued at USD 9.01 billion in 2021 and is poised to grow from USD 11.7 billion in 2022 to USD 94.27 billion by 2030, growing at a CAGR of 29.8% in the forecast period (2023-2030).

Who are the key vendors in the Global IOT Security Market?

The competitive environment of the global IOT Security Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry. 'Allot Ltd.', 'Armis Inc.', 'CENTRI Technology', 'Cisco Systems, Inc.', 'ForgeRock Inc.', 'Fortinet Inc.', 'Gemalto NV', 'International Business Machines (IBM) Corporation', 'Infineon Technologies AG', 'Intel Corporation', 'Mocana Corporation', 'Newsky Internet Limited', 'SecuriThings', 'NortonLifeLock Inc. (Symantec Corporation)', 'ZingBox Inc.

What is the key driver of Global IOT Security Market?

The logistics industry's escalating integration of IoT devices has become a catalyst for market growth, facilitating predictive maintenance, real-time machinery monitoring, and optimization of supply chain operations. Leveraging sensors capable of monitoring variables such as temperature and vibration enables predictive analysis, foreseeing and preventing potential machine failures.

What is the key market trend for Global IOT Security Market?

The current market landscape benefits from a swift embrace of new technologies geared toward process automation, elevating customer experiences, and enabling remote work capabilities. Organizations are actively investing in digital platforms that heavily rely on interconnected devices to streamline operations, fostering a promising market trajectory. This surge in technological integration parallels an increased dependence on cloud-based services and data analytics tools, marking a pivotal shift in operational paradigms.

Which region accounted for the largest share in Global IOT Security Market?

In 2022, North America emerged as the frontrunner in market share, primarily propelled by substantial growth across key sectors like healthcare, industrial, and automotive industries. This surge is attributed to the expanding consumer base favoring cloud-based platforms, a trend driving notable advancements. The region witnesses a robust adoption of cloud platforms, a phenomenon bolstered by the proliferation of IoT-enabled devices and escalating investments in technology-focused R&D initiatives.

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 News

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 Market Report Snapshots

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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).

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). '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)'

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.

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.

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.

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What is the global market size of IoT Security Market?

Who are the key vendors in the IoT Security Market?

What is the key driver of IoT Security Market?

What is the key market trend for IoT Security Market?

Which region accounted for the largest share in IoT Security Market?

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