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

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.