Iot Security Market Size, Share, Growth, and Industry Analysis, By Type (Network Security, Endpoint Security, Application Security, Cloud Security & Others), By Downstream Industry (Identity Access Management, Threat Intelligence, Encryption, UTM, DLP & Others), and Regional Forecast to 2033

IOT SECURITY MARKET OVERVIEW

The global Iot Security Market size was USD 16792.34 million in 2024 and is projected to touch USD 90820.78 million by 2033, exhibiting a CAGR of 20.63% during the forecast period.

The security of an IoT network is made up of different components which seek to protect the devices and networks from any threats and attacks including their external infiltration and information grabbing. This is because there have been a lot of devices that can remotely connect to networks which range from household appliances such as refrigerators to occupational tools like sensors.

There are various reasons fueling the growth of the Iot Security Market, for instance, surge in the knowledge concerning the risks posed by the use of IoT devices, as well as the sharp rise of cyber attacks directed towards these devices. Threats, regulators and competitors will result in an increase in the use of IoT security solutions which will lead to growth and development of this very critical facet of technology.

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COVID-19 IMPACT or RUSSIA-UKRAINE WAR IMPACT or ISRAEL-HAMAS WAR IMPACT

"Pandemic Accelerated Adoption of IoT Devices Across Various Sectors Resulted In Increased Demand"

The Global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The Covid-19 crisis accelerated levels of IoT devices penetration in all the sectors such as health, manufacturing, logistics amongst others triggering tremendous demand for the installation of IoT Security Solutions. When organisations started to work from home, the strain of connected devices increased, which made people conscious of the aspect of cybercrime, putting them at risk. Considering the sheer rise of IoT mechanisms installed and their vulnerabilities on the utmost caused all organisations to implore and adopt stricter security expectations. Thus, for the inferring reasons, there was a substantial expansion in the Iot Security Market as enterprises resolved concerns aimed at safeguarding their interconnective areas from a host of newly evolved threats.

LATEST TREND

"The Integration of Advanced Technologies to Drive Market Growth"

Focusing on the new technologies coming up is among the most noticeable reasons for the growth of the Iot Security Market. Most of the emerging technologies today such as artificial intelligence (AI) and machine learning (ML) are enhancing security solutions by providing tools to prevent and mitigate threats on a more timely basis. These technologies analyse large amounts of data to identify patterns and anomalies which help in improving the overall security architecture of the IOT system. Moreover, companies are also using Blockchain technology to provide better data security. With more and more organisations embracing these advanced technologies, there is bound to be a surge in the need for effective IoT security solutions thereby accelerating the growth of the market.

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IOT SECURITY MARKET SEGMENTATION

By Type

Based on Type, the global market can be categorized into Network Security, Endpoint Security, Application Security, Cloud Security & Others

• Network Security: Data integrity, confidentiality, and availability are the main objective goals of Network Security when data is being transacted over networks. It comprises the use of firewalls, intrusion detection systems (IDS), and secure gateways to prevent, and control against access and the dangers of cyberspace.

• Endpoint Security: Endpoint Security involves securing end-user devices such as smartphones, tablets, and IoT devices from threats.

• Application Security: Application Security refers to the act of securing applications from the threats they face throughout their whole lifecycle. Application Security also extends into secure code writing, application testing and application attacking prevention or management in order to secure applications from being maliciously infiltrated.

• Cloud Security: Cloud security refers to the security measures adopted to address the security issues related to the use of cloud computing and cloud storage for IoT devices. It involves strategies including data protection, preparedness for security breaches, and compliance adherence to mitigate risks on the data held and processed on the cloud.

• Others: Others include additional security solutions such as data loss prevention (DLP), identity and access management (IAM), and physical security measures.

By Downstream Industry

Based on downstream industry, the global market can be categorized into Identity Access Management, Threat Intelligence, Encryption, UTM, DLP & Others

• Identity Access Management: Management of Identity and Access (IAM) deals with providing access control to particular resources in any IoT ecosystem to only the right people. In this regard, secure access control is achieved through processes aimed at authentication, user management, and authorization.

• Threat Intelligence: Threat Intelligence involves collecting and analysing information about potential or current threats to improve security posture.

• Encryption: Encryption hides sensitive data in a manner which can only be decoded by an authorized user and thus keeps sensitive information secure. It ensures that any and all data movement and data storage is safe which is very essential for the integrity of the IoT Solutions.

• UTM: Unified Threat Management (UTM) typically includes features such as firewall, antivirus, intrusion detection, and VPN services.

• DLP: Data Loss Prevention (DLP) refers to a strategy to ensure that sensitive information is not destroyed, damaged, misused or accessed by any unqualified individuals. It also includes measures employed to observe and limit the movement of data beyond or within the organization.

• Others: Others include additional applications such as compliance management, security information and event management (SIEM), and risk management solutions.

MARKET DYNAMICS

Market dynamics include driving and Restraining Factors, opportunities and Challenges stating the market conditions.

Driving Factors

"Increasing Awareness of Vulnerabilities Associated With IoT Devices to Boost the Market"

A factor in the Iot Security Market growth is the increasing awareness of the vulnerabilities associated with IoT devices. As the adoption of IoT is on the upcurve among organizations and populace, there is also an upsurge in the awareness of the probable dangers such as cyber risks, data hacking, illegal access and so on. Most of these threats have historical reference of some sort and thus organizations are implementing measures to fortify their systems and more so, the data. This again, leads to an increased consumption of the available IoT security hardware and software solutions in the market, leading to further innovation and advancement in the technologies required to secure IoT.

"The Rise in Cyberattacks Targeting IoT Devices to Expand the Market"

The rise in cyberattacks targeting IoT devices is another key aspect of the Iot Security Market. Given the rising trend of connected devices, there has been a corresponding increase in the number of crime perpetrators targeting such connected devices to commit various attacks including ransomware, DDoS, and data breaches. While these breaches may affect mainly private data, they also hamper business operations in turn causing huge losses to the organisations. Therefore, it has become imperative for organisations to beef up their security, in particular the Internet of Things. Such a hostile environment also heightens the demand for more advanced IoT security solutions thus boosting the overall market expansion.

Restraining Factor

"Interoperability Issues to Potentially Impede Market Growth"

A restraining element within the growth of the Iot Security Market is the Interoperability Issues. The Internet of Things (IoT) is a multi-faceted concept and different IoT devices may heavily rely on different platforms which serves as a great obstacle to ensure effective and secure communication across these IoT systems Therefore, most of IoT devices incorporated by different vendors end up having the similar incapacity because of the initiative of standards which blocks myriad implementations of security solutions thus many attacks are availed. Therefore, firms are sometimes reluctant to sustain their investments in the use of IoT.

Opportunity

"Comprehensive Security Strategies that Encompass Entire IoT Ecosystem To Create Opportunity for the Product in the Market"

IoT security threats are addressed by the development of all-inclusive security strategies that include the esoteric. Of all the markets in the IoT domain, the Iot Security Market offers the highest benefits. These approaches improve security everywhere by eliminating all threats irrespective of their sources such as devices, networks, and data. With companies understanding the need that an organisation requires protection in the whole environment, there is a need for solutions that offer protection across the whole spectrum. This phenomenon has positive effects on product development as motivation to come up with solutions.

Challenge

"Complexity of Security Management Could Be a Potential Challenge for Consumers"

The difficulty in managing security in itself is already a burden to consumers in the Iot Security Market. With more devices connected away from IoT and the need to secure different platforms and each of their technologies, the task becomes more complicated. Most consumers might be unable to carry out and keep the required security due to a skill problem or resources making them weak to attacks. Such a scenario increases the chances of uncertainty and unwillingness to apply the solutions, which in turn represses usage of the Iot Security Market as there are lesser complex solutions in the markets appealing to consumers.

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IOT SECURITY MARKET REGIONAL INSIGHTS

• North America

Due to the technological development in the region and intensive use of IoT connected devices in almost every sector, North America accounts for the largest share of the Iot Security Market. The rising number of cybercrime incidents and the need for stringent compliance in the United States Iot Security Market are causing organisations to put in massive focus on IoT security solutions. Further, the existence of leading companies as well as having a strong cyber security infrastructure helps to boost the market. Along with the digitalization strategies, the region is still in need of enhanced security solutions that can meet their changing needs.

• Europe

There are strong drivers of growth for the Iot Security Market in Europe because of various factors including the population’s increased understanding of the counter cyber threats and laws like the General Data Protection Regulation (GDPR). Countries such as the UK, Germany and France are leaders in implementing IoT technologies in various areas such as healthcare and manufacturing and smart cities. Moreover, the increasing concern over privacy and data protection is leading to greater demand for enhanced security measures among organisations..

• Asia

The Iot Security Market, particularly in the Asiatic economy, is anticipated to grow at a rapid rate due to the increasing use of IoT devices in countries like China, Japan, and India. This is also due to the region’s smart city projects, industrial automation, and digital transformation, which all call for greater security measures. On the other hand, the market does encounter a number of issues, such as different regulations and the absence of uniform security measures. Due to the growing concern towards the cybersecurity threats, there is a rising possibility for the IoT security vendors to broaden the scope of their services and get a firm foothold in the region.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market Through Innovation and Market Expansion"

Innovation and expansion into new areas are significantly affecting the Iot Security Market by key industry players. The leading companies are focused on developing efficient and advanced security solutions designed to combat the specific risks posed by IoT devices. The intense focus and commitment of the groups towards research and development contributes to the evolution of state of the art technologies, such as threat detection systems based on artificial intelligence and automated security control systems. Importantly, such participants are also entering into strategic partnerships and engagement in mergers and acquisitions so that they can increase their presence in the industry and improve their market share due to the growing demand for effective IoT security solutions in various sectors.

List Of Top Iot Security Companies

• International Business Machines Corporation (U.S.)
• CENTRI Technology Inc. (U.S.)
• Cisco Systems, Inc. (U.S.)
• Palo Alto Networks, Inc. (U.S.)
• DigiCert, Inc. (U.S.)
• Karamba Security (Israel)
• Trend Micro, Inc. (Japan)
• TrustWave Holdings, Inc. (U.S.)
• Symantec Corporation (U.S.)
• Darktrace Ltd. (U.K.)
• Infineon Technologies AG (Germany)
• Fortinet, Inc. (U.S.)
• RSA Security LLC (U.S.)
• Gemalto NV (Netherlands)
• CyberX, Inc. (U.S.)
• AT&T Inc. (U.S.)
• Mocana Corporation (U.S.)
• PTC Inc. (U.S.)
• Bitdefender, LLC (U.S.)

KEY INDUSTRY DEVELOPMENT

March 2020: Infineon Technologies AG has partnered with Qualcomm Technologies Incorporated based in the state of California, United States to create a prototype of the 3D face recognition technology based on Qualcomm Snapdragon 865 Mobile Platform.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The Iot Security Market is poised for a continued boom pushed by increasing awareness of the vulnerabilities associated with IoT devices and the rise in cyberattacks targeting IoT devices. Despite Challenges, which include complexity of security management. Key industry players are advancing via technological upgrades and strategic marketplace growth, enhancing the supply and attraction of IoT security. As customer choices shift towards smart options, the Iot Security Market is expected to thrive, with persistent innovation and a broader reputation fueling its destiny prospects.