IoT Security Global Market Report 2024

The iot security market size has grown exponentially in recent years. It will grow from $6.73 billion in 2023 to $8.86 billion in 2024 at a compound annual growth rate (CAGR) of 31.8%. The growth witnessed in the historical period can be attributed to several factors, including the escalation of cybersecurity threats, the widespread adoption of IoT devices, regulatory demands for compliance, notable instances of security breaches, and the integration of IoT with existing IT infrastructure.

The iot security market size is expected to see exponential growth in the next few years. It will grow to $26.82 billion in 2028 at a compound annual growth rate (CAGR) of 31.9%. Forecasted growth hinges on IoT expansion in critical infrastructure, complex IoT ecosystems, zero-trust security models, privacy concerns, and the shift to cloud-based IoT security. Key trends include supply chain security, incident response planning, integrating security into development, quantum-safe solutions, and collaborative security ecosystems.

The imperative for sustainable development has become increasingly crucial with the growing global population. Smart cities, equipped to handle challenges such as high traffic, population control, and enhanced security, play a pivotal role in achieving sustainable urban growth. The implementation of this vision often involves deploying Internet of Things (IoT) devices in smart cities, creating an interconnected network where devices exchange data securely to formulate effective solutions. Remotely connected Closed-Circuit Television (CCTV) systems and automated incident detection technologies enable swift responses to threats. IoT-based crowd management solutions provide effective monitoring and control of crowds in various gatherings. Additionally, smart street lighting, a component of these initiatives, contributes to lowering crime rates and improving overall driving conditions. The escalating demand for security measures in smart cities is driving increased investments in the IoT security market. For instance, as of November 12, 2021, the Indian Central Government allocated ₹27,235 crore ($3.67 billion) to States/Union Territories for the development of Smart Cities.

The rising number of cyberattacks stands as a significant driver for the growth of the IoT security market. Cyberattacks, which involve illicit attempts to access computer systems or networks for malicious purposes, pose a considerable threat to connected devices on corporate networks. Recognizing the potential risks, organizations prioritize IoT security as a central component of their cybersecurity strategies. For example, in January 2023, The Computing Technology Industry Association (CompTIA) reported a 48% surge in phishing attacks during the first half of 2022, resulting in 11,395 reported incidents and a collective financial impact of $12.3 million on businesses. This growing trend of cyberattacks is expected to propel the market growth of IoT security in the foreseeable future.

The growth of the IoT security market may face hindrances due to a lack of awareness regarding the importance of IoT security and risk-mitigating measures among the general population. This lack of awareness impacts IoT security service providers, especially considering instances where IoT devices have been targeted by malicious software and viruses. Merely installing an IoT device does not inherently address security concerns. As highlighted by a survey conducted by Trend Micro, an IT security firm, 86% of IT and security decision-makers globally believe that their organizations need to enhance awareness of IoT threats. The survey further emphasizes that this lack of awareness exposes organizations to vulnerabilities, leading to thefts and data breaches. Another survey by Dynatrace, a software company, reveals that consumers perceive significant risks in IoT device security, with two-thirds of them encountering performance issues carrying potential risks.

The emerging trend of employing blockchain technology in the IoT security market is gaining traction due to its potential to enhance transparency, security, and efficiency while reducing costs. Blockchain, known as the underlying technology of Bitcoin, is a distributed and decentralized ledger that offers a shared database managed without a central authority. Integrated into IoT networks, blockchain provides an additional layer of privacy and security. Its benefits include reduced processing time and costs, secure transactions, tracking of connected IoT devices, coordination among devices for smooth transactions, improved efficiency in compliance, prevention of data leakages and frauds, minimized time to settle losses, and cryptographic security. Atonomi is an example of a company providing IoT security solutions with a blockchain-based immutable identity and reputation tracking. According to projections from August 2021, global spending on blockchain solutions is expected to increase by 188% and reach $19 billion by 2024.

Major companies are innovating new products. IBM, a prominent technology corporation, has introduced the IBM Security QRadar Suite. This suite is designed to streamline and improve the workflow of security analysts throughout the entire incident lifecycle. Launched in April 2023, the IBM Security QRadar Suite is built upon an open framework and tailored to address the specific requirements of hybrid cloud environments. Equipped with a unified user interface, advanced AI, and automation, the suite aims to empower analysts to operate with increased velocity, efficiency, and accuracy within their essential tools.

In September 2023, SecurityBridge GmbH, a Germany-based cybersecurity solutions provider, successfully acquired Protect4S for an undisclosed sum. This strategic acquisition is poised to strengthen SecurityBridge's capacity to provide heightened security solutions to SAP customers while introducing cutting-edge cybersecurity research within the industry. Protect4S, a Netherlands-based SAP security specialist, had previously collaborated with SecurityBridge to enhance SAP security measures.

Major companies operating in the iot security market report are AT&T Inc.; Huawei Technologies Co. Ltd.; Siemens AG; Intel Corporation; International Business Machines Corporation; Cisco Systems Inc.; Verizon Enterprises Solutions LLC; HP Enterprise Company LLC; Infineon Technologies AG; Fortinet Inc.; Symantec Corporation; Gemalto NV; ARM Holdings plc; Check Point Software Technologies Ltd.; PTC Inc.; Alcatel-Lucent SA; Forgerock Inc.; Trustwave Holdings Inc.; NSIDE Secure Inc.; Allot Communications Ltd.; Armis Inc.; Sophos Group plc; Broadcom Inc.; Wurldtech Security Inc.; Centri Security Inc.; SecuriThings; Mocana Corporation; Newsky Security Inc.; Axeda Machine Cloud LLC; NETCOM On-Line Communication Services Inc.; Palo Alto Networks Inc.; Rapid7 Inc.; SimpliSafe Inc.; Cradlepoint Inc.; SonicWall Inc.; Medigate Corporation; CyberMDX Healthcare Cybersecurity; Entrust Datacard Corporation; Microsoft Corporation; Amazon Web Services; Google LLC; Ericsson AB; Thales Group; Atos SE. The Asia-Pacific was the largest region in the Internet of Things iot security market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global iot security market share report during the forecast period. The regions covered in the iot security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Primary types of IoT security include network security, endpoint security, application security, cloud security, among others. Network security involves rule sets and configurations to ensure the integrity, confidentiality, and accessibility of computer networks and data, using software and hardware technologies. Components of the IoT security market comprise solutions and services. Its applications span across healthcare, infrastructure, industrial systems, smart home technology, and transportation sectors.

The iot security market research report is one of a series of new reports that provides iot security market statistics, including IoT Security industry global market size, regional shares, competitors with a iot security market share, detailed iot security market segments, market trends and opportunities, and any further data you may need to thrive in the IoT Security industry. This iot security market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The countries covered in the iot security market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The Internet of Things iot security market includes revenues earned by entities by offering Internet of Things (IoT) security devices/ software to protect connected network infrastructure. IoT security is a specialized area that provides solutions for safeguarding smart devices, networks, other connected devices and centralized user hubs from unwanted manipulation. This industry includes establishments that provide security solutions to counter IoT security threats such as remote vehicle hijacking, privacy leaks, brute force attacks on passwords and others. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.