Global IoT Security Market Report and Forecast 2023-2028

According to the report, the global IoT security market reached a value of USD 17.43 billion in 2022. Aided by the wave of an increasing number of connected devices and a heightened emphasis on cybersecurity, the market is projected to further grow at a CAGR of 21.80% between 2023 and 2028 to reach a value of USD 56.92 billion by 2028.

IoT security primarily refers to safeguarding connected devices and networks in the Internet of Things. As the digital landscape transforms, integrating a myriad of devices from home appliances to industrial machinery, ensuring their security has become paramount. This is particularly vital given the sensitive nature of data these devices often handle - from personal information in wearable tech to critical operational data in industrial IoT.

A surge in IoT adoption across diverse sectors is one of the key IoT security market trends driving the market. With sectors like healthcare, manufacturing, and transportation increasingly relying on connected devices for efficiency and automation, the demand for robust security solutions has skyrocketed. This is further exacerbated by the expanding web of cyber threats and the sophistication with which they operate.

Consumer awareness about cybersecurity and data privacy has also witnessed a considerable boost in recent years. High-profile data breaches and cyberattacks have jolted the masses, leading to a pronounced shift towards secure and trustworthy IoT devices. This burgeoning consciousness, coupled with stringent regulatory stances on data protection like GDPR, is further augmenting the IoT security market growth.

In the industrial realm, the increasing adoption of Industry 4.0 practices has played a pivotal role in bolstering the market demand. As factories and industries become smarter, integrating sensors, robots, and other connected devices, ensuring their seamless and secure operation has become indispensable. In terms of geography, North America holds a significant IoT security market share. This can be attributed to the high IT spending by strong economies such as the United States of America. Moreover, the favourable government initiatives aimed towards providing Americans with proper security while using smart gadgets are boosting the market opportunities.

Market Segmentation

The market can be divided based on component, deployment mode, security type, organisation size, end user industry, and region.

Market Breakup by Component

Solutions

• Identity Access and Management
• Data Encryption and Tokenisation
• Device Management
• Security analytics
• Unified Threat Management (UTM)
• Others

Services

• Professional
• Managed Security Services

Market Breakup by Deployment Mode

• On-Premises
• Cloud-Based

Market Breakup by Security Type

• Network Security
• Endpoint Security
• Application Security
• Cloud Security
• Others

Market Breakup by Organisation Size

• Small and Medium Sized Enterprises
• Large Enterprises

Market Breakup by End User Industry

• Manufacturing
• IT and Telecommunication
• BFSI
• Government and Defence
• Transportation and Automotive
• Energy and Utilities
• Healthcare
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global IoT security market. Some of the major players explored in the report are as follows:

• Microsoft Corporation
• Optiv Security Inc.
• Intel Corporation
• Cisco System Inc.
• Palo Alto Networks
• Fortinet, Inc.
• IBM Corporation
• Others

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*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.