India IoT Security Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

The India IoT security market size reached around USD 733.50 Million in 2024. The market is projected to grow at a CAGR of 24.00% between 2025 and 2034 to reach nearly USD 6.30 billion by 2034.

India IoT Security Market Growth

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Key Trends and Developments

Increasing adoption of IoT devices; rising threat of cyberattacks; growth of telemedicine; and rapid economic digitalisation are factors favouring the India IoT security market growth.

May 9, 2024

Mindgrove, a start-up incubated by IIT-Madras developed India’s first RISC-V-based SoC called “Secure IoT”, which can enable IoT device manufacturers to reduce production costs and use local raw materials.

May 7, 2024

Tata Communications launched CloudLyte, an automated platform for edge computing that provides cloud, multi-access, and infrastructure-agnostic architectures.

April 9, 2024

The Ministry of Electronic and Information Technology established five new working groups to devise new rules for mobile device security, digital education, zero-trust architecture, and IoT devices. This is expected to positively impact the India IoT security market outlook.

April 4, 2024

In collaboration with Microsoft, IBM Consulting launched an Experience Zone in the city of Bengaluru, that enables clients to understand how their solutions can transform their business outcomes.

Increasing adoption of IoT devices

Rising internet accessibility and smartphone penetration rates have accelerated the adoption of IoT devices. This is expected to increase the demand for reliable IoT security solutions over the forecast period.

Rising threat of cyberattacks

India has witnessed a surge in state-sponsored cyberattacks in recent years, with nearly 80% of them coming from China. This is expected to heavily impact the India IoT security market dynamics.

Growth of telemedicine

The growth of the healthcare sector has led to an expansion of the demand for telemedicine, especially in remote areas. With the introduction of new government initiatives aimed at boosting healthcare accessibility in rural areas, the demand for robust security solutions are expected to become crucial, thereby facilitating India IoT security market development.

Rapid economic digitalisation

The digitalisation of various public services provided by the government is expected to increase the demand for secure IoT solutions, resulting in a growth of market value.

India IoT Security Market Trends

In 2023, nearly 83% of all Indian organisations experienced a cyberattack while only 24% of all Indian organisations have the necessary capabilities and resources for tackling cyberattacks. As per the India IoT security market analysis, over 30% of all companies are still in their first stage of planning and implanting cybersecurity measures. This is expected to increase the demand for IoT security solutions over the forecast period.

India IoT Security Industry Segmentation

The report titled “India IoT Security Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Market Breakup by Component:

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

Market Breakup by Deployment Mode:

• On-Premises
• Cloud

Market Breakup by Organization Size:

• Large Enterprises
• Small and Medium Enterprise (SMEs)

Market Breakup by Security:

• Network Security
• Cloud Security
• End Point Security
• Application Security
• Others

Market Breakup by Industry Vertical:

• BFSI
• Government
• Healthcare and Life Sciences
• Energy and Power
• Manufacturing
• Others

Market Breakup by Region:

• North India
• East and Central India
• West India
• South India

India IoT Security Market Share

Based on region, the market is segmented into North India, East and Central India, West India, and South India. North India is projected to dominate the market, representing 30% of the overall market share. Over the forecast period, West India is expected to witness the fastest growth rate in the demand for IoT security solutions, growing at a CAGR of 27.1% due to the increasing government investments towards expanding healthcare accessibility, and rapid economic digitalisation. The shift towards boosting the reach of digital payments in remote areas is also expected to lead to market expansion.

Leading Companies in the India IoT Security Market

Major players are providing cloud based IoT security solutions to large organisations and SMEs for capturing a stronger India IoT security market share.

Cisco Systems Inc.

Cisco Systems Inc. is an American software development company which is based in California, United States. It was established in 1984 and specialises in manufacturing and selling high-tech services and products, such as networking hardware solutions.

Infineon Technologies AG

Infineon Technologies AG was established in April 1999 and is based in Germany. As per the India IoT security market analysis, it is involved in producing advanced semiconductors that find applications across a wide range of devices.

IBM Corporation

IBM Corporation is a multinational company which was founded in June 1911 and is based in New York, United States. It provides infrastructure, software, and consulting services for global clients which seek digital transformation for critical projects.

Sophos Ltd.

Sophos Ltd. is a UK-based software development company which was established in 1985. It is headquartered in Abingdon, Oxfordshire and specialises in offering IT security solutions to various businesses.

Other players included in the India IoT security market report are Broadcom Inc., Intel Corp., HP Inc., Trend Micro Inc., AT&T Inc., Palo Alto Networks Inc., and Thales S.A. (Gemalto), among others.