As per the latest report by IMARC Group titled, “IoT Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-20288,” the global IoT security market size reached US$ 3.8 Billion in 2022. Internet of Things (IoT) security is a technological solution used to safeguard networks and connected mechanical or digital devices. In addition, it offers identity access management, data encryption and tokenization, intrusion prevention systems, and security analytics with the use of antimalware, antivirus and firewalls. Recently, there has been a rise in the demand for IoT security as it eradicates vulnerabilities and equips IoT devices with the means to detect, resist and recover from malicious attacks.
Global IoT Security Market Trends:
The market is primarily driven by the rising threat of cyber terrorism and the rapid adoption of IoT technologies across diverse industries. In addition, the development of smart cities and increased automation in various industry verticals are increasing the need for enhanced and effective security solutions to protect highly sensitive personal and organizational data from malware injection. Along with this, the emergence of several new trends, such as Bring Your Own Device (BYOD) in the corporate organizational setups, is contributing to the market growth as organizations are encouraging the deployment of IoT security solutions to manage the communications and digital identities of their employees across on-premises, cloud, and hybrid environments. Furthermore, the advancements in 4G and 5G technologies, and proliferation of social media platforms resulting in a significant rise in number of identity and data thefts are anticipated to propel the market growth. Looking forward, IMARC Group expects the market value to reach US$ 18.4 Billion by 2028, growing at a CAGR of 30.29% during 2023-2028.
- Based on the component, the market has been bifurcated into solutions and services. At present, IoT security solutions currently account for the highest market share.
- On the basis of the security type, the market has been classified into network, endpoint, application, cloud, and other securities. Amongst these, the cloud security segment exhibits a clear dominance in the market.
- Based on the vertical, the market has been segmented into energy and utilities, manufacturing, automotive, transport, consumer electronics, healthcare, and others. Amongst these, energy and utilities hold the largest market share.
- Region-wise, North America currently holds the leading position in the market. Other major regions include Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), North America (the United States and Canada), and Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates, and others), and Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, and others).
- The competitive landscape of the market has been analyzed, with some of the key players being Allot Ltd., Armis Inc., CENTRI Technology, Cisco Systems, Inc. ForgeRock Inc., Fortinet, Inc., Gemalto NV, International Business Machines (IBM) Corporation, Infineon Technologies AG, Intel Corporation, Mocana Corporation, Newsky Internet Limited, SecuriThings, NortonLifeLock Inc. (Symantec Corporation), and ZingBox Inc.
|Base Year of the Analysis
||Component, Security Type, Vertical, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico, Argentina, Colombia, Chile, Peru, Turkey, Saudi Arabia, Iran, United Arab Emirates
||Allot Ltd., Armis Inc., CENTRI Technology, Cisco Systems, Inc. ForgeRock Inc., Fortinet, Inc., Gemalto NV, International Business Machines (IBM) Corporation, Infineon Technologies AG, Intel Corporation, Mocana Corporation, Newsky Internet Limited, SecuriThings, NortonLifeLock Inc. (Symantec Corporation), and ZingBox Inc.
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