According to the report by Expert Market Research (EMR), the global IoT Security Market Size reached a value of around USD 21.23 billion in 2023. Aided by the escalating need for robust security solutions across various IoT applications, from smart homes to industrial IoT, the market is projected to grow at a CAGR of 21.80% between 2024 and 2032 to reach a value of nearly USD 125.27 billion by 2032.
IoT security is critical for protecting connected devices and networks in the IoT ecosystem from cyber threats and unauthorised access. As IoT devices become increasingly prevalent in our daily lives and operations, the need for comprehensive security measures to safeguard sensitive data and maintain functionality has become imperative.
The surge in the IoT security market is fuelled by several key factors. Firstly, as more devices become interconnected, from consumer electronics like smartwatches and home assistants to critical industrial control systems, the demand for effective security solutions intensifies. Each device represents a potential entry point for cyber-attacks, making security a top priority. Moreover, with the expansion of the IoT landscape, cyber threats have become more sophisticated and frequent. This has prompted businesses and consumers alike to invest in IoT security solutions to protect against potential vulnerabilities. This is expected to drive the IoT security market expansion.
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Governments worldwide are implementing stricter regulations regarding data protection and network security, especially in critical sectors such as healthcare, finance, and critical infrastructure. Compliance with these regulations necessitates robust security frameworks for IoT deployments.
Technological advancements, including the development of AI and machine learning for security purposes, are enhancing the effectiveness of IoT security solutions. These technologies help in real-time threat detection and response, further driving the IoT security market growth.
Organisations are adopting comprehensive, multi-layered security strategies that encompass device security, network security, and application security to provide end-to-end protection. Blockchain technology is increasingly being explored as a means to secure IoT devices and networks due to its decentralisation and tamper-resistant properties.
With the rise of edge computing, where data is processed at the edge of the network, there is a growing need for localised IoT security solutions that can operate effectively in limited connectivity environments. This is expected to accelerate the IoT security market development.
As the adoption of smart home devices grows, there is a heightened focus on educating consumers about the importance of IoT security and practices to secure their personal devices and data.
While the market is poised for significant growth, there are challenges that need addressing. The diversity and complexity of IoT devices and platforms can make the implementation of standardised security solutions challenging. Moreover, security solutions must be scalable to handle the vast number of devices in the IoT ecosystem, which can vary greatly in capabilities and operating environments.
However, there is substantial scope for innovation in security technologies, particularly in areas like predictive threat intelligence and security analytics. Partnerships between IoT device manufacturers and security solution providers can lead to enhanced security features integrated directly into devices.
North America leads the global IoT security market share due to the high adoption of IoT devices across various sectors, including healthcare, automotive, and industrial, coupled with stringent regulatory standards and a robust technological infrastructure.
The Asia Pacific is expected to witness the fastest growth during the forecast period. Factors contributing to this growth include rapid urbanisation, the rising popularity of smart cities, and increased investments in IoT infrastructure by countries like China, Japan, and South Korea. Europe also plays a crucial role in the global market, driven by rigorous GDPR regulations requiring strong security measures for data protection and privacy.
As the IoT continues to expand into every facet of modern life and business, the importance of securing every node in this interconnected space cannot be overstated. The IoT security market is set to grow significantly, driven by the need for advanced protection mechanisms in an increasingly digital world. Companies and consumers alike must remain vigilant and proactive in implementing effective security solutions to safeguard the integrity of their systems and data.
Iot Security 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
- 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
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Competitive Landscape of Iot Security Market
The EMR 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 by Expert Market Research 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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