The growing number of ransomware attacks on IoT devices and the increasing data risk in IoT networks at a global level are the key drivers contributing to the growth of the global IoT security market size. The hackers aim at IoT devices and take benefit from known vulnerabilities, including those associated with the default password, username, and static code backdoor. Thereby, the rising vulnerability of critical systems is promoting the government of numerous countries to adopt IoT-enabled security. As per the IoT security market report, the growing need for IoT security solutions with accelerating variants of attacks will further stimulate the growth of the global IoT security market.
Cybercriminals utilize the multi-layered cyber-attacks to observe the commercial and intelligence aspects of enterprises, individuals, and economies. This factor has prompted many enterprises to incorporate their security solutions to reduce the cost and improve the safety of their facility. Therefore, the rising need for combined security solutions is one of the emerging IoT security market trends that is driving the demand of the market during the forecast period. Moreover, the increasing use of 4G and 3G long-term evolution and wireless networks and technologies is fuelling the risk regarding cyber-attacks. Transaction-related information and real-time information, which is important to users, is usually exchanged through these cellular networks, which in turn is propelling the requirement for IoT security. The emerging trend of bringing your own device (BYOD) is increasing issues associated with data security. On the other edge, the lack of awareness regarding the exceptional benefits and availability of IoT security solutions will hinder the market growth over the upcoming years. In addition to this, the increased cost of installation will hamper the growth of the market.
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Based on the Solution, data encryption and tokenization are projected to rise at a higher CAGR in the coming years. Security is an important component when it comes to the deployment of IoT into the manufacturing processes. The IoT sensors measure variables, such as speed, pressure, temperature, and consumption. These systems hinder the physical world, control critical infrastructure, and aids in gathering sensitive information regarding several operations and smart equipment. All these factors are surging the demand for the market and privacy protection in numerous companies.
Based on the region, Asia-Pacific is projected to lead the market during the forecast period due to the high adoption of advanced technologies like artificial intelligence, IoT, and several other advanced technologies. Additionally, the rapid economic growth and the growing spending on IoT, particularly in the leading countries, including Singapore, China, Japan, and India, will further fuel the growth of the market during the forecast period.
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Various notable players operating in the market include IBM, Cisco Systems Inc., Intel Corporation, Mocana, Infineon Technologies AG, Thales Group, SecuriThings, Allot, NortonLifeLock Inc., and Fortinet, Inc., among others.
The global IoT Security Market has been segmented on the basis of component, type, solution, service, application area, and regions. Based on component, the market is segmented into services and solutions. Based on type, the market is segmented into endpoint security, network security, cloud security, application security, and others. Based on solution, the market is segmented into data encryption & tokenization, identity & access management, device authentication & management, intrusion detection system & intrusion prevention system, public key infrastructure lifecycle management, secure communications, security analytics, distributed denial of service protection, and others. Based on service, the market is segmented into managed services and professional services. The professional services segment is further categorized into consulting services, integration services, and support & maintenance services. Based on application area, the market is segmented into smart energy & utilities, smart manufacturing, smart home & consumer electronics, connected logistics & transportation, smart government & defense, connected healthcare, smart retail, and others.
IoT Security Market Segmentation:
Global IoT Security Market by Component:
- Services
- Solutions
Global IoT Security Market by Type:
- Endpoint Security
- Network Security
- Cloud Security
- Application Security
- Others
Global IoT Security Market by Solution:
- Data Encryption & Tokenization
- Identity & Access Management
- Device Authentication & Management
- Intrusion Detection System & Intrusion Prevention System
- Public Key Infrastructure Lifecycle Management
- Secure Communications
- Security Analytics
- Distributed Denial of Service Protection
- Others
Global IoT Security Market by Service:
- Managed Services
- Professional Services
- Consulting Services
- Integration Services
- Support & Maintenance Services
Global IoT Security Market by Application Area:
- Smart Energy & Utilities
- Smart Manufacturing
- Smart Home & Consumer Electronics
- Connected Logistics & Transportation
- Smart Government & Defense
- Connected Healthcare
- Smart Retail
- Others
Global IoT Security Market by Region:
- North America IoT Security Market (Option 1: As a part of the free 25% customization)
- North America Market by Component
- North America Market by Type
- North America Market by Solution
- North America Market by Service
- North America Market by Application Area
- United States IoT Security Market
- Canada IoT Security Market
- Europe IoT Security Market (Option 2: As a part of the free 25% customization)
- Europe Market by Component
- Europe Market by Type
- Europe Market by Solution
- Europe Market by Service
- Europe Market by Application Area
- UK IoT Security Market
- Germany IoT Security Market
- France IoT Security Market
- Spain IoT Security Market
- Rest of Europe IoT Security Market
- Asia-Pacific IoT Security Market (Option 3: As a part of the free 25% customization)
- Asia-Pacific Market by Component
- Asia-Pacific Market by Type
- Asia-Pacific Market by Solution
- Asia-Pacific Market by Service
- Asia-Pacific Market by Application Area
- China IoT Security Market
- India IoT Security Market
- Japan IoT Security Market
- Rest of APAC IoT Security Market
- RoW IoT Security Market (Option 4: As a part of the free 25% customization)
- RoW Market by Component
- RoW Market by Type
- RoW Market by Solution
- RoW Market by Service
- RoW Market by Application Area
- Brazil IoT Security Market
- South Africa IoT Security Market
- Saudi Arabia IoT Security Market
- UAE IoT Security Market
- Rest of world (remaining countries of the LAMEA region) IoT Security Market
Our Other Relevant Reports:
Major Players Operating in the IOT Security Market (Option 5: As a part of the FRee 25% Customization – Profiles of 5 Additional Companies of your Choice)
- Cisco Systems Inc.
- IBM
- Intel Corporation
- Infineon Technologies AG
- NortonLifeLock Inc.
- Thales Group
- Allot
- Fortinet, Inc.
- Mocana
- SecuriThings
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