The Internet of Things (IoT) security market is expected to grow at a Compound Annual Growth Rate (CAGR) of 34.4% from 2022 to 2031, owing to the increasing need for security over IoT networks
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The IoT security market size is expected to grow from USD 6.62 billion in 2022 to USD 29.02 billion by 2031, at a CAGR of 34.4% from 2022 to 2031. The growing instances of ransomware attacks on IoT networks, mandates the critical need for reliable IoT security solutions. IoT security is gaining importance due to increasing IoT deployments and thereby growing vulnerability of the network and devices to various cyber-attacks such as ransomware attacks. Today IoT has managed to be an integral part of day to day life and hence security aspect associated with it is important. Organizations with IoT deployments are implementing optimum security mechanisms to ensure confidentiality of the data. Today IoT security is important not only for data security of enterprises but also for crucial entities such as human lives and national intelligence.
Integration services among the professional services segment is expected to gain maximum traction during the forecast period
Installation and integration services play major role in ensuring security of the IoT network which comprises of numerous IoT devices, sensors and actuators by implementing security measures to system. Integration service providers help commercial clients implement a secure network across the deployed IoT system by integrating and ensuring that IoT security solutions are in line with the business processes.
Network security is estimated to have the largest market size in IoT security market during the forecast period
Network security is crucial when it comes to the security of whole IoT deployment. Network security comprises of wireless communication & remote access security, and gateway. For secure communications over wireless devices, various secure protocols such as LPWAN, Zig-bee, 6LowPAN, Bluetooth, Z-Wave, and NFC are used. Also, Gateway anti-virus and anti-spyware are used to ensures security of IoT/M2M gateway, intrusions, viruses, spyware, worms, trojans, adware, keyloggers, malicious mobile code (MMC) by using techniques such as ACLs, IDS/IPS, and filtering. Security over wireless netowrk is crucial in IoT systems as it carries voluminous and important data over network and is vulnurable for malacious attacks.
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North America is estimated to have the largest market size and Asia Pacific (APAC) is projected to grow at the highest rate during the forecast period
The North American region have witnessed the significant adoption of IoT security services mainly in US and Canada. Enterprises have shown significant interest in deploying IoT technologies in their processes, which helps drive the growth of IoT security market in the region. In 2015, US government invested USD 160 million in smart city initiatives to leverage on big data and analytics to reduce traffic congestion, fight crime, spur economic growth, manage climate change and improve delivery of local services. Also, in 2016, the Department of Homeland Security (DHS) issued a set of principles for securing IoT networks which highlight approaches of IoT security to make responsible and risk-based security decisions. The US government is helping private sector to implement IoT in various businesses, this is evident by the fact that the government of US and ITIF has started working to provide assistance for IoT related issues.
The APAC region is expected to showcase significant growth and is expected to be the fastest-growing region in IoT security market. Countries in the region are coming up with favorable norms for implementing IoT in various fields. Japan has managed to maintain leading position in the region in robotics and IoT technologies in production. Growing requirements for quick computing, virtualized environment, analytics, cyber security and complex networking are among other factor driving market for IoT security in the region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The break-up of profile of primary participants is as follows:
• By Company: Tier 1 – 30 %, Tier 2 – 40%, and Tier 3 – 30%
• By Designation: C level – 72%, Director level – 14%, and Others – 14%
• By Region: North America – 57%, Europe – 14%, and APAC – 29%
The IoT security ecosystem comprises major vendors, such as PTC, Inc. (US), Symantec Corporation (US), Verizon Enterprise Solutions (US), Trustwave (US), Check Point Security Software Technologies Ltd. (US), Cisco Systems, Inc. (US), IBM Corporation (US), Infineon Technologies (Germany), Gemalto NV (Netherlands), AT&T, Inc. (US), Trend Micro, Inc. (Japan), DigiCert (US).
Research Coverage
The report includes in-depth competitive analysis of these key players in the IoT security market, with their company profiles, recent developments, and key market strategies. The research report segments the IoT security market by type, solution, service, application area and region.
Reasons to buy the Report
The IoT security market has been segmented on the basis of type, solutions, services, application area and regions.
The report will help the market leaders/new entrants in this market in the following ways:
1. The overall IoT security market size has been estimated based on the revenues earned by vendors, offering solutions and services in multiple application areas, inclusive of professional and managed IoT security services. The report provides the closest approximations of the revenue numbers for the overall market and the subsegments. The market numbers are further split into regions.
2. The report helps the stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help the stakeholders to better understand the competitors and gain more insights to better their position in the business. The competitive landscape section includes competitor ecosystem, new product developments, partnerships, and mergers and acquisitions.
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