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Global IoT Security Market Share, Size, Growth, Trends, Forecast: By Component: Solutions, Services; By Deployment Mode: On-Premises, Cloud-Based; By Security Type: Network Security, Endpoint Security, Application Security, Cloud Security, Others; By Organisation Size; By End User Industry; Regional Analysis; Competitive Landscape; 2023-2028

Global IoT Security Market Outlook

The global IoT security market size reached a value of more than USD 17.43 billion in 2022. The global market is expected to grow at a CAGR of 21.80% during the forecast period of 2023-2028, reaching a value of USD 56.92 billion by 2028.

 

Global IoT Security Market Trends

IoT  (Internet of Things) security is a cybersecurity strategy that is utilised to create a protective mechanism for all connected devices. It is a technology segment that enables the protection of the connected devices from possible cyberattacks which specifically target physical IoT devices.

 

  • The growing need for cybersecurity due to the increased internet penetration around the world and rapid technological advancements that have enabled high internet speed can propel the market growth. With the increasing feasibility of cyberattacks, there is a constant need for IoT security for IoT-enabled devices.
  • Blockchain, a distributed database or ledger, is an advanced technology that has easily become one of the top tech trends. The increasing application of blockchain in various fields of business has significantly propelled the demand for advanced security solutions.

IoT security services can utilise sensor-embedded chips to provide increased security and the applications of blockchain can enable the direct sharing of information between devices instead of over centralised networks.

  • The implementation of artificial intelligence and machine learning with high-speed connectivity for automation can significantly improve data security. AI and machine learning-driven security tools can protect systems and networks from cyber-attacks and predict attacks before they may happen.

 

Global IoT Security Market Analysis

Based on components, the market can be segmented into solutions and services. The solution segment can be further divided by type into identity access and management, data encryption and tokenisation, device management, security analytics, and unified threat management (UTM), among others. The service segment can be divided by type into professional and managed security services. Based on the deployment mode, it can be bifurcated into on-premises and cloud-based. Based on security type, the market can be bifurcated into network security, endpoint security, application security, and cloud security, among others. 

 

Based on organisation size, the market can be divided into small and medium-sized enterprises and large enterprises. Based on the end-user industry, the market can be segmented into manufacturing, IT and telecommunication, BFSI, government and defence, transportation and automotive, energy and utilities, among others. 

 

The regional markets for the IoT security market can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa. The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global IoT security market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments and expansion plans.

 

  • Microsoft Corporation
  • Optiv Security Inc.
  • Intel Corporation
  • Cisco System Inc.
  • Palo Alto Networks
  • Fortinet, Inc.
  • IBM Corporation
  • Others

 

Components in the IoT Security Market

The market for IoT security, based on components, can be divided into solutions and services. Among these, the solution segment is expected to hold the largest market share during the forecast period. With the increasing penetration of IoT around the world, the demand for IoT security solutions has surged. IoT security solutions provided by market players can help organisations to avert the risk of suffering from malware or ransomware attacks on the IoT network.

 

Security Types in the Market for IoT Security Services

Based on security type, the market divisions include network security , endpoint security, application security, and cloud security, among others. Network security is most likely to hold a leading position in the market owing to the various types of security provided in the segment. Firewalls, email security, anti-virus and anti-malware solutions, and network segmentation are some examples of the types of network security.

 

Competitive Landscape

Microsoft Corporation is a multinational technology company that is engaged in producing various products, such as computer software, consumer electronics, personal computers, and other technology-related services. The company has become one of the world’s largest software manufacturers was founded in 1975 and is headquartered in Washington, United States.

 

Optiv Security Inc. is a privately owned cyber security solution-providing company. The company specialises in working with organisations to offer them cybersecurity programs and managed security services to avert risks, such as integration and technology solutions. The company has been operating in the field since 2015 and has its headquarters located in Colorado, United States.

 

Intel Corporation is one of the largest technology companies, based in the United States. It is one of the world’s largest semiconductor chip manufacturing companies in the world and they are the most widely used chips in personal computers. Their speciality lies in various fields, including semiconductor design and manufacturing, artificial intelligence, autonomous driving, and non-volatile memory solutions.

 

Other market players include Cisco Systems Inc., Palo Alto Networks, Fortinet, Inc., and IBM Corporation, among others.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Component
  • Deployment Mode
  • Security Type
  • Organisation Size
  • End User Industry
  • Region
Breakup by Component
  • Solutions
  • Services
Breakup by Deployment Mode
  • On-Premises
  • Cloud-Based
Breakup by Security Type
  • Network Security
  • Endpoint Security
  • Application Security
  • Cloud Security
  • Others
Breakup by Organisation Size
  • Small and Medium Sized Enterprises
  • Large Enterprises
Breakup by End User Industry
  • Manufacturing
  • IT and Telecommunication
  • BFSI
  • Government and Defense
  • Transportation and Automotive
  • Energy and Utilities 
  • Healthcare
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Microsoft Corporation
  • Optiv Security Inc.
  • Intel Corporation
  • Cisco System Inc.
  • Palo Alto Networks
  • Fortinet, Inc.
  • IBM Corporation
  • Others

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface 
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions   
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments  
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    Global
    6.2    Region
7    Opportunities and Challenges in the Market
8    Global IoT Security Market Analysis

    8.1    Key Industry Highlights
    8.2    Global IoT Security Historical Market (2018-2022) 
    8.3    Global IoT Security Market Forecast (2023-2028)
    8.4    Global IoT Security Market by Component
        8.4.1    Solutions
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2022)
            8.4.1.3    Forecast Trend (2023-2028)
            8.4.1.4    Breakup by Solutions Type
                8.4.1.4.1    Identity Access and Management 
                8.4.1.4.2    Data Encryption and Tokenization 
                8.4.1.4.3    Device Management 
                8.4.1.4.4    Security analytics 
                8.4.1.4.5    Unified Threat Management (UTM) 
                8.4.1.4.6    Others
        8.4.2    Services
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2022)
            8.4.2.3    Forecast Trend (2023-2028)
            8.4.2.4    Breakup by Services Type
                8.4.2.4.1    Professional 
                8.4.2.4.2    Managed Security Services
    8.5    Global IoT Security Market by Deployment Mode
        8.5.1    On-Premises
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2022)
            8.5.1.3    Forecast Trend (2023-2028)
        8.5.2    Cloud-Based
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2022)
            8.5.2.3    Forecast Trend (2023-2028)
    8.6    Global IoT Security Market by Security Type
        8.6.1    Network Security
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2022)
            8.6.1.3    Forecast Trend (2023-2028)
        8.6.2    Endpoint Security
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2022)
            8.6.2.3    Forecast Trend (2023-2028)
        8.6.3    Application Security
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2018-2022)
            8.6.3.3    Forecast Trend (2023-2028)
        8.6.4    Cloud Security
            8.6.4.1    Market Share
            8.6.4.2    Historical Trend (2018-2022)
            8.6.4.3    Forecast Trend (2023-2028)
        8.6.5    Others
    8.7    Global IoT Security Market by Organisation Size
        8.7.1    Small and Medium Sized Enterprises
            8.7.1.1    Market Share
            8.7.1.2    Historical Trend (2018-2022)
            8.7.1.3    Forecast Trend (2023-2028)
        8.7.2    Large Enterprises
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2018-2022)
            8.7.2.3    Forecast Trend (2023-2028)
    8.8    Global IoT Security Market by End User Industry
        8.8.1    Manufacturing 
            8.8.1.1    Market Share
            8.8.1.2    Historical Trend (2018-2022)
            8.8.1.3    Forecast Trend (2023-2028)
        8.8.2    IT and Telecommunication 
            8.8.2.1    Market Share
            8.8.2.2    Historical Trend (2018-2022)
            8.8.2.3    Forecast Trend (2023-2028)
        8.8.3    BFSI 
            8.8.3.1    Market Share
            8.8.3.2    Historical Trend (2018-2022)
            8.8.3.3    Forecast Trend (2023-2028)
        8.8.4    Government and Defense 
            8.8.4.1    Market Share
            8.8.4.2    Historical Trend (2018-2022)
            8.8.4.3    Forecast Trend (2023-2028)
        8.8.5    Transportation and Automotive 
            8.8.5.1    Market Share
            8.8.5.2    Historical Trend (2018-2022)
            8.8.5.3    Forecast Trend (2023-2028)
        8.8.6    Energy and Utilities 
            8.8.6.1    Market Share
            8.8.6.2    Historical Trend (2018-2022)
            8.8.6.3    Forecast Trend (2023-2028)
        8.8.7    Healthcare 
            8.8.7.1    Market Share
            8.8.7.2    Historical Trend (2018-2022)
            8.8.7.3    Forecast Trend (2023-2028)
        8.8.8    Others
    8.9    Global IoT Security Market by Region
        8.9.1    North America
            8.9.1.1    Market Share
            8.9.1.2    Historical Trend (2018-2022) 
            8.9.1.3    Forecast Trend (2023-2028)
        8.9.2    Europe
            8.9.2.1    Market Share
            8.9.2.2    Historical Trend (2018-2022) 
            8.9.2.3    Forecast Trend (2023-2028)
        8.9.3    Asia Pacific
            8.9.3.1    Market Share
            8.9.3.2    Historical Trend (2018-2022) 
            8.9.3.3    Forecast Trend (2023-2028)
        8.9.4    Latin America
            8.9.4.1    Market Share
            8.9.4.2    Historical Trend (2018-2022) 
            8.9.4.3    Forecast Trend (2023-2028)
        8.9.5    Middle East and Africa
            8.9.5.1    Market Share
            8.9.5.2    Historical Trend (2018-2022) 
            8.9.5.3    Forecast Trend (2023-2028)
9    North America IoT Security Market Analysis
    9.1    United States of America 
        9.1.1    Market Share
        9.1.2    Historical Trend (2018-2022) 
        9.1.3    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Market Share
        9.2.2    Historical Trend (2018-2022) 
        9.2.3    Forecast Trend (2023-2028)
10    Europe IoT Security Market Analysis
    10.1    United Kingdom
        10.1.1    Market Share
        10.1.2    Historical Trend (2018-2022) 
        10.1.3    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Market Share
        10.2.2    Historical Trend (2018-2022) 
        10.2.3    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Market Share
        10.3.2    Historical Trend (2018-2022) 
        10.3.3    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Market Share
        10.4.2    Historical Trend (2018-2022) 
        10.4.3    Forecast Trend (2023-2028)
    10.5    Others
11    Asia Pacific IoT Security Market Analysis
    11.1    China
        11.1.1    Market Share
        11.1.2    Historical Trend (2018-2022) 
        11.1.3    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Market Share
        11.2.2    Historical Trend (2018-2022) 
        11.2.3    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Market Share
        11.3.2    Historical Trend (2018-2022) 
        11.3.3    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Market Share
        11.4.2    Historical Trend (2018-2022) 
        11.4.3    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Market Share
        11.5.2    Historical Trend (2018-2022) 
        11.5.3    Forecast Trend (2023-2028)
    11.6    Others
12    Latin America IoT Security Market Analysis
    12.1    Brazil
        12.1.1    Market Share
        12.1.2    Historical Trend (2018-2022) 
        12.1.3    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Market Share
        12.2.2    Historical Trend (2018-2022) 
        12.2.3    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Market Share
        12.3.2    Historical Trend (2018-2022) 
        12.3.3    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East and Africa IoT Security Market Analysis
    13.1    Saudi Arabia
        13.1.1    Market Share
        13.1.2    Historical Trend (2018-2022) 
        13.1.3    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Market Share
        13.2.2    Historical Trend (2018-2022) 
        13.2.3    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Market Share
        13.3.2    Historical Trend (2018-2022) 
        13.3.3    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Market Share
        13.4.2    Historical Trend (2018-2022) 
        13.4.3    Forecast Trend (2023-2028)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Competitive Landscape
    15.1    Market Structure
    15.2    Company Profiles
        15.2.1    Microsoft Corporation
            15.2.1.1    Company Overview
            15.2.1.2    Product Portfolio
            15.2.1.3    Demographic Reach and Achievements
            15.2.1.4    Certifications
        15.2.2    Optiv Security Inc. 
            15.2.2.1    Company Overview
            15.2.2.2    Product Portfolio
            15.2.2.3    Demographic Reach and Achievements
            15.2.2.4    Certifications
        15.2.3    Intel Corporation
            15.2.3.1    Company Overview
            15.2.3.2    Product Portfolio
            15.2.3.3    Demographic Reach and Achievements
            15.2.3.4    Certifications
        15.2.4    Cisco System Inc.
            15.2.4.1    Company Overview
            15.2.4.2    Product Portfolio
            15.2.4.3    Demographic Reach and Achievements
            15.2.4.4    Certifications
        15.2.5    Palo Alto Networks
            15.2.5.1    Company Overview
            15.2.5.2    Product Portfolio
            15.2.5.3    Demographic Reach and Achievements
            15.2.5.4    Certifications
        15.2.6    Fortinet, Inc.
            15.2.6.1    Company Overview
            15.2.6.2    Product Portfolio
            15.2.6.3    Demographic Reach and Achievements
            15.2.6.4    Certifications
        15.2.7    IBM Corporation
            15.2.7.1    Company Overview
            15.2.7.2    Product Portfolio
            15.2.7.3    Demographic Reach and Achievements
            15.2.7.4    Certifications
        15.2.8    Others
16    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global IoT Security Market: Key Industry Highlights, 2018 and 2028
2.    Global IoT Security Historical Market: Breakup by Component (USD Billion), 2018-2022
3.    Global IoT Security Market Forecast: Breakup by Component (USD Billion), 2023-2028
4.    Global IoT Security Historical Market: Breakup by Deployment Mode (USD Billion), 2018-2022
5.    Global IoT Security Market Forecast: Breakup by Deployment Mode (USD Billion), 2023-2028
6.    Global IoT Security Historical Market: Breakup by Security Type (USD Billion), 2018-2022
7.    Global IoT Security Market Forecast: Breakup by Security Type (USD Billion), 2023-2028
8.    Global IoT Security Historical Market: Breakup by Organisation Size (USD Billion), 2018-2022
9.    Global IoT Security Market Forecast: Breakup by Organisation Size (USD Billion), 2023-2028
10.    Global IoT Security Historical Market: Breakup by End-User Industry (USD Billion), 2018-2022
11.    Global IoT Security Market Forecast: Breakup by End-User Industry (USD Billion), 2023-2028
12.    Global IoT Security Historical Market: Breakup by Region (USD Billion), 2018-2022
13.    Global IoT Security Market Forecast: Breakup by Region (USD Billion), 2023-2028
14.    North America IoT Security Historical Market: Breakup by Country (USD Billion), 2018-2022
15.    North America IoT Security Market Forecast: Breakup by Country (USD Billion), 2023-2028
16.    Europe IoT Security Historical Market: Breakup by Country (USD Billion), 2018-2022
17.    Europe IoT Security Market Forecast: Breakup by Country (USD Billion), 2023-2028
18.    Asia Pacific IoT Security Historical Market: Breakup by Country (USD Billion), 2018-2022
19.    Asia Pacific IoT Security Market Forecast: Breakup by Country (USD Billion), 2023-2028
20.    Latin America IoT Security Historical Market: Breakup by Country (USD Billion), 2018-2022
21.    Latin America IoT Security Market Forecast: Breakup by Country (USD Billion), 2023-2028
22.    Middle East and Africa IoT Security Historical Market: Breakup by Country (USD Billion), 2018-2022
23.    Middle East and Africa IoT Security Market Forecast: Breakup by Country (USD Billion), 2023-2028
24.    Global IoT Security Market Structure.

Key Questions Answered in the Report

In 2022, the global market for IoT security reached a size of USD 17.43 billion in 2022.

The market is expected to grow at a CAGR of 21.80% during the forecast period of 2023-2028.

The market is expected to reach a value of USD 56.92 billion by 2028.

The market growth is driven by the growing penetration of technology and high-speed network, and as the network expands the demand for IoT security services will surge.

The growing development of blockchain can provide new development opportunities to the market and the implementation of advanced technologies such as artificial intelligence, and machine learning can significantly improve the market.

The regional markets for the market include North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

The components available in the market include solutions and services.

The deployment modes in the market include on-premises and cloud-based.

The security types in the market include network security, endpoint security, application security, and cloud security, among others.

The different organization sizes operating in the market include small and medium-sized enterprises and large enterprises.

The end-user industries that utilise IoT security solutions include manufacturing, IT and telecommunication, BFSI, government and defence, transportation and automotive, healthcare, energy and utilities, among others.

The key players in the market include Microsoft Corporation, Optiv Security Inc., Intel Corporation, Cisco System Inc., Palo Alto Networks, Fortinet, Inc., and IBM Corporation, among others.

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