Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global IoT Security Market Outlook

The global IoT security market size reached a value of more than USD 21.23 billion in 2023. The global market is expected to grow at a CAGR of 21.80% during the forecast period of 2024-2032, reaching a value of USD 125.27 billion by 2032.

iot security market

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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

iot security market by segments

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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

iot security market by region

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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 2023
Historical Period 2018-2023
Forecast Period 2024-2032
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 Analysis
  • Porter's Five Forces Analysis
  • 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

IoT Security Market Report Snapshots

IoT Security Market Size

IoT Security Market Trends

IoT Security Market Analysis

IoT Security Companies

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2023, the global market for IoT security reached a size of USD 21.23 billion in 2023.

The market is expected to grow at a CAGR of 21.80% during the forecast period of 2024-2032.

The market is expected to reach a value of USD 125.27 billion by 2032.

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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