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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.
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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
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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
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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 | 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:
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| Breakup by Component |
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| Breakup by Deployment Mode |
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| Breakup by Security Type |
|
| Breakup by Organisation Size |
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| Breakup by End User Industry |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*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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