IoT Security Market worth $59.2 billion by 2028, growing at a CAGR of 23.1%: Report by MarketsandMarkets™

Chicago, Aug. 18, 2023 (GLOBE NEWSWIRE) -- The IoT Security Market is estimated at USD 20.9 billion in 2023 and is projected to reach USD 59.2 billion by 2028, at a CAGR of 23.1% from 2023 to 2028, according to a new report by MarketsandMarkets™. IoT controls various connected devices into a single, smart device, such as a smartphone, PC, or tablet. But for hackers, the IoT ecosystem is a world of opportunities, where billions of interconnected devices transfer and share data, creating a massive playground for tinkering, crafting, exploiting, and taking these systems to their limits. Hence, IoT security becomes essential for organizations, governments, utilities, and individuals to protect data and infrastructure.

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268 - Tables
44 - Figures
265 - Pages

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Scope of the Report

The emergence of loT has revolutionized the controlling and management of connected devices, consolidating their functionalities into a single, intelligent device, such as a smartphone, PC, or tablet. However, this interconnected landscape also presents an enticing realm of opportunities for hackers. With billions of devices exchanging and transmitting data within the loT ecosystem, it becomes an extensive playground for malicious actors to explore, exploit vulnerabilities, and push these systems to their limits. Consequently, ensuring robust loT security measures becomes imperative for organizations, governments, utilities, and individuals alike, serving as a safeguard for both sensitive data and critical infrastructure. It is crucial to implement comprehensive security solutions that can protect against potential threats and mitigate the risks associated with unauthorized access, data breaches, and potential disruptions caused by malicious activities. As the loT ecosystem continues to evolve, continuous advancements in security technologies and practices will be vital to stay ahead of emerging threats and maintain the integrity and resilience of loT networks.

Based on the solutions, the IAM segment is expected to hold the highest market size during the forecast period.

 The preservation of security is paramount when it comes to any loT network, as it guarantees the confidentiality of data and authorized control over connected devices. As the adoption of loT expands across multiple industries, it becomes crucial to tailor loT security measures to align with the specific requirements of each industry in which it is deployed. With the proliferation of loT deployments, the frequency and severity of cyberattacks have surged accordingly. To safeguard loT networks, a range of IoT security solutions have been developed, leveraging various approaches such as identity and access control management, device authentication and management, and PKI lifecycle management. These robust security measures work in tandem to protect the integrity of loT systems, ensuring that only authorized entities can access and interact with connected devices. Additionally, continuous advancements in loT security protocols and practices are being pursued to counter emerging threats and provide enhanced protection in this rapidly evolving technological landscape.

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Based on services, the managed services segment is expected to grow at the highest CAGR during the forecast period

Services are evolving as an important aspect, as vendors offer integrated services packages, platforms, and solutions. The services segment is broadly categorized into two categories: professional services and managed services. Through professional services, vendors offer comprehensive services by deploying the latest techniques and tools, skills, knowledge, and strategies to address organizations’ security needs. Managed services are provided to outsource specific security solutions to commercial clients.

Based on region, the Asia Pacific is expected to grow at the highest CAGR during the forecast period

The surge in loT device adoption can be attributed to the proactive efforts of key industry players who seek to enhance business performance and foster collaboration. Organizations across all sectors, regardless of their size or type, often rely heavily on vendors or integrators to provide them with Information and Communications Technology (ICT) products and services. They increasingly utilize loT technologies to support their operations and achieve their business objectives. While technological advancements and its integration into every aspect of our modern world have yielded significant improvements, they have also introduced new security vulnerabilities. The escalating incidence of ransomware attacks in the loT ecosystem, along with the necessity to comply with stringent regulations and standards, is expected to propel market growth. North America plays a vital role in the expansion of the global loT security market, primarily due to the widespread adoption of loT in various applications and the implementation of numerous initiatives by the US Government.

Top Key Companies in IoT Security Market:

The major players in the IoT Security Market are Microsoft (US), AWS (US), Google (US), IBM (US), Intel (US), Cisco (US), Ericsson (Sweden), Thales (France), Allot (Israel), Infenion (Germany), Atos (France), etc. These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and enhancements, and acquisitions to expand their footprint in the IoT Security Market.

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Top Trends in Global IoT Security Market:

• There was a wider attack surface and more possible vulnerabilities due to the growing number of IoT devices. The need for strong security measures to safeguard these devices and the networks to which they are connected was highlighted by this trend.
• Regarding the security and privacy of IoT devices, governments and regulatory organisations were starting to impose stronger rules. Businesses were putting a lot of effort into making sure that they were in conformity with rules like the General Data Protection Regulation (GDPR) and other local data protection laws.
• The need of edge security increased as more processing moved from centralised data centres to the edges of networks. Because edge devices frequently have constrained resources, implementing conventional security measures might be difficult.
• To make sure that only authorised people and devices could access IoT networks, secure authentication techniques were being created. We looked into the possibilities of biometric and multi-factor authentication.
• Large amounts of data produced by IoT devices were being analysed using artificial intelligence (AI) and machine learning (ML). These tools were useful in spotting odd patterns and potential security holes.
• IoT security best practises and standardised security frameworks were being created. Organisations and business associations were collaborating to create standards for the implementation of secure IoT devices.
• To fix security flaws and other potential problems that may develop after deployment, regular firmware and software updates for IoT devices are now necessary.
• IoT device security throughout the supply chain, from production to deployment, is receiving more attention. Significant concerns could arise if compromised devices reach the supply chain.
• Collaboration between business stakeholders, academics, and security professionals to share threat information and vulnerabilities was growing. This aided in locating and tackling fresh security threats.

Key Industry Development:

• There has been a rise in understanding of the security dangers posed by IoT devices as their use across businesses has increased. This caused the implementation of strong security measures to receive more attention.
• It was anticipated that the deployment of 5G technology will alter the state of IoT security. More connected gadgets may be possible because to 5G's quicker speeds and lower latency, but it has prompted questions about potential security flaws in this expanded ecosystem.
• Governments and regulatory agencies have been concentrating more on enacting laws and standards pertaining to IoT security. These rules attempted to guarantee that IoT devices complied with specific security and privacy standards.
• The industrial IoT sector's security issues were receiving more attention. Critical infrastructure, including factories and energy facilities, needs to be protected against cyber threats.
• To make sure that only authorised devices could connect to IoT networks, strong device authentication procedures, such as the use of digital certificates and secure boot processes, were being created.
• Comprehensive security solutions were required as IoT networks grew in order to safeguard the entire ecosystem, from edge devices to cloud platforms. This featured firewalls, intrusion detection systems, encryption, and other measures.
• Organisations are now able to remotely monitor and manage their IoT devices' security features, such as updates and patches, thanks to the emergence of centralised IoT device management systems.
• Massive amounts of data generated by IoT devices were being analysed using artificial intelligence and machine learning in order to spot odd trends and potential security flaws.
• Manufacturers of IoT devices are putting more of their attention into designing security measures into their products, pursuing "security by design" as opposed to tackling security as an afterthought.

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