Wilmington, Delaware, Oct. 30, 2023 (GLOBE NEWSWIRE) -- According to RationalStat’s recent industry report, the Global IoT Security Market value is estimated at US$ 19.6 billion in 2023 and is expected to rise at a strong CAGR of over 24.8% over the forecast period of 2023-2030.
Market Definition, Market Scope, and Report Overview
The practices and mechanisms put in place to secure IoT devices, networks, and data against unauthorized access, cyberattacks, and data breaches are referred to as IoT security. With the rise of linked devices in industries such as healthcare, manufacturing, transportation, and smart homes, it is critical to ensure the security of IoT systems.
Because IoT devices are interconnected, they are subject to a variety of cybersecurity threats such as malware, ransomware, Distributed Denial of Service (DDoS) assaults, and data leaks. The demand for improved IoT security solutions is increasing as cyber threats change and become more complex.
- According to a deep-dive market assessment by RationalStat, the global IoT Security market has been analyzed on the basis of market segments, including security type, application and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global IoT Security market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global IoT Security market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global IoT Security Market: Segmental and Market Share Analysis
- On the basis of security type, network security segment is anticipated to dominate the market growth on the basis of market share and its demand in the global market.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2023 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 19.6 billion |
| Market Size Forecast | US$ 92.4 billion |
| Growth Rate | 24.8% |
| Dominant Segment | Network security |
| Dominant Region | Asia Pacific |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
Some leading players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global IoT Security market include,
- In June 2022, IBM announced the acquisition of Randori in order to streamline its range of threat detection and response technologies. Randori bills itself as a "trusted adversary" for its clients, serving as a leader in attack surface control and offensive security.
Some of the prominent players and suppliers operating and contributing significantly to the global IoT Security market growth include Cisco Systems, Inc., Broadcom Inc, IBM Corp., Infineon Technologies AG, Gemalto NV, Intel Corporation, Fortinet, Inc., Palo Alto Networks, and Trend Micro Inc., among others.
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RationalStat has segmented the global IoT Security market based on security type, application and region
- Global IoT Security Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Security Type
- Network Security
- Endpoint Security
- Application Security
- Cloud Security
- Others
- Global IoT Security Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Application
- Manufacturing
- Retail & E-Commerce
- Government & Defense
- Transportation & Logistics
- Energy & Utilities
- Healthcare
- Others
- Global IoT Security Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
- North America IoT Security Market
- US
- Canada
- Latin America IoT Security Market
- Brazil
- Mexico
- Rest of Latin America
- Western Europe IoT Security Market
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe IoT Security Market
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific IoT Security Market
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa IoT Security Market
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America IoT Security Market
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Key Questions Answered in the IoT Security Report:
- What will be the market value of the global IoT Security market by 2030?
- What is the market size of the global IoT Security market?
- What are the market drivers of the global IoT Security market?
- What are the key trends in the global IoT Security market?
- Which is the leading region in the global IoT Security market?
- What are the major companies operating in the global IoT Security market?
- What are the market shares by key segments in the global IoT Security market?
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client’s needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.
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