Dublin, Aug. 11, 2023 (GLOBE NEWSWIRE) -- The "IoT Security Market by Type (Network Security, Endpoint, Application Security, & Cloud Security), Offerings (Solutions & Services), Application Area (Smart Manufacturing, Connected Logistics & Transportation), Data Sensitivity - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The proliferation of internet-connected devices in homes, offices, vehicles, and appliances has led to the exponential growth of the Internet of Things (IoT). From smart cities and homes to Industry 4.0, IoT has transformed various industries and created vast flows of data being processed using AI/ML algorithms. However, the increasing scale, pervasiveness, and interconnectivity of IoT applications have also raised concerns about security and integrity.
The IoT security market is poised for significant growth, with a projected Compound Annual Growth Rate (CAGR) of 23.1% from 2023 to 2028. The services segment is expected to drive this growth, growing from $20.9 billion in 2023 to $59.2 billion by 2028. The increasing demand for support and integration services for IoT-deployed devices is fueling the growth of this segment.
Identity and access management (IAM) solutions are expected to account for the largest market share during the forecast period. IAM plays a crucial role in mitigating the risk of unauthorized access to IoT networks, thus driving the growth of this segment. As IoT expands its reach and connects multiple end-users and devices, ensuring secure access becomes imperative.
Cloud security is projected to grow at the highest CAGR of 27.5% during the forecast period. The rising concern for securing a large volume of data generated by numerous IoT devices and stored in databases is driving the demand for cloud security solutions. Ensuring data privacy and safety across cloud-based infrastructure, applications, and platforms is a critical aspect of IoT security.
North America leads the IoT security market and is expected to maintain the largest market share during the forecast period. The region has witnessed significant growth in IoT security adoption, driven by an increasing number of cyberattack incidents. The region's advanced information technology security adoption and infrastructure have led to substantial government involvement in safeguarding critical infrastructure and sensitive data.
Major players in the IoT security market include Microsoft, AWS, Google, IBM, Intel, Cisco, Ericsson, Thales, Allot, Infineon, and Atos. These players are adopting various growth strategies, such as partnerships, new product launches, and acquisitions, to expand their market presence.
The report provides comprehensive market size estimates and growth potential across different segments, competitive analysis of leading players, their company profiles, recent developments, and market strategies.
The report provides insights on the following:
- Analysis of key drivers (Growing demand for IoT connectivity, Increasing adoption of cloud computing, Growing need of IoT security, Increased need for an efficient cellular network), restraints (Rapid increase in deployment costs, Increasing security, and privacy concerns), opportunities (Increase in adoption of network virtualization, Acceleration of IP and cloud data traffic), and challenges (Excessive cost of equipment, Lack of interoperability of solutions) influencing the growth of the IoT Security market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the IoT Security market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the IoT Security market across varied regions
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the IoT Security market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like Microsoft (US), AWS (US), Google (US), IBM (US), Intel (US), Cisco (US), Ericsson (Sweden), Thales (France), Allot (Israel), Infenion (Germany), Atos (France), etc.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 256 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $20.9 Billion |
| Forecasted Market Value (USD) by 2028 | $59.2 Billion |
| Compound Annual Growth Rate | 23.1% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/xsje32
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