Richmond, Jan. 08, 2024 (GLOBE NEWSWIRE) -- According to a research report "IoT Security Market”, By Offerings (Services, Solutions), Solutions (Data Encryption and Tokenization, Device Authentication And Management, Distributed Denial Of Service Protection, Identity and Access Management, Security Analytics, Others), Services (Managed Services, Professional Service), Professional Services (Consulting, Implementation, Support and Maintenance), Type (Application Security, Cloud Security, Endpoint Security, Network Security, Others), Application area (Connected Logistics and Transportation, Smart Energy and Utilities, Smart Government and Defense, Smart Manufacturing, Smart Retail, Others), Data Sensitivity (High-Sensitive Data, Low and Moderate Sensitive Data) and Region - Global Forecast to 2030.
Global IoT Security Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 8.01 Billion |
| Market size value in 2030 | USD 30.95 Billion |
| CAGR (2023-2030) | 21.3% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Offering, Type, Data Sensitivity, Application area and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on IoT Security Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The IoT security market is experiencing robust growth driven by the increasing adoption of Internet of Things (IoT) devices across various industries. As the number of connected devices continues to soar, concerns about cybersecurity threats and vulnerabilities have escalated, propelling the demand for advanced security solutions. Organizations are investing heavily in IoT security to safeguard sensitive data, prevent unauthorized access, and mitigate potential cyber risks. The market is characterized by a proliferation of innovative technologies such as blockchain, artificial intelligence, and machine learning, aimed at fortifying the resilience of IoT ecosystems. Additionally, stringent regulatory frameworks and compliance requirements are compelling businesses to prioritize IoT security solutions, further fueling market expansion. With a growing awareness of the critical importance of securing IoT infrastructures, the IoT security market is poised for sustained growth as companies seek comprehensive, adaptive security measures to protect their interconnected environments.
Major Vendors in the Global IoT Security Market:
- Broadcom Inc. (Symantec Corporation)
- IBM Corporation
- Check Point Software Technologies Ltd.
- Intel Corporation
- Hewlett Packard Enterprise Co.
- Cisco Systems Inc.
- Fortinet Inc.
- Trustwave Holdings
- Thales Group (Gemalto NV)
- AT&T Inc.
- Palo Alto Networks Inc.
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The frequency of data breaches is on the rise
The escalating frequency of data breaches has emerged as a compelling driver for the IoT Security Market. As the number of interconnected devices in the Internet of Things (IoT) ecosystem continues to surge, the attack surface for cyber threats expands exponentially. The increasing sophistication of cyberattacks and the potential compromise of sensitive data have heightened awareness among businesses and individuals regarding the critical need for robust IoT security measures. Organizations across various industries are recognizing the imperative of safeguarding their IoT infrastructures against unauthorized access, data breaches, and other cybersecurity risks. This heightened awareness, fueled by the rising incidence of data breaches, is propelling significant investments in IoT security solutions, driving the market's growth as stakeholders prioritize comprehensive measures to ensure the integrity and resilience of their interconnected environments.
Market Dynamics
Drivers:
- The rise of smart cities
- Growth of Critical Infrastructure and Industrial IoT (IIoT)
- Increasing Awareness of Cybersecurity Threats
Opportunities:
- Addressing Evolving Threats and Vulnerabilities
- Tailor Solutions for Diverse Sectors and Applications
- Increasing emergence Technologies
Convergence of IT and OT Security
The trend towards the convergence of Information Technology (IT) and Operational Technology (OT) security is a notable development in the IoT Security Market. Traditionally, IT and OT operated in silos, but the increasing integration of IoT devices has blurred the lines between these domains. As industries leverage IoT for operational efficiency, the need to align IT and OT security strategies has become paramount. The convergence allows for a holistic approach to security, addressing vulnerabilities across both IT and OT networks. This integration is driven by the recognition that a unified security framework is essential to protect against cyber threats that can exploit the interconnectedness of IT and OT systems. As organizations strive for a cohesive security posture, the convergence trend is shaping the landscape of IoT security solutions, promoting comprehensive measures that bridge the gap between traditionally distinct realms of technology.
Asia-Pacific dominates the market for IoT Security Market.
The Asia-Pacific region stands out as a key hub for IoT adoption, primarily driven by the implementation of smart city initiatives. The substantial industrialization and a growing number of mobile device users in the region indicate a significant anticipated expansion. According to the Cisco VNI report, projections for 2022 suggest that the region might witness a surge to 2.6 billion internet users, constituting 62% of the population, compared to 1.7 billion (41% of the population) in 2017. Additionally, the region is expected to host 13.1 billion networked devices/connections by 2022, up from 8.6 billion in 2017. However, Asia-Pacific faces a 35% higher likelihood of being targeted by advanced cyber-attacks, as reported by FireEye. The National Institute of Information and Communication Technology (NIICT) notes a significant uptick in cyberattacks on IoT devices, projecting a potential increase to 30 billion devices by 2020, compared to 15 billion devices in 2015. In response to these challenges, governments and related organizations are increasingly deploying IoT security solutions to mitigate potential damages. China, with its technological innovation, notably influences the rise of IoT, fostering heightened demand in the smart home market among Chinese consumers, encompassing central systems for lighting control, security, entertainment, home appliances, and more.
Network Security Segments is anticipated to hold the Largest Market Share during the Forecast Period
Based on the type segment categorized into Network Security, Endpoint Security, Application Security, Cloud Security and Others. Network Security has a major share in the IoT Security Market. Enterprises globally identify IoT networks as primary targets and a top concern, with the network security segment encompassing various subsegments like firewalls, servers, VPN, IDS, IPS, WIDPS, gateway, and network hardware. The escalating adoption of Bring Your Own Device (BYOD) and IoT in enterprises amplifies security apprehensions regarding network attacks. Notably, the global network hardware market reached USD 181 billion in fiscal 2018, with enterprise network hardware alone valued at USD 52 billion, according to IT Candor. IBM X-Force threat intelligence reported a staggering 5,400% increase in IoT vulnerabilities in 2018 compared to five years prior, exemplified by the impactful Mirai attack in 2016, utilizing over 150,000 devices for a massive 1TB per second data assault on servers. Predominantly, IoT-based attacks manifest in Distributed Denial of Service (DDoS) form, with Symantec's report attributing nearly 80% of 2018's IoT attacks to three DDoS-associated malware: LightAidra, Kaiten, and Mirai. Market vendors are responding with specialized solutions to address network security challenges, exemplified by Palo Alto Networks' integration of IoT security into its firewall services following the acquisition of Zingbox, showcasing a broader industry trend to mitigate network threats and stimulate demand in the network security segment.
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