Internet of Things (IoT) Security Market

Global Internet of Things ( IoT) Security Market Size (2024 to 2032)

The global internet of things security market was worth USD 7.62 billion in 2023. The global market is expected to reach USD 10.21 billion in 2024 and USD 106.14 billion by 2032, growing at a CAGR of 34% during the forecast period.

MARKET DRIVERS AND RESTRAINTS

The key market factors contributing to the growth of the market are the increased attacks of ransomware on IoT systems these days, a mandatory requirement introduced to comply with the stringent rules and regulations, and the increase in risk-based adaptive security for IoT, etc. However, high costs, budget constraints, and physical restraints of IoT devices and applications are acting as hurdles for market growth.

REPORT COVERAGE

REGIONAL ANALYSIS

The Asia Pacific is the fastest-growing market among all the regions & it is North America that captures a large part of the market in terms of both revenue and share owing to a lot of factors like well sustainable and well-established economies, huge investments put in Research and Development (R&D) activities, significantly contributing to the development of new technologies in IoT and analytics by way of direct/ indirect funding, etc. Not only these, but countries such as Japan, China, Singapore, Australia, and India are also gaining ground and taking various initiatives in R&D and support for IoT deployments in utilities, manufacturing, and retail sectors.

KEY PLAYERS IN THE GLOBAL INTERNET OF THINGS (IoT) MARKET

• PTC Inc. (US),
• Symantec Corporation (US),
• Verizon Enterprises Solutions (US),
• Trustwave (US),
• Check Point Security Software Technologies Ltd. (US),
• Cisco Systems, Inc. (US),
• IBM Corporation (US),
• Infineon Technologies (Germany),
• Gemalto NV (Netherlands),
• AT&T Inc. (US),
• Trend Micro Inc. (Japan),
• Digicert (US).

RECENT HAPPENINGS IN THE GLOBAL INTERNET OF THINGS (IoT) MARKET

The Internet of Things is one of the most significant technological trends that has managed to attract the attention of many companies around the world. With the growing integration of IoT products into wireless networks, this market is expected to experience a massive growth rate. The following are a few recent industry developments.

• In January 2018, IBM has partnered with Maersk Global Logistics, a leader in the transportation industry, to use blockchain technology to create a digitized global commerce platform and a more efficient and secure process for driving global commerce. The companies also aimed to harness AI, IoT, and analytics technologies to improve digital circulation and tracking of goods around the world.

• During the fall of 2017, while IBM managed to acquire Agile Solutions, Cisco acquired Observable Networks. Both these acquisitions were aimed at diversifying their security portfolios in the domain of cloud computing and security capabilities, also complementing the pre-existing IoT policies & platforms.

• In May 2017, PTC formed a partnership with Ernst & Young, a multinational professional services firm. This partnership has enabled PTC and Ernst & YoungY to co-create IoT solutions to enable manufacturers to improve end-to-end Product Lifecycle Management (PLM).

• In July 2015, Tustwave introduced some new IoT security services to help the manufacturers and business users of IoT technology, devices & applications effectively identify and fix IoT threats and vulnerabilities. A recent survey done by the Ponemon Institute has found that most respondents believe their systems fall prey to an IoT cyberattack, but very few are prepared for or are doing anything to thwart such threats. Given the rising number of highly visible consumer IoT-related security breaches, cybersecurity expert Bruce Schneier has recently called for government regulation of the IoT, concluding that both IoT manufacturers and their customers don’t care about security.

DETAILED SEGMENTATION OF THE GLOBAL INTERNET OF THINGS (IoT) MARKET INCLUDED IN THIS REPORT

This research report on the global internet of things (IoT) market has been segmented and sub-segmented based on the component, type, solution, service, and region. 

By Component

• Solutions
• Services

By Type

• Network
•  Endpoint
• Application
• Cloud Security

By Solution

• Identity Access Management
• Device Authentication and Management
•  Security Analytics IDS/IPS

By Service

• Professional Services
• Integration Services
• Support and Maintenance
• Consulting Services
• Managed Services

By Region

• North America
•  Europe
•  Asia Pacific
•  Latin America
• Middle East & Africa