The global internet of things security market is expected to reach USD 10.21 billion in 2024 and USD 44.11 billion by 2029, growing at a CAGR of 34% during the forecast period.
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.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2029 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2029 |
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CAGR |
34% |
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Segments Covered |
By Component, Type, Solution, Service, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
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), and Digicert (US) and Others. |
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.
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.
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
Frequently Asked Questions
Artificial intelligence and blockchain technologies are increasingly being integrated into IoT security solutions to improve threat detection, authentication processes, and data integrity on a global scale. By leveraging AI-driven analytics and blockchain-based encryption techniques, organizations can strengthen their defense mechanisms against evolving cyber threats targeting IoT infrastructure.
Market players in the global IoT security landscape are increasingly focusing on strategic collaborations, partnerships, and acquisitions to enhance their product portfolios and expand their geographical presence. Moreover, investment in research and development activities to innovate advanced security solutions tailored to diverse industry verticals remains a key strategy for sustaining competitiveness.
The proliferation of remote work and BYOD policies necessitates robust IoT security solutions to secure the myriad of connected devices accessing corporate networks from remote locations globally. As employees leverage personal IoT devices for work-related tasks, organizations face heightened security risks, driving the demand for comprehensive security measures to safeguard sensitive data and networks.
The global IoT security market is poised for significant growth in the foreseeable future, propelled by ongoing technological advancements such as the integration of machine learning, edge computing, and quantum encryption into security frameworks. Additionally, the continuously evolving threat landscapes underscore the necessity for adaptive and proactive security measures, presenting lucrative opportunities for market players to innovate and address emerging security challenges effectively.
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