Internet of Things Security Market is expected to grow a value of USD 7.62 billion in 2023 to USD 30.02 billion by 2028 with a CAGR rate of about 34%
The key market factors which contribute to the growth of the market are the increased attacks of ransomware on IoT systems these days, a mandatory requirement that’s been 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.
Recent Industry Developments
Internet of Things is among 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. Following are few recent industry developments took place.
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 has managed to acquire Agile Solutions, the 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 of 2015, Tustwave has 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.
REPORT METRIC |
DETAILS |
Market Size Available |
2022–2028 |
Base Year |
2022 |
Forecast Period |
2023-2028 |
CAGR |
34% |
Segments Covered |
By Component, Type, Solution, Service, and Region. |
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 |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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. |
Internet of Things ( IoT) Security Market Segmentation:
Solutions
Services
Internet of Things (IoT) Security Market - By Type:
Network
Endpoint
Application
Cloud Security
Internet of Things (IoT) Security Market - By Solution:
Identity Access Management
Device Authentication and Management
Security Analytics IDS/IPS
Internet of Things (IoT) Security Market - By Service:
Professional Services
Integration Services
Support and Maintenance
Consulting Services
Managed Services
Internet of Things (IoT) Security Market - By Region:
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
The Asia Pacific is the fastest-growing market among all the regions & it is North America which 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.
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).
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