IoT Security Market Size, Share, Growth, And Industry Growth By Type (Network Security, Endpoint Security, Application Security, and Cloud Security), By Application (Manufacturing, Retail, Healthcare, Energy Management, Building and Home Automation, Transportation and Others), Regional Forecast To 2032

Updated On: 08 July 2024

IoT Security Market REPORT OVERVIEW

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The global IoT security market size was USD 2024.19 million in 2023 and market is projected to touch USD 17770.83 million by 2032, exhibiting a CAGR of 27.30% during the forecast period. In the market study, our analysts have considered IoT security players such as Cisco Systems, IBM, Infineon Technologies, Intel, Symantec, ARM, NXP Semiconductor, INSIDE Secure, Gemalto and Trend Micro.

IoT security means securing the devices which are connected to the internet and network from potential threats and viruses that might pose a risk to personal data, security breaches and loss in businesses. Internet is a part and parcel of life. A human being cannot imagine a day in life without access to the internet. The internet has increased the demand of the consumer and made people subscribe to fast services. However, with the advantages of the internet there comes a security threat. Data or information is the greatest resource everyone is prying upon to expand businesses. The rapid globalization, deployment of technology in developing countries, and introduction of 5G will be the major factor for the IoT security market growth.

COVID-19 Impact: Frequent Lockdowns to Hamper the Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the IoT security experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The onset of COVID-19 resulted in a massive change in every industrial sector. The frequent lockdowns and shutting down of enterprises posed a major challenge to the economy. However, amidst the difficult times, IoT security saw a more than anticipated growth. Many factors contribute to the high profits of the IoT industry during the pandemic time. The healthcare system was on the verge of crumbling down and required efficient technological infrastructure.  The government comprehended the need for the integration of IoT security in the healthcare system to provide better service to the people and strengthen the system. The shift towards work from home, rise in bandwidth connections, consumer dependency on technology and devices, demands from energy and utilities, and diversification of information technology boosted the IoT security market in the COVID-19 times.

LATEST TRENDS

"Smart Infrastructure and Demand for Automation to Boost IoT Security Demand "

Globalization is a continuous process that has been embraced by most nations. The consumer needs to upgrade their lifestyle to justify the rising economy that gave rise to smart cities and the deployment of modern technologies. However, as the living standard increase there comes to concern for security. Smart cities and enterprises are willing to invest in IoT security to make the system smooth and reliable. Apart from that, IoT improves communication by taking advantage of big data. Remote monitoring is stipulated to grow in demand in the forthcoming years which will have a positive influence on the IoT security market share.

IoT Security Market SEGMENTATION

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• By Type

Based on type, the market is divided into network security, endpoint security, application security, cloud security, and others. Network security segment is expected to dominate the market share during the forecast duration.

• By Application

Based on the application, the market is divided into the Manufacturing, Retail, Healthcare, Energy Management, Building and Home Automation, Transportation and Others.

DRIVING FACTORS

"Increase in Cybercrimes to Expedite the IoT Security Demand "

The 21^st century witnessed a massive growth of technology in all the industrial sectors. The steady innovations and awareness of the supremacy of high tech have compelled the consumer to strive for a better lifestyle. All the developing nations are embracing advanced technology to keep up with the fast-paced economy and upscale digitization. The model of running the business has changed drastically and in recent times, it is dependent on influential data. Human beings are relying on devices in their day-to-day life. No doubt the high tech made life easier but it also paved the way for vulnerable cyber-attacks. Information is the token industries are performing their high-level businesses.

Consumers are particular about their data being mishandled by a third party which can result in fraud cases and substantial loss. The companies are responsible for safeguarding their clients' data to build trust. In light of the recent events, malware viruses and threats are overpowering the big companies' security systems. The companies had to spend a hefty amount on restoring the system which cost their time, money and data. In an attempt to build a safe system, small and medium-sized enterprises are on the lookout to revamp their IoT security and spend millions to keep threats and malware risks from harming their businesses. The increase in cyber threats propelling the IoT market to grow in the upcoming years.

"Adoption of Cloud Technology to Drive the IoT Security Demand "

COVID-19 has triggered a transformation in the IT industry. The expensive IT resources which needed physical automation were outdated, expensive and complicated. It is replaced with cloud technology which offers high security in a time of increasing cyber-attacks and is cost-effective, smoother and controllable. Most companies are opting for the deployment of cloud technologies as work from home is becoming the new normal. Cloud technology has seen unprecedented growth in the present times and it is expected to rise in demand in the forecasted year. The IoT security market size is expanding owing to the high security provided by cloud technologies.

RESTRAINING FACTORS

"Lack of Awareness and Loopholes in IoT Security to Act as a Restraining Factor "

The business environment is transforming frequently to cope with the changing times. The existent security system might fail to give the required safeguard from the new variant of threats and malware viruses. The emerging loopholes in IoT security might pose a major concern. Moreover, the lack of awareness by internal members and insufficient knowledge about the IoT system might restrain the growth of the IoT market.

IoT Security Market REGIONAL INSIGHTS

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"North America to Dominate the Market due to Latest Technological Advancements "

North America has always managed to be at the top of the game by making innovative products to overcome the existing industrial problems. The good economy and government investment played a major role in technological development. Moreover, its benefit as one of the developed countries and the access to all the resources and minds contributed equally to the market growth. Moreover, the high standard and lifestyle demands compelled the key players in the market to come up with innovations.

KEY INDUSTRY PLAYER

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Cisco Systems
• IBM
• Infineon Technologies
• Intel
• Symantec
• ARM
• NXP Semiconductor
• INSIDE Secure
• Gemalto
• Trend Micro

REPORT COVERAGE

This report covers the analysis of the IoT security market providing a comprehensive market insight taking into consideration the existing key players who would play a crucial role in the forecasting period. It also analyses based on segmentation, industrial developments, trends, growth, size, share, restraints and revenue. The report covers an overview of the latest driving factor in the industry, dominant region, latest innovations and opportunities.