Internet of Things (IoT) Security Market Forecast and Growth 2031

Internet of Things (IoT) Security Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Network, Endpoint, Cloud, Application Security, and Others), Solution (Threat Analysis, Identity Access Management, Data Loss Protection, Encryption, Dispatch & Incident Response, Distributed Denial of Service Protection, and Others), Application (Smart Home, Connected Car, Information & Communication Technology, Smart Factories, BFSI, Smart Retail, Smart Healthcare, Smart Transportation, Wearable, and Others), and Geography

  • Report Code : TIPTE100000288
  • Category : Technology, Media and Telecommunications
  • No. of Pages : 150

Internet of Things (IoT) Security Market Dynamics - 2021 to 2031

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The Internet of Things (IoT) security market size is projected to reach US$ 106.40 billion by 2031 from US$ 23.45 billion in 2023. The market is expected to register a CAGR of 20.8% in 2023—2031. Growing concerns about security for critical infrastructure and the growth of smart cities are fueling the IoT security market growth.

Internet of Things (IoT) Security Market Analysis

Several key factors drive the Internet of Things (IoT) Security market. A number of factors are driving this growth. One of them is an increase in Industry 4.0 IOT security incidents that highlight the need for increased cyber resilience. These IOT vulnerabilities give hackers new avenues to exploit, an increase in IOT security regulations, and an increase in security concerns for critical infrastructure.

Internet of Things (IoT) Security Market Overview

Securing IoT devices and networks against data theft and data distortion by hackers is known as IoT (Internet of Things) security. The need to protect the future of internet-connected devices by robustly installing necessary/next-generation security measures, enhancing transparency, and granting users the option to deny data gathering is one of the key reasons driving the market over the projection period.

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Internet of Things (IoT) Security Market: Strategic Insights

Internet of Things (IoT) Security Market
  • CAGR
    CAGR (2023 - 2031)
    20.8%
  • Market Size 2023
    US$ 23.45 Billion
  • Market Size 2031
    US$ 106.40 Billion

Market Dynamics

GROWTH DRIVERS
  • Growing Concerns of Security for Critical Infrastructure to Favor Market
FUTURE TRENDS
  • Technological Development
OPPORTUNITIES
  • Increasing IoT Applications in 5G Networks

Key Players

  • IBM Corporation
  • Microsoft
  • Amazon Web Services
  • Google
  • Intel
  • Cisco
  • Ericsson
  • Thales
  • Allot
  • Infineon

Regional Overview

Regional Overview
  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Market SegmentType
  • Network
  • Endpoint
  • Cloud
  • Application Security
Market SegmentSolution
  • Threat Analysis
  • Identity Access Management
  • Data Loss Protection
  • Encryption
  • Dispatch & Incident Response
  • Distributed Denial of Service Protection
Market SegmentApplication
  • Smart Home
  • Connected Car
  • Information & Communication Technology
  • Smart Factories
  • BFSI
  • Smart Retail
  • Smart Healthcare
  • Smart Transportation
  • Wearable
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Internet of Things (IoT) Security Market Drivers and Opportunities

Growing Concerns of Security for Critical Infrastructure to Favor Market

Hackers are concentrating on Internet of Things (IoT) devices and taking advantage of well-known flaws like passwords, default usernames, and static code backdoors. All industries are embracing automation in the modern world through IOT integration. Early adopters of the Internet of Things, essential infrastructures like water, power, and other resources are currently automating.

Automation increases operating efficiency significantly, but it also leaves systems vulnerable to cyberattacks. Growing systemic vulnerability has emerged as the world's top concern for governments. A nuclear reactor's controls represent a serious risk to both human life and property in the event that they are intentionally or maliciously tampered with.

Increasing IoT Applications in 5G Networks

Multi-access Edge Computing (MEC) and 5G's low latency assist in optimizing output in a loT-enabled smart factory. The ICT sector is adopting IOT services and applications more quickly because of 5G technology. In large-scale distant locations like mines and connected vehicles, 5G is anticipated to open up new use cases in remote monitoring, visual inspection, and autonomous operations.

Internet of Things (IoT) Security Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Internet of Things (IoT) Security market analysis are type, solution, and application.

  • Based on type, the Internet of Things (IoT) security market is divided into network, endpoint, cloud, application security, and others. The cloud segment is anticipated to grow in the forecast period.
  • By solution, the market is segmented into threat analysis, identity access management, data loss protection, encryption, dispatch & incident response, distributed denial of service protection, and others. The identity access management segment is anticipated to grow in the forecast period.
  • Based on application, the Internet of Things (IoT) security market is divided into smart homes, connected cars, information & communication technology, smart factories, BFSI, smart retail, smart healthcare, smart transportation, wearable, and others. The information and communication technologies segment is anticipated to grow in the forecast period.

Internet of Things (IoT) Security Market Share Analysis by Geography

The geographic scope of the Internet of Things (IoT) security market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America. North America has dominated the Internet of Things (IoT) security market. High technology adoption trends in various industries in the North American region have fuelled the growth of the Internet of Things (IoT) security market. Factors such as increased adoption of digital tools and high technological spending by government agencies are expected to drive the North American Internet of Things (IoT) security market growth. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has many Internet of Things (IoT) security market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the Internet of Things (IoT) security market.

Internet of Things (IoT) Security Market Report Scope

Report Attribute Details
Market size in 2023 US$ 23.45 Billion
Market Size by 2031 US$ 106.40 Billion
Global CAGR (2023 - 2031) 20.8%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Type
  • Network
  • Endpoint
  • Cloud
  • Application Security
By Solution
  • Threat Analysis
  • Identity Access Management
  • Data Loss Protection
  • Encryption
  • Dispatch & Incident Response
  • Distributed Denial of Service Protection
By Application
  • Smart Home
  • Connected Car
  • Information & Communication Technology
  • Smart Factories
  • BFSI
  • Smart Retail
  • Smart Healthcare
  • Smart Transportation
  • Wearable
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • IBM Corporation
  • Microsoft
  • Amazon Web Services
  • Google
  • Intel
  • Cisco
  • Ericsson
  • Thales
  • Allot
  • Infineon
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Internet of Things (IoT) Security Market News and Recent Developments

The Internet of Things (IoT) Security market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:

  • In March 2024, - Nozomi Networks Inc., the leader in OT and IoT security, announced it extended its partnership with Yokogawa Electric Corporation to address global demand for managed security services and solutions designed to holistically satisfy the unique OT and IoT cybersecurity requirements of process manufacturers. Yokogawa will offer Nozomi Networks' advanced solutions for OT and IoT visibility, network monitoring, and threat detection to customers worldwide as part of Yokogawa's OpreX Managed Services.  Yokogawa will also resell standalone solutions from Nozomi Networks to customers who manage their security programs in-house.

(Source: Nozomi Networks Inc, Press Release, 2024)

Internet of Things (IoT) Security Market Report Coverage and Deliverables

The " Internet of Things (IoT) Security Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:

  • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
  • Market dynamics such as drivers, restraints, and key opportunities
  • Key future trends
  • Detailed PEST/Porter's Five Forces and SWOT analysis
  • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments.
  • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments.
  • Detailed company profiles
Report Coverage

Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered

Segment Covered

Type, Solution, and Application

Regional Scope

Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope

Country Scope

US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina

Frequently Asked Questions


What will be the market size for the global Internet of Things (IoT) security market by 2031?

The global Internet of Things (IoT) security market is expected to reach US$ 106.40 billion by 2031.

Which are the key players holding the major market share of the Internet of Things (IoT) security market?

The key players holding majority shares in the global Internet of Things (IoT) security market are IBM Corporation, Microsoft, Amazon Web Services, Google, Intel Cisco, Ericsson, Thales, Allot, and Infineon.

What are the opportunities of the global Internet of Things (IoT) security market?

Increasing IoT applications in 5g networks are impacting IoT security, which is anticipated to play a significant role in the global Internet of Things (IoT) security market in the coming years.

What is the driving factor impacting the global Internet of Things (IoT) security market?

Growing concerns about security for critical infrastructure is the major factor that propels the global Internet of Things (IoT) security market growth.

What is the estimated market size for the global Internet of Things (IoT) Security market in 2023?

The global Internet of Things (IoT) Security market was estimated to be US$ 23.45 billion in 2023 and is expected to grow at a CAGR of 20.8% during the forecast period 2024 - 2031.

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