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
Market Size Value in US$ 8.4 billion in 2017 Market Size Value by US$ 30.9 billion by 2025 Growth rate CAGR 17.6% from 2017 to 2025. Forecast Period 2017-2025 Base Year 2017
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Internet of Things (IoT) Security Market: Strategic Insights
| Market Size Value in | US$ 8.4 billion in 2017 |
| Market Size Value by | US$ 30.9 billion by 2025 |
| Growth rate | CAGR 17.6% from 2017 to 2025. |
| Forecast Period | 2017-2025 |
| Base Year | 2017 |
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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
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
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Solution, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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
The global Internet of Things (IoT) security market is expected to reach US$ 106.40 billion by 2031.
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.
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.
Growing concerns about security for critical infrastructure is the major factor that propels the global Internet of Things (IoT) security market growth.
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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