IoT Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

IoT Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global IoT security market size reached US$ 3.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 18.4 Billion by 2028, exhibiting a growth rate (CAGR) of 30.29% during 2023-2028.

The Internet of Things (IoT) security is a technological solution used for safeguarding networks and connected mechanical or digital devices. The security solutions aim to eradicate vulnerabilities and equip devices to identify, resist and recover from cyber-attacks. These security solutions offer identity access management, data encryption and tokenization, intrusion prevention system and security analytics through antimalware, antivirus and firewalls. Owing to this, these solutions find extensive application across several industries, including energy and utilities, manufacturing, automotive, transportation, etc.

The rising threat of cyber terrorism, along with the rapid adoption of IoT technologies across industries, is one of the key factors driving the growth of the market. The construction of smart cities and increasing automation in various industry verticals are creating an imminent need for enhanced and effective security solutions to safeguard highly sensitive personal and organizational data from malware injection. This, in confluence with the emergence of several new trends, such as Bring Your Own Device (BYOD), especially in the corporate organizational setups, is significantly favoring the market growth. Organizations are thus increasingly encouraging the deployment of IoT security solutions to manage communications and digital identities of their employees across on-premises, cloud and hybrid environments. Other factors, including advancements in 4G and 5G technologies and proliferation of social media platforms resulting in the rising number of identity and data thefts, are projected to drive the market further.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global IoT security market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, security type and vertical.

Breakup by Component:

Solutions
Services

Based on the component, IoT security solutions currently account for the highest market share.

Breakup by Security Type:

Network Security
Endpoint Security
Application Security
Cloud Security
Others

Based on the security type, cloud security segment currently accounts for majority of the market share.

Breakup by Vertical:

Energy and Utilities
Manufacturing
Automotive
Transport
Consumer Electronics
Healthcare
Others

Based on the vertical, energy and utilities segment currently account for the highest market share.

Breakup by Region:

Asia Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others

Europe

Germany
France
United Kingdom
Italy
Spain
Russia
Others

North America

United States
Canada

Middle East and Africa

Turkey
Saudi Arabia
Iran
United Arab Emirates
Others

Latin America

Brazil
Mexico
Argentina
Colombia
Chile
Peru
Others

Based on the geography, North America currently represents the biggest market for IoT security.

Competitive Landscape:

The report has also analyzed the competitive landscape of the market with some of the key players being Allot Ltd., Armis Inc., CENTRI Technology, Cisco Systems, Inc. ForgeRock Inc., Fortinet, Inc., Gemalto NV, International Business Machines (IBM) Corporation, Infineon Technologies AG, Intel Corporation, Mocana Corporation, Newsky Internet Limited, SecuriThings, NortonLifeLock Inc. (Symantec Corporation), and ZingBox Inc.

Key Questions Answered in This Report

1. What was the size of the global IoT security market in 2022?

2. What is the expected growth rate of the global IoT security market during 2023-2028?

3. What has been the impact of COVID-19 on the global IoT security market?

4. What are the key factors driving the global IoT security market?

5. What is the breakup of the global IoT security market based on the component?

6. What is the breakup of the global IoT security market based on the security type?

7. What is the breakup of the global IoT security market based on the vertical?

8. What are the key regions in the global IoT security market?

9. Who are the key players/companies in the global IoT security market?