IoT Security Market Forecasts to 2030 – Global Analysis By Product Type (Network Security, Endpoint Security, Application Security, Cloud Security and Other Product Types), Type (Solutions and Services), Data Sensitivity (High-Sensitive Data and Low and M

IoT Security Market Forecasts to 2030 – Global Analysis By Product Type (Network Security, Endpoint Security, Application Security, Cloud Security and Other Product Types), Type (Solutions and Services), Data Sensitivity (High-Sensitive Data and Low and Moderate Sensitive Data), Application and By Geography

According to Stratistics MRC, the Global IoT Security Market is accounted for $22.7 billion in 2023 and is expected to reach $86.9 billion by 2030 growing at a CAGR of 21.1% during the forecast period. The IoT Security Market pertains to an industry that provides solutions and technologies to safeguard the Internet of Things (IoT) ecosystem. It ensures the protection of IoT devices, networks, and data from cyber threats and vulnerabilities. This market is essential as IoT devices, ranging from smart home appliances to industrial machinery, are interconnected, making them susceptible to attacks.

According to Palo Alto Networks, Inc. Unit 42 IoT threat March 2020 report, 98% of IoT device traffic is unencrypted.

Market Dynamics

Driver

Rapid increase in IoT security incidents related to Industry 4.0

As Industry 4.0 revolutionizes manufacturing and industrial processes with IoT-connected machinery and sensors, the attack surface for cyber threats expands. This heightened vulnerability has resulted in a surge of security breaches, data theft, and operational disruptions. Consequently, businesses are recognizing the critical importance of robust IoT security solutions to protect their investments, intellectual property, and production processes. This urgency drives the demand for advanced security measures, including encryption, authentication, and intrusion detection systems, propelling the IoT security market to address the evolving cybersecurity challenges of Industry 4.0.

Restraint

Lack of awareness about new variants of IoT threats

With the rapid evolution of cyber threats targeting IoT devices, including medical equipment, many healthcare organizations and device manufacturers may not be fully informed or prepared to combat emerging threats. This knowledge gap can lead to vulnerabilities, making healthcare data and patient safety susceptible to cyberattacks. It highlights the pressing need for increased education and proactive cybersecurity measures in the healthcare sector to mitigate these risks effectively. Addressing this challenge is crucial to ensuring the continued safe and secure integration of IoT devices in medical settings.

Opportunity

New wave of IoT applications due to 5G networks

The ultra-low latency, high-speed, and robust connectivity offered by 5G technology enable real-time data transmission and remote monitoring of patients with unprecedented precision. This opens doors to innovative healthcare solutions, such as telesurgery, remote diagnostics, and augmented reality-assisted surgeries, enhancing patient care and accessibility. Moreover, 5G's network reliability and capacity can support the seamless integration of a multitude of IoT medical devices, creating comprehensive healthcare ecosystems that optimize resource allocation, reduce costs, and improve overall healthcare outcomes.

Threat

Lack of standardization in IoT protocol

Diverse medical IoT devices often utilize proprietary communication protocols, hindering seamless interoperability and data exchange between devices and healthcare systems. This lack of standardization can lead to data silos, compatibility issues, and cybersecurity vulnerabilities. It poses a substantial challenge for healthcare providers who aim to build cohesive and secure IoT ecosystems. Addressing this threat requires the development and adoption of industry-wide standards to ensure the secure and efficient integration of IoT medical devices, ultimately safeguarding patient data and enabling the full potential of connected healthcare technologies.

Covid-19 Impact

The COVID-19 pandemic had a profound impact on the IoT Medical Devices Market. It accelerated the adoption of IoT-enabled healthcare solutions, including remote patient monitoring and telemedicine, to minimize physical contact and reduce the strain on healthcare facilities. IoT medical devices played a pivotal role in monitoring patients' vital signs remotely and ensuring timely interventions, which proved crucial during the pandemic. However, supply chain disruptions and healthcare budget constraints initially hindered device availability and adoption.

The solutions segment is expected to be the largest during the forecast period

The solutions have a significant share in the IoT Security market. Solutions encompass a wide range of integrated technologies and services designed to enhance healthcare through interconnected devices. These solutions include remote patient monitoring systems, wearable health devices, and smart healthcare appliances. They enable the collection and transmission of real-time patient data, facilitating improved disease management, early detection, and personalized treatment plans. IoT solutions also streamline healthcare operations, offering benefits like optimized asset management in hospitals and efficient patient data sharing among healthcare professionals.

The smart manufacturing segment is expected to have the highest CAGR during the forecast period

The smart manufacturing has the highest CAGR within the IoT Security market over the forecast period. Smart manufacturing within the IoT Medical Devices Market is the application of IoT technology to improve the production and quality of medical devices and equipment. It involves the use of interconnected sensors, data analytics, and automation to streamline manufacturing processes, enhance product quality, and reduce costs. Smart manufacturing enables real-time monitoring of equipment performance, predictive maintenance, and process optimization, ensuring consistent and reliable production of medical devices.

Region with largest share

North America holds a significant position and expected to hold a largest share over the forecast period due to its advanced healthcare infrastructure, high healthcare spending, and early adoption of innovative technologies. The region has been quick to embrace IoT-enabled medical devices, including wearables, remote monitoring systems, and telehealth solutions, aiming to improve patient care and healthcare efficiency. The region's emphasis on healthcare data security and privacy further positions it as a frontrunner in leveraging IoT technology to transform healthcare delivery and patient outcomes.

Region with highest CAGR

The Asia-Pacific region witnessed the highest CAGR in the IoT security market, driven by its growing population, rising healthcare needs, and technological advancements. The region has witnessed a surge in the adoption of IoT-enabled medical devices, particularly in countries like China and India, as they seek to address healthcare challenges and improve patient care. Asia Pacific's vast market potential, coupled with its commitment to healthcare innovation, positions it as a significant contributor to the global IoT Medical Devices Market, fostering transformative advancements in healthcare accessibility and delivery.

Key players in the market

Some of the key players in IoT Security Market include Gemalto NV, IBM Corporation, Infineon Technologies AG, Mocana Corporation, Cisco Systems, Inc., ForgeRock Inc., Fortinet Inc., Intel Corporation, International Business Machines (IBM) Corporation, Allot Ltd., Armis Inc., SecuriThings, Thales Group, ZingBox Inc., Newsky Internet Limited and NortonLifeLock Inc.

Key Developments

In May 2023, AWS announces support for Transport Layer Security (TLS) 1.3 through Configurable Endpoints. TLS 1.3 provides two major improvements in security and performance - it removes legacy features and older cipher suites in previous versions of TLS, and offers better performance through a simplified handshake process.

In April 2023, Cisco announced new cloud management tools for industrial IoT applications, simplified dashboards to converge IT and OT operations, and flexible network intelligence to see and secure all industrial assets.

In December 2022, Microsoft launched Defender for IoT to protect printers, smart TVs and all connected things besides PCs and smartphones. Microsoft Defender for IoT was launched in preview in late 2021 but was also formerly known as Azure Defender for IoT, which launched in public preview in 2020.

Product Types Covered
• Network Security
• Endpoint Security
• Application Security
• Cloud Security
• Other Product Types

Types Covered
• Solutions
• Services

Data Sensitivities Covered
• High-Sensitive Data
• Low and Moderate Sensitive Data

Applications Covered
• Smart Manufacturing
• Smart Energy and Utilities
• Connected Logistics and Transportation
• Smart Home and Consumer Electronics
• Connected Healthcare
• Smart Government and Defense
• Smart Retail
• Other Applications

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements