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Analysts at GMI Research estimates that the IoT Security Market was worth USD 16.7 billion in 2022, and forecast to touch USD 82.0 billion in 2030, growing at a CAGR of 22.0% from 2023-2030.
Key Drivers and Trends –
IoT security market is driven by the rising ransomware attacks across various IoT devices. The focus of hackers is on IoT devices and exploitation of well-known vulnerabilities, like default username, passwords, and static code backdoors. Therefore, the rising vulnerability of critical system is enforcing the government to opt for IoT enabled security world-wide. Furthermore, it is anticipated that the rising demand for IoT security solutions and their adoption by several emerging countries would create significant potential for the market future growth. The technological field of IoT security is focused with reducing cyber danger pertaining to networks and linked devices on the IoT. Additionally, the rising number of variants attack on IoT security solution is another factor which is having a positive impact on the IoT security market growth.
Whereas with development of the cities and rising automation need for effective security solutions has been increased to secure the personal and organizational data from malware attack. Because of the interconnections of systems over the internet, harmful assaults against this device, including viruses, hacks, and malware attacks, have risen. Moreover, due to the growth in demand for sophisticated IoT devices among organisations and the rise in IoT device penetration in home appliances, the IT & telecom industry is anticipated to develop at a substantial CAGR throughout the forecasted period. The introduction of a new trend of BYOD across the corporate has provided a new path for the market growth. Thus, the increasing deployment of IoT solutions to handle communication and digital identities will offer enormous opportunities to the market.
On the other hand, the cybercriminals use multi-layered cyber-attack to keep a check on the intelligence and commercial aspects of individuals, enterprises and countries. With this factor large companies got encouraged to integrate their security solution to low down the cost and enhance the safety of their facilities.
Based on Component, Service segment is projected to grow at highest CAGR.
Service segment is projected to increase at a higher CAGR. The demand for security solutions is growing as a new IoT vulnerabilities, and more IoT devices are being infected with botnets and other malicious malware. They provide IoT devices with a strong security architecture, as they can reduce the likely hood of malware and ransomware attacks on the enterprise – connected IoT networks and help organizations to run their business more effectively. these security solutions are expected to have a high CAGR in the upcoming years.
Based on Solution, Encryption segment is projected to increase during the forecast period.
Over the forecasted period, encryption solutions are expected to have the highest CAGR. Increasing need to protect sensitive data, such as financial transactions and personal information, from non-secure storage is anticipated to fuel the segment’s expansion. Additionally, the requirement for better data security may be influenced by factors such as regulatory compliance, data privacy concerns, and brand reputation, which will support the segment’s expansion throughout the projected period.
Based on Application, Smart Home & Consumer Electronics segment is expected to dominate the market.
Because of the increasing rates of cyber threats such as denial of service (DoS) and data & identity theft, smart home & consumer electronics is predicted to have a higher proportion in the next years. Growing number of linked houses, adoption of goods such as smart fire & alarm systems, intelligent security systems and smart devices has expanded the growth of the market. As a result, the need for security solutions and services in smart homes and consumer electronics has surged the market growth.
Based on region, Asia Pacific region is expected to dominate in upcoming years
Asia Pacific region is anticipated to rule the market in upcoming years due to the increasing adoption of advance technologies such as AI and IoT. Moreover, rising spending on IoT in APAC countries like India, China is further paving the way for APAC market.
IoT gadget adoption has increased because of the key players aggressive tactics to boost the market productivity and collaboration in the workplace. Market expansion is predicted to be fuelled by the surge of the ransomware assault in the IoT ecosystem, the need for strict adherence and regulatory requirements. Whereas, due to the widespread usage of IoT in different applications, several initiatives are taken by the US government, North America is currently a key contributor to the growth of the worl wide IoT security market.
Top Market Players
Notable players operating in the IoT Security market include SecuriThings, Thales Group, Infineon Technologies AG, NortonLifeLock Inc., Allot, IBM, Cisco Systems Inc., Fortinet, Mocana, Intel Corporation, among others.
Market Segmentation
Segmentation by Component
o Services
o Solutions
Segmentation by Type
o Endpoint Security
o Network Security
o Cloud Security
o Application Security
o Others
Segmentation by Solution
o Data Encryption & Tokenization
o Identity & Access Management
o Device Authentication & Management
o Intrusion Detection System & Intrusion Prevention System
o Public Key Infrastructure Lifecycle Management
o Secure Communications
o Security Analytics
o Distributed Denial of Service Protection
o Others
Segmentation by Service
o Managed Services
o Professional Services
oConsulting Services
o Integration Services
o Support & Maintenance Services
Segmentation by Application Area
o Smart Energy & Utilities
o Smart Manufacturing
o Smart Home & Consumer Electronics
o Connected Logistics & Transportation
o Smart Government & Defense
o Connected Healthcare
o Smart Retail
o Others
Segmentation by Region
• Asia Pacific
o China
o Japan
o India
o Rest of APAC
• North America
o United States of America
o Canada
• Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
• RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
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About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
