Global IoT Security Market – Industry Trends and Forecast to 2031

Global IoT Security Market, By Component (Solutions, Services), Type (Network Security, Endpoint Security, Application Security, Cloud Security, Others), Application Area (Smart Manufacturing, Smart Energy and Utilities, Connected Logistics, Smart Home and Consumer Electronics, Connected Healthcare, Smart Government and Defence, Consumer Wearables, Connected Vehicles, Smart Transportation, Smart Retail, Others) - Industry Trends and Forecast to 2031.

IoT Security Market Analysis and Size

The rise in the number of ransomware attacks on IoT devices is a critical threat around the world. Furthermore, the increase in the number of IoT security guidelines is further anticipated to propel the growth of the Internet of Things (IoT) security market. Moreover, the increase in the concerning issues regarding critical infrastructure is further estimated to cushion the growth of the Internet of Things (IoT) security market. On the other hand, the considerable rise in the new variations of IoT threats and the absence of alertness is further projected to impede the growth of the Internet of Things (IoT) security market in the timeline period.

Data Bridge Market Research analyzes that the global IoT security market was valued at USD 4.3 billion in 2023 and is expected to reach USD 43.7 billion by 2031, registering a CAGR of 33.2% during the forecast period of 2024-2031. The “solutions” segment dominates the IoT security market primarily due to the increasing complexity of IoT ecosystems, prompting a growing demand for comprehensive security solutions that address diverse vulnerabilities and safeguard interconnected devices and networks. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation

Market Definition

IoT security can be referred to as the technological area related to mitigating cyber threats concerning the connected devices and networks in the Internet of Things. In addition, the IoT requires the addition of internet connectivity to a system of digital machines, mechanical machines, interrelated computing devices, objects, and people.   

Global IoT Security Market Dynamics

Drivers

• Rise in the number of ransomware attacks on the iot devices

The Internet of Things (IoT) security market is witnessing a concerning surge in ransomware attacks targeting IoT devices. As the proliferation of connected devices continues to reshape various industries, the vulnerabilities inherent in IoT ecosystems have become a prime target for malicious actors. The escalating number of ransomware incidents on IoT devices underscores the critical need for robust security measures to safeguard the integrity, confidentiality, and availability of data across interconnected networks. In response to this growing threat landscape, the IoT security market is experiencing heightened demand for advanced solutions that can effectively mitigate the risks associated with ransomware attacks on IoT devices. Organizations and individuals alike are increasingly recognizing the imperative of investing in comprehensive security solutions to ensure the resilience of their IoT infrastructure in the face of evolving cyber threats.

• Increase in the number of IoT security guidelines

As the deployment of IoT devices continues to accelerate across industries, the need for standardized and robust security measures becomes paramount. The surge in IoT security guidelines reflects a collective industry response to the escalating cyber threats targeting connected ecosystems. The anticipation of enhanced regulatory frameworks and industry best practices is expected to propel market growth, as businesses and individuals increasingly recognize the imperative of adopting comprehensive security solutions to navigate the evolving landscape of IoT vulnerabilities. The proliferation of guidelines is serving as a catalyst, instilling confidence in stakeholders and fostering a proactive approach towards fortifying IoT infrastructures against potential threats.

Opportunity

• Increase in the issues regarding the critical infrastructure

With industries increasingly integrating IoT technologies into their essential operational frameworks, the vulnerabilities associated with interconnected systems become more pronounced. The escalating frequency and sophistication of cyber threats targeting critical infrastructure have underscored the urgent need for robust security solutions within the IoT domain. This pressing concern has propelled the IoT security market forward, as businesses, governments, and organizations recognize the imperative of safeguarding vital systems against potential disruptions and unauthorized access. The market is poised to address these challenges by offering advanced security measures tailored to protect critical infrastructure in an era where the convergence of physical and digital elements demands heightened vigilance against evolving cyber risks.

Restraint/Challenge

• Rise in the new variations of IoT threats and absence of alertness

One of the significant challenges faced is the availability of a skilled workforce. As the demand for IoT security continues to grow due to its crucial role in supporting modern infrastructure, the need for proficient technicians and installers has become increasingly paramount. Ensuring a skilled workforce capable of proper hand-hole installation, maintenance, and repairs is essential to meet the evolving requirements of utility and communication networks, underscoring the importance of addressing this labor-related challenge in the industry.

This IoT security market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the IoT security market contact Data Bridge Market Research for an Analyst Brief, Our team will help you take an informed market decision to achieve market growth.

Recent Development

• In May 2020, Trustwave announced a cloud-based cybersecurity platform that serves as the foundation for the company’s managed security services, products and other cybersecurity offerings. The Trustwave Fusion platform is purpose-built to meet the enterprise, where it is involved in operations as it embraces digital transformation and contend with a continuously evolving security landscape

Global IoT Security Market Scope

The IoT security market is segmented on the basis of component, type, and application area. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Solutions
• Services

Type

• Network Security
• Endpoint Security
• Application Security
• Cloud Security
• Others

Application Area

• Smart Manufacturing
• Smart Energy and Utilities
• Connected Logistics
• Smart Home and Consumer Electronics
• Connected Healthcare
• Smart Government and Defence
• Consumer Wearables
• Connected Vehicles
• Smart Transportation
• Smart Retail
• Others

Global IoT Security Market Regional Analysis/Insights

The IoT security market is analysed and market size insights and trends are provided by country, component, type, and application area as referenced above.

The countries covered in the IoT security market report are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, rest of Middle East and Africa (MEA), Brazil, Argentina and rest of South America.   

North America is expected to dominate the market due to the widespread deployment of IoT devices across numerous domains and countries. Furthermore, the implementation of governing frameworks will further boost the internet of things (IoT) security market in the region during the forecast period. Asia-Pacific is expected to show significant growth in the market due to the increase in the mobile workforce.

The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.     

Competitive Landscape and Global IoT Security Market Share Analysis

The IoT security market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Europe presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the IoT security market.

Some of the major players operating in the IoT security market are:

• Cisco Systems, Inc. (U.S.)
• IBM (U.S.)
• Intel Corporation (U.S.)
• Infineon Technologies AG (Germany)
• Symantec Corporation (U.S.)
• Gemalto NV (Netherlands)
• Allot (Israel)
• Fortinet, Inc. (U.S.)
• Zingbox (U.S.)
• Mocana (U.S.)
• SecuriThings (Israel)
• CENTRI Technology (U.S.)
• Armis, Inc. (U.S.)
• ForgeRock (U.S.)
• NewSky Security (Taiwan)
• McAfee, LLC (U.S.)
• AT&T Intellectual Property (U.S.)
• Check Point Software Technologies Ltd. (Israel)
• Trustwave Holdings, Inc. (U.S.)
• Verizon (U.S.)
• PTC (U.S.)