The global IoT security market reached a value of US$ 3.04 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 14.15 Billion by 2027, exhibiting a CAGR of 29.75% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
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, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on component, security type and vertical.
Breakup by Component:
Based on the component, IoT security solutions currently account for the highest market share.
Breakup by Security Type:
Based on the security type, cloud security segment currently accounts for majority of the market share.
Breakup by Vertical:
Energy and Utilities
Based on the vertical, energy and utilities segment currently account for the highest market share.
Breakup by Region:
Middle East and Africa
United Arab Emirates
Based on the geography, North America currently represents the biggest market for IoT security.
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:
How has the global IoT security market performed so far and how will it perform in the coming years?
What are the key regional markets in the global IoT security industry?
What has been the impact of COVID-19 on the global IoT security industry?
What is the breakup of the market based on the component?
What is the breakup of the market based on the security type?
What is the breakup of the market based on the vertical?
What are the various stages in the value chain of the global IoT security industry?
What are the key driving factors and challenges in the global IoT security market?
What is the structure of the global IoT security industry and who are the key players?
What is the degree of competition in the global IoT security market?