The services segment is expected to grow at a higher CAGR of 23.1% during the forecast period. It is expected to grow from USD 20.9 billion in 2023 to USD 59.2 billion by 2028 due to the increasing demand for support and integration services to many IoT-deployed devices.
Based on the solutions, the Identity Access Management segment is expected to account for the largest market share during the forecast period
Identity and access management is a comprehensive business process framework designed to enable organizations to effectively regulate and control employee access to technology resources. This framework encompasses policies and technologies that facilitate the management of attributes like phone numbers, email addresses, and social security numbers while verifying the authenticity of identities. The adoption of loT is rapidly increasing across various industries, thanks to its robust capabilities. As loT expands its reach, it allows for the connection of multiple end users and devices to networks. Unauthorized access to networks through intrusions is a major contributing factor to cyberattacks. IAM plays a crucial role in mitigating this risk by granting users on the network limited access based on their specific requirements. The growing number of attacks targeting loT devices is expected to fuel the demand for IAM solutions, driving the growth of the identity access management segment.
Based on the type, the cloud security segment is expected to grow at the highest CAGR during the forecast period
The cloud security segment is expected to grow at the highest CAGR of 27.5% during the forecast period due to the rising concern of securing a large number of data generated by a huge number of IoT devices and stored in databases. Cloud security is a part of cybersecurity dedicated to securing cloud computing systems. This, in turn, includes keeping data private and safe across online-based infrastructure, applications, and platforms. Cloud security includes data security, application governance, identity access management, encryption, data retention and business continuity planning, and Security Information and Event Management (SIEM). Cloud security is one of the most important aspects of IoT security, as IoT data is saved in Virtual Machines (VMs) and susceptible to cyberattacks.
Based on region, the North American segment is expected to account for the largest market share during the forecast period
North America has witnessed significant growth in the IoT security market, and it leads the market in terms of market share. North America has led in witnessing cyberattack incidents globally. It is regarded to be the most advanced region regarding information technology security adoption and infrastructure. The rising concern to safeguard critical infrastructure and sensitive data has enlarged government intermediacy in recent years. Numerous government industry-collaborative efforts have been considered to boost the IoT security market. Peculiar budget allocation, mandated information consulting policies, and collaboration with the private sectors are expected to make North America the most lucrative market.
The break-up of the profile of primary participants in the IoT Security Market:
The study contains insights from various industry experts, from solution vendors to Tier 1 companies. The break-up of the primaries is as follows:
- By Company Type: Tier 1 – 15%, Tier 2 – 40%, and Tier 3 – 45%
- By Designation: C-level –40%, D-level – 35%, and Others – 25%
- By Region: North America – 45%, Asia Pacific – 15%, Europe – 30%, Rest of the World – 10%
The major players in the IoT Security market are Microsoft (US), AWS (US), Google (US), IBM (US), Intel (US), Cisco (US), Ericsson (Sweden), Thales (France), Allot (Israel), Infenion (Germany), Atos (France), etc. These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and enhancements, and acquisitions to expand their footprint in the IoT Security market.
The market study covers the IoT Security market size across different segments. It aims at estimating the market size and the growth potential across different segments, including operational model, subscribers, enterprise verticals, and regions. The study includes an in-depth competitive analysis of the leading market players, their company profiles, key observations related to product and business offerings, recent developments, and market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants with information on the closest approximations of the IoT Security market’s revenue numbers and subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. Moreover, the report will provide insights for stakeholders to understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
- Analysis of key drivers (Growing demand for IoT connectivity, Increasing adoption of cloud computing, Growing need of IoT security, Increased need for an efficient cellular network), restraints (Rapid increase in deployment costs, Increasing security, and privacy concerns), opportunities (Increase in adoption of network virtualization, Acceleration of IP and cloud data traffic), and challenges (Excessive cost of equipment, Lack of interoperability of solutions) influencing the growth of the IoT Security market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the IoT Security market.
- Market Development: Comprehensive information about lucrative markets – the report analyses the IoT Security market across varied regions
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the IoT Security market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like Microsoft (US), AWS (US), Google (US), IBM (US), Intel (US), Cisco (US), Ericsson (Sweden), Thales (France), Allot (Israel), Infenion (Germany), Atos (France), etc.