Enjoy complimentary customisation on priority with our Enterprise License!
The Internet Of Things Security Market size is estimated to grow by USD 176.9 billion at a CAGR of 34.99% between 2023 and 2028. The market's growth is fueled by several pivotal factors, foremost among them being the continual technological developments across diverse platforms. As innovations increases, the proliferation of Internet-connected and operated devices undergo exponential growth, expanding the scope and demand for IoT solutions. This is particularly pronounced in sectors embracing industrial automation, where IoT technologies optimize operations and drive efficiency. Furthermore, the convergence of these trends amplifies the market's trajectory, fostering a dynamic ecosystem of interconnected devices and systems. As industries leverage IoT to enhance productivity and streamline processes, the market experiences a profound transformation, poised for further expansion and innovation in the evolving digital landscape.
To learn more about this market forecast report, Request Free Sample
The market is driven by the proliferation of consumer electronics and the growing dependency on IoT networks. With the increasing adoption of Cloud Workload and IoT devices, the risks of data breaches and cyber attacks escalate, necessitating security systems. However, challenges persist, including IoT vulnerabilities and the shortage of skilled workforce to manage security measures. As industries embrace industrialization and smart technologies like smart farming and precision agriculture, the demand for advanced equipment and secure IoT solutions becomes imperative to mitigate risks and safeguard critical data. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The exponential growth of Internet-connected devices is a key driver for the market. The increasing adoption of IoT in the corporate sector is evident, with a forecast predicting 41.6 billion IoT devices in use by 2025, generating 79.4 zettabytes of data. Evolving IoT technologies facilitate its adoption and drive advancements, making it easier for businesses to profit from IoT applications.
Moreover, early adopters have moved beyond pilots to implement IoT solutions across their organizations, leading to groundbreaking applications in Industry 4.0, smart cities, smart homes, connected autos, and e-health. The accessibility of functionalities not available before has opened doors for all end-user sectors, driving the demand for IoT security and fueling the growth of the market during the forecast period.
The utilization of wearables for monitoring human health and the environment is another significant driver of the market growth. With smartphones and tablets serving as the epicenter of mobile computing and communication, the addition of various inbuilt sensors has revolutionized social and economic areas like social networking, environmental and surveillance monitoring, healthcare, and transportation. Current smartphones integrate GPS, microphones, accelerometers, cameras, ambient light, gyroscopes, digital compasses, WIFI, 3G/4G/5G, and Bluetooth radio. IoT wearables enable consumers to monitor their healthcare needs, allow remote patient monitoring for doctors, and facilitate employee health and safety tracking in hazardous environments.
Wearable devices also played a crucial role in controlling the COVID-19 pandemic in 2020, detecting, monitoring, and managing symptoms and disease progression. The increasing demand for wearable health devices is expected to drive the demand for IoT solutions, thus boosting the growth of the market during the forecast period.
One of the main challenges hampering the market growth is the rising cybersecurity threats. Integrating the corporate network with industrial systems for real-time access to operational data exposes industrial systems to various cyber threats, including malware attacks and data sabotage. While anti-malware programs promise protection, they may not be sufficient against hackers. Even cloud-based cybersecurity solutions are deemed insecure.
The increasing adoption of IoT in various industries highlights the need for cybersecurity measures to prevent potential risks. Without a failsafe cybersecurity option, end-users remain vulnerable to cyberattacks. The expanding scope of cyber threats is expected to impede the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Allot Ltd.: The company offers Internet of Things security solutions such as Allot Secure, Allot IoTSecure, and Allot DDoS Secure.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the industrial sector segment will be significant during the forecast period. The industrial sector worldwide is reaping the benefits of IoT technology in terms of enhancing business productivity and gaining a competitive advantage. Machinery and devices are connected to the Internet using the software. The data that is generated and the insights gained into the production process are used for predictive maintenance and the optimization of performance on the factory floor.
Get a glance at the market contribution of various segments View the PDF Sample
The industrial sector segment was valued at USD 11.50 billion in 2018. This segment faces certain challenges, such as the need for more investments, the redesigning of business models, security concerns, the lack of standardization, and interoperability issues. Favorable government policies such as the National Institute of Standards and Technology (NIST) in the United States and partnerships among different organizations that are operating in the IoT space should help improve the level of expertise and thereby aid in overcoming these challenges. For instance, in July 2021, IBM and Verizon announced their partnership to create 5G and edge computing solutions for businesses.
For more insights on the market share of various regions Download PDF Sample now!
North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America is one of the key contributors to the market. This is due to the expansion of the mobile network infrastructure and the rise in the adoption of cloud computing in the region. There is a huge trend of institutional IoT investments, consolidations, and partnerships among organizations to benefit from competitive advantages.
The energy and utilities sector is estimated to be one of the major contributors in the market in North America, owing to the planned installation of smart meters. Furthermore, advances in nanotechnology have resulted in the development of affordable and energy-efficient sensors that have widened the scope of the application of sensors in the military, telecommunication, and other industries. Such factors will increase the market growth during the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The market is shaped by diverse challenges, such as the infamous Mirai attack and emerging threats like LightAidra, Kaiten, and Zingbo targeting various sectors, including entertainment systems. As IoT devices proliferate, so do potential threats to sensitive information and the risk of unauthorized access and data leaks jeopardizing the integrity of data. Despite barriers, the market thrives on innovative security solutions addressing a broad spectrum of applications from urban infrastructure to the agriculture sector. Regulatory bodies like the FBI and laws such as the California IoT security law drive compliance, while established brands like Avira and Tuya Smart offer managed IoT solutions. With the rise of machine learning and big data analytics, the industry undergoes digital transformation to fortify communication networks and cloud platforms against evolving threats, safeguarding confidential data and enabling remote monitoring.
Furthermore, market segmentation is a critical domain shaped by various factors such as consumer electronics integration and the growing dependency on IoT networks. The proliferation of cellular connections enhances connectivity but also introduces vulnerabilities that can be exploited by cybercriminals, leading to concerns about data breaches. Addressing these challenges requires a skilled workforce capable of implementing security measures like firewalls and safeguarding against IoT vulnerabilities. As industries embrace industrialization and leverage field-based sensors and advanced equipment, the need for resilient security systems becomes paramount to fend off potential cyber attacks. In domains like smart farming and precision agriculture, where IoT technologies are pivotal, securing smart greenhouses and smart drones is essential to ensure uninterrupted operations and data integrity.
Market Scope |
|
Report Coverage |
Details |
Page number |
192 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 34.99% |
Market growth 2024-2028 |
USD 176.9 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
25.98 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
APAC at 39% |
Key countries |
US, China, Germany, South Korea, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Allot Ltd., AT and T Inc., Atos SE, Broadcom Inc., Check Point Software Technologies Ltd., Cisco Systems Inc., ForgeRock Inc., Fortinet Inc., Hewlett Packard Enterprise Co., Infineon Technologies AG, Intel Corp., International Business Machines Corp., Microsoft Corp., Palo Alto Networks Inc., SecuriThings Inc., Sophos Ltd., Telefonaktiebolaget LM Ericsson, Thales Group, Trend Micro Inc., and Trustwave Holdings Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Market Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for Market forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Deployment
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.