IoT Security Market By Product Type (Network Security, Endpoint Security), Deployment (Cloud, On-Premise), Application (Smart Homes, Smart Manufacturing, Connected Logistics), End-User (Manufacturing, Retail, IT and Telecommunication, BFSI) & Region for 2024-2031

IoT Security Market Valuation – 2024-2031

Rapid growth of linked gadgets is at the forefront. As more businesses and individuals use IoT technology in a variety of industries including smart homes, healthcare, and industrial automation the vulnerabilities associated with these devices become more apparent. The increase in IoT deployments raises the potential of cyberattacks, leading firms to seek strong security measures is surpassing USD 15.76 Billion in 2024 and reaching USD 68.97 Billion by 2031.

The increased awareness of the possible implications of data breaches, combined with technology improvements in security measures such as AI-driven threat detection and blockchain-based authentication, adds to the demand for comprehensive IoT security policies is expected to grow at a CAGR of about 20.27% from 2024 to 2031.

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IoT Security Market: Definition/ Overview

IoT security refers to the procedures and protocols used to secure connected devices and networks in the Internet of Things ecosystem against cyber-attacks and unauthorized access. IoT security is critical in a variety of industries, including smart homes (to protect smart appliances), healthcare (to secure medical devices), industrial IoT (to safeguard manufacturing processes), and smart cities. These programs seek to preserve data integrity, protect user privacy, and avoid disruptions caused by cyberattacks. The future of IoT security seems positive, thanks to increased usage of connected devices and breakthroughs in security technologies. As IoT ecosystems become more complex, there will be a greater reliance on adaptive security solutions like AI and machine learning for real-time threat identification. Moreover, regulatory frameworks are anticipated to become more severe, requiring enterprises to implement more robust security measures, thereby driving innovation and resilience in the IoT security sector.

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Will Growing Awareness of the Potential Consequences of Data Breaches Drive the IoT Security Market?

As enterprises grasp the enormous hazards associated with unprotected connected devices, they are likely to drive the IoT security industry. Recent high-profile instances, such as the ransomware assault on Colonial Pipeline in May 2021, highlighted the dangers inherent in interconnected systems, prompting corporations to rethink their security procedures. According to a Cybersecurity Ventures analysis, the yearly cost of cybercrime is expected to exceed USD 10.5 Trillion by 2025, stressing the critical need for strong security measures. In September 2022, Furthermore, increased regulatory scrutiny, as evidenced by the implementation of the EU’s Cyber Resilience Act, demands tougher security requirements for IoT devices, encouraging enterprises to invest in improved security solutions to avoid penalties and reputational damage.

Furthermore, studies show that consumer awareness of data privacy is increasing, leading firms to prioritize security in their IoT plans. According to IBM’s 2023 survey, 82% of customers are concerned about the security of their data when utilizing IoT devices. This increased awareness is driving businesses to implement more robust security measures, as failure to do so risks losing customer trust and market share. With governments and regulatory agencies highlighting the necessity of cybersecurity, firms are more inclined to devote financial resources to IoT security, accelerating market growth.

Will Rising Complexity of Managing Devices Hinder the Growth of the IoT Security Market?

The increasing complexity of controlling an ever-expanding array of IoT devices offers substantial hurdles to the growth of the IoT security market. As organizations employ a wide range of linked devices, such as sensors, cameras, and smart appliances, the complexity of managing these devices grows tremendously. Each device may have an own operating system, security protocols, and firmware updates, complicating the deployment of a uniform security approach. This fragmentation can result in vulnerabilities, as varying security standards across devices make it easier for attackers to exploit flaws.

Furthermore, integrating IoT devices into existing IT infrastructures might lead to further challenges. Many organizations lack the skills and resources to handle old systems and new IoT technologies at the same time, which can lead to security holes. Furthermore, as the number of devices grows, the amount of data created might overload security monitoring and management systems, making it difficult to detect and respond to threats in real time. This complexity may hinder businesses from fully embracing IoT technology due to security concerns, slowing the growth of the IoT security industry as firms prioritize risk management and compliance above innovation.

Category-Wise Acumens

Will Rising Demand of Endpoint Security Drive the IoT Security Market?

Rising demand for endpoint security is likely to fuel significant development in the IoT security industry, as businesses want to protect their huge network of connected devices. For instance, in July 2023, Palo Alto Networks unveiled a new endpoint security solution developed exclusively for IoT devices, demonstrating the industry’s responsiveness to the evolving threat scenario. As more enterprises implement IoT technology, the need to protect endpoints where many vulnerabilities exist has grown more important, resulting in increased spending in specialized security solutions.

In October 2023, the European Union proposed new laws imposing severe security requirements for IoT devices, emphasizing the necessity of endpoint security in mitigating potential intrusions. These regulatory measures not only raise awareness of the risks associated with insecure devices, but also encourage businesses to implement comprehensive endpoint security solutions.

While network security is critical for protecting the broader infrastructure that connects IoT devices, it has grown at a slower rate. Network security is primarily concerned with protecting data in transit and maintaining secure connectivity between devices and networks. As organizations invest more in full endpoint protection, the emphasis on securing the devices themselves, rather than merely the networks they connect to, shifts attention and resources to endpoint security, thereby driving its dominance in the market.

Will Rising Sales through Manufacturing Sectors Fuel the IoT Security Market?

Rising manufacturing sales are expected to considerably fuel the IoT security industry, as organizations progressively employ connected technologies to improve efficiency. Siemens, for instance, said in August 2023 that it will be expanding its IoT services to increase operational efficiency through smart manufacturing solutions. This development is causing manufacturers to prioritize the safety of sensitive data and operational integrity, resulting in increased need for advanced IoT security solutions to limit the dangers associated with connected devices.

Furthermore, government attempts to increase cybersecurity in manufacturing are driving market growth. In September 2023, the United States Cybersecurity and Infrastructure Security Agency (CISA) issued updated guidelines for the manufacturing industry, highlighting the importance of securing IoT devices against cyber threats. These efforts not only raise awareness of possible vulnerabilities, but also urge manufacturers to invest more in robust security measures, fueling the growth of the IoT security industry as they seek to protect their increasingly interconnected operations.

However, the fastest-growing category is predicted to be BFSI (Banking, Financial Services, and Insurance). As financial institutions increasingly use IoT technology to improve customer service, fraud detection, and operational efficiency, the need for strong security solutions to protect sensitive financial data and comply with regulatory standards becomes critical.

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Country/Region-wise

Will Adoption of IoT Technologies in North America Drive the IoT Security Market?

The adoption of IoT technologies in North America is expected to considerably drive the IoT security market, as organizations and consumers progressively incorporate linked devices into their operations and daily lives. With the advent of smart homes, industrial automation, and healthcare advancements, the requirement for strong security solutions to secure sensitive data and systems has increased. In October 2023, Cisco announced updates to its IoT security framework, highlighting the importance of complete protection as IoT deployments increase across multiple sectors.

In September 2023, the United States Department of Homeland Security announced a new cybersecurity policy to protect vital infrastructure, including IoT technologies. This strategic focus on improving security measures not only encourages the adoption of IoT technologies, but also emphasizes the critical need for improved security solutions, fueling growth in the IoT security market across North America.

Will Rising Number of Connected Devices in Asia-Pacific Propel the IoT Security Market?

The growing number of connected devices in the Asia-Pacific region is likely to drive the IoT security market, as organizations and consumers embrace IoT technologies for a variety of applications. In response to which, the region is likely to experience rapid growth in the market. The rise of smart devices in areas such as manufacturing, healthcare, and agriculture creates a demand for comprehensive security solutions to protect against cyber threats. In October 2023, Huawei introduced a new IoT security platform aiming at offering greater safety for its vast range of connected products, demonstrating the industry’s response to mounting security concerns.

In September 2023, the Indian government launched a new cybersecurity framework, with a focus on securing IoT devices. This effort seeks to create a safer IoT ecosystem by encouraging firms to invest in security measures, thereby contributing to the growth of the IoT security sector. The combination of increasing device penetration and supportive legislative frameworks positions Asia-Pacific for substantial advances in IoT security solutions.

Competitive Landscape

The competitive landscape of the IoT security market is characterized by rapid innovation and a diverse range of solutions addressing various vulnerabilities associated with connected devices. Companies are increasingly focusing on developing comprehensive security frameworks that encompass device authentication, data encryption, and real-time threat detection. Additionally, partnerships between technology providers, cybersecurity firms, and industry-specific players are becoming common to enhance security measures tailored to specific sectors. The market is also witnessing an influx of startups that specialize in niche security solutions, contributing to a dynamic and evolving ecosystem.

Some of the prominent players operating in the IoT security market include:

• Microsoft
• AWS
• Google
• IBM
• Intel
• Cisco
• Ericsson
• Thales
• Allot
• Infenion

Latest Developments

• In October 2023, Microsoft announced enhancements to its Azure IoT security services, including improved device identification and access control capabilities. These upgrades aim to provide enterprises with greater tools for securing their IoT devices, highlighting the platform’s role in enabling safe IoT deployments.
• In September 2023, McAfee unveiled a new set of IoT security technologies centered on threat intelligence and vulnerability management. This development reflects growing awareness of IoT-specific hazards and the necessity for comprehensive security methods suited to connected devices.

Report Scope

IoT Security Market, By Category

Product Type:

• Network Security
• Endpoint Security

Deployment:

• Cloud
• On-Premise

Application:

• Smart Homes
• Smart Manufacturing
• Connected Logistics

End-User:

• Manufacturing
• Retail
• IT and Telecommunication
• Banking, Financial Services and Insurance (BFSI)

Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

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