Global IoT Security Market Research Report

Global IoT Security Market Research Report (2024–2031)

Executive Summary

The global IoT security market is experiencing robust growth, projected to expand from USD 14.39 billion in 2023 to USD 43.11 billion by 2031, reflecting a Compound Annual Growth Rate (CAGR) of 29.8% during the forecast period (2024–2031). This surge is driven by the proliferation of IoT devices across various industries and the escalating need for robust security solutions to protect against cyber threats.

Market Drivers

 Proliferation of IoT Devices: The rapid adoption of IoT devices in sectors like healthcare, manufacturing, and smart homes increases the attack surface, necessitating advanced security measures.

 Rising Cybersecurity Threats: The growing frequency and sophistication of cyberattacks targeting IoT ecosystems underscore the need for comprehensive security solutions.

 Regulatory Compliance: Stringent data protection regulations worldwide compel organizations to implement robust IoT security frameworks.

Market Restraints

 High Implementation Costs: The significant investment required for deploying advanced IoT security solutions can be a barrier, especially for small and medium-sized enterprises.

 Complexity of IoT Ecosystems: The diverse and fragmented nature of IoT devices and platforms complicates the implementation of uniform security protocols.

Market Segmentation

By Offering:

 Solutions: Identity and Access Management, Data Encryption and Tokenization, Intrusion Detection and Prevention Systems, Device Authentication and Management, Secure Communications, Public Key Infrastructure Lifecycle Management, Distributed Denial of Service Protection, Security Analytics, and others.

 Services: Professional Services (Implementation, Consulting, Support and Maintenance), Managed Services.

By Type:

 Network Security

 Endpoint Security

 Application Security

 Cloud Security

By Application:

 Smart Manufacturing

 Smart Energy and Utilities

 Connected Logistics and Transportation

 Smart Home and Consumer Electronics

 Connected Healthcare

 Smart Government and Defense

 Smart Retail

By Data Sensitivity:

 High-Sensitive Data

 Low and Moderate Sensitive Data

Regional Insights

 North America: Leads the market due to early adoption of IoT technologies and stringent cybersecurity regulations.

 Europe: Experiences significant growth driven by regulatory compliance requirements like GDPR and increasing IoT adoption in industries.

 Asia-Pacific: Poised for rapid expansion owing to large-scale smart city initiatives and growing industrial automation.

Key Market Players

 Cisco Systems Inc. (US)

 IBM Corporation (US)

 Intel Corporation (US)

 Thales Group (France)

 Forgerock (US)

 Infineon Technologies AG (Germany)

 Mocana Corporation (US)



Emerging Trends

 Integration of Blockchain Technology: Utilizing blockchain for secure and transparent data transactions within IoT networks.

 AI and Machine Learning: Employing AI and ML for real-time threat detection and response in IoT environments.

 Focus on Endpoint Security: Enhancing security measures at the device level to prevent unauthorized access and data breaches.

Global IoT Security Market Research Report