Global Iot Security Market

IoT Security Market- Global Industry Size, Share, Trend Analysis and Forecast Report, 2018-2028, Segmented By Component (Solutions, Services), By Type (Network Security, Endpoint Security, Application Security, Cloud Security, Others), By Deployment Mode (On-Premises, Cloud), By Organization Size (Small And Medium-Sized Enterprises, Large Enterprises), 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, Others), By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)

Published Date: April 2022
Report ID: BWC22124
Available Format: PDF
Page: 190

Report Overview

The IoT security market is growing at a high rate owing to the surging adoption of IoT technologies among various industries to improve their operational efficiency along with rising cases of cyber security attacks worldwide along with stringent government regulations for cyber security...

Global IoT Security Market- Industry Trends & Forecast Report 2028

Global IoT security market was worth USD 15.0 billion in 2021 and is further projected to reach USD 61.6 billion by the year 2028, growing at the CAGR of 12.40% in the forecast period. The rapid growth of the market is attributed to surging adoption of IoT technologies among various industries to improve their operational efficiency along with rising cases of cyber security attacks worldwide. Furthermore, increasing adoption of cloud security and stringent government regulations for cyber security is also driving the growth of the global IoT security market.

Global IoT Security Market

Global IoT Security - Overview

Global IoT security is the protection of connected devices and networks of the Internet of Things (IoT). IoT devices cover a wide range of connections including industrial machines, home automation, security cameras, SCADA machines, etc. The IoT security offers identification, monitoring, and protection from potential risks from cyber attacks that can pose security threats to businesses. Without IoT security, the connected devices and other components are exposed to hacking and digital data theft that directly impacts the system’s functionality.

Global IoT Security Market Forecast and Trends

Growth Drivers

Increasing Adoption of IoT Systems

Several enterprises are adopting the Internet of Things (IoT) into their business to digitize and improve their operational efficiency. This is emerging as the major driving factor for the growth of the global IoT security market. The IoT technology helps the business monitor processes, helps generate crucial data, and provides insights to improve efficiency. Therefore, the enterprises are also investing in IoT security due to the rise in number of cyber security cases, which is anticipated to drive market growth in the forecast period.

Stringent Cyber security Regulations by Government and other Agencies

In the light of the increasing number of breaches and cyber security attacks, the governments of various countries are establishing cyber security agencies that form policies and implement them. For instance, the Cyber Security Agency of Singapore (CSA) is introducing several initiatives to strengthen the security of Internet of Things (IoT) devices. The agency is updating its Cyber security Labeling Scheme and is working with manufacturers and other countries to ensure the mutual recognition of the cyber security labels.

Restraints

Lack of Awareness and New Techniques of Cyber Attacks

The lack of awareness surrounding the threats of cyber attacks and IoT security is very prominent among the small and medium-sized enterprises. Therefore, with the increasing adoption of IoT systems among SMEs may ensure operational efficiency but the lack of proper IoT security is expected to increase the number of cyber attacks and data breaches in the upcoming years. Furthermore, the rapid changes in the method and techniques of cyber attacks which make them capable of cracking any firewall or protection may also act as a huge restraining factor for the market growth.

Impact of COVID-19 on IoT Security Market

Global IoT security market was negatively impacted by the unprecedented COVID-19 pandemic outbreak. The lockdown imposed by the countries to mitigate the virus spread resulted in restrictions on the manufacturing and supply chains of various end-user industries including manufacturing, logistics, transportation, energy, etc. Furthermore, the supply of IoT sensors and components was also halted due to a shortage of semiconductor chips which obstructed the adoption of IoT systems in the business. All these factors contributed to the hindrance in the overall growth of the IoT security market.

IoT Security Market - By Component

Based on components, the global IoT security market is segmented into solutions and services. The solution segment is further classified into identity and access management, data encryption and tokenization, intrusion detection system and intrusion prevention system, device authentication and management, secure communications, public key infrastructure lifecycle management, distributed denial of service protection, security analytics, and other solutions. The services segment is also further classified into professional services and managed services. The solution segment accounts for the largest share in the IoT security market.

IoT Security Market - By Type

Based on type, the global IoT security market is segmented into network security, endpoint security, application security, cloud security, and others. The network security segment accounts for the largest market. This type of security offers prevention, detection, and monitoring of unauthorized access, misuse, modification, or denial of a computer network and network-accessible resources. This prevents the chances of potential cyber attacks on the IoT system. The endpoint security segment also covers substantial market share as they are prominently used in mobile phones, tablets, etc., to ensure safety from threats.

IoT Security Market - By Application

Based on application, the global IoT security market is segmented into smart manufacturing, smart energy and utilities, connected logistics and transportation, smart home and consumer electronics, connected healthcare, smart government and defense, smart retail, and others. The smart manufacturing segment accounts for the largest market share owing to the rising adoption of connected devices and sensors, etc., to increase efficiency, reduce errors, along with leveraging on the benefits of predictive maintenance. Therefore, various leading manufacturers are investing in IoT technology, which is anticipated to boost the growth of the IoT security market in the forecast period.

IoT Security Market - Regional Insights

Geographically, the global IoT security market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America dominates the IoT security market owing to the rising adoption of advanced technologies such as IoT sensors, machine learning, increasing penetration of 5G technologies, etc., among various verticals including manufacturing, energy, logistics, transportation, etc. Furthermore, a high concentration of leading IoT security providers including Google, Microsoft, IBM, etc., along with stringent government regulations in developing countries is also driving the market growth.

Competitive Landscape

The leading market players of the global IoT security market are Microsoft Corporation, Amazon Web Services, Entrust Corp., Google, Kaspersky Lab, IBM Corporation, Palo Alto, Intel Corporation, Mocana, Cisco Systems, Inc., Happiest Minds, Telefonaktiebolaget LM Ericsson, Fortinet, Thales Group, Check Point Software Technologies, Allot Ltd., Infineon Technologies AG, MagicCube, Inc., Forgerock, and other prominent players.

The market is highly fragmented due to the presence of several global and regional industry players. However, multinational conglomerates such as Google, IBM, Cisco, still dominate a major portion of the market. The companies significantly focus on boosting their security and often launch innovative solutions and services to expand their market presence. The adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.

Recent Development

In February 2022, Identiv, Inc., a US-based digital security solutions provider, announced its partnership with Wiliot, an Israeli IoT company to boost the supply of active and passive IoT solutions.
In December 2021, Karamba Security, an Israeli cyber security solutions provider, announced to have raised USD 10 million in funding, which is aimed towards advancing its commercial expansion and building products with machine learning capabilities.

Scope of the Report

Attributes	Details
Years Considered	Historical data – 2018-2021
	Base Year – 2021
	Forecast – 2022 – 2028
Facts Covered	Revenue in USD Billion
Market Coverage	U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia
Product Service/Segmentation	By Component, By Type, By Deployment Mode, By Organization Size, By Application, By Region
Key Players	Microsoft Corporation, Amazon Web Services, Entrust Corp., Google, Kaspersky Lab, IBM Corporation, Palo Alto, Intel Corporation, Mocana, Cisco Systems, Inc., Happiest Minds, Telefonaktiebolaget LM Ericsson, Fortinet, Thales Group, Check Point Software Technologies, Allot Ltd., Infineon Technologies AG, MagicCube, Inc., Forgerock, and other prominent players.

By Component

Solutions

Identity and Access Management
Data Encryption and Tokenization
Intrusion Detection System and Intrusion Prevention System
Device Authentication and Management
Secure Communications
Public Key Infrastructure Lifecycle Management
Distributed Denial Of Service Protection
Security Analytics
Other Solutions

Services

Professional Services
Managed Services

By Type

Network Security
Endpoint Security
Application Security
Cloud Security
Others

By Deployment Mode

On-Premises
Cloud

By Organization Size

Small And Medium-Sized Enterprises
Large Enterprises

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, Others

By Region

North America
Europe
Asia-Pacific (APAC)
Latin America (LATAM)
Middle-East & Africa (MEA)

Research Framework
1. Research Objective
2. Product Overview
3. Market Segmentation
Research Methodology
1. Qualitative Research
  1. Primary & Secondary Research
2. Quantitative Research
3. Market Breakdown & Data Triangulation
  1. Secondary Research
  2. Primary Research
4. Breakdown of Primary Research Respondents, By Region
5. Assumption & Limitation
Executive Summary
Global IoT Security Market Insights
1. Industry Value Chain Analysis
2. DROC Analysis
  1. Growth Drivers
  2. Restraints
  3. Opportunities
  4. Challenges
3. Technological Landscape/Recent Development
4. Regulatory Framework
5. Porter’s Five Forces Analysis
  1. Bargaining Power of Suppliers
  2. Bargaining Power of Buyers
  3. Threat of New Entrants
  4. Threat of Substitutes
  5. Intensity of Rivalry
Global IoT Security Market Overview
1. Market Size & Forecast by Value, 2018-2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Component
    1. Solutions
    2. Services
  2. By Type
    1. Network Security
    2. Endpoint Security
    3. Application Security
    4. Cloud Security
    5. Other Security Type
  3. By Deployment Mode
    1. Cloud
    2. On-premises
  4. By Application Area
    1. Smart Manufacturing
    2. Smart Energy and Utilities
    3. Connected Logistics
    4. Smart Home and Consumer Electronics
    5. Connected Healthcare
    6. Smart Government and Defense
    7. Smart Retail
    8. Other Application Areas
  5. By Organization Size
    1. Large enterprises
    2. Small and medium-sized enterprises (SMEs)
  6. By Region
    1. North America
    2. Europe
    3. The Asia Pacific
    4. Latin America
    5. The Middle East and Africa
North America IoT Security Market
1. Market Size & Forecast by Value, 2018-2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Component
  2. By Type
  3. By Deployment Mode
  4. By Application area
  5. By Organization Size
  6. By Country
    1. United States
    2. Canada
Europe IoT Security Market
1. Market Size & Forecast by Value, 2018-2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Component
  2. By Type
  3. By Deployment Mode
  4. By Application area
  5. By Organization Size
  6. By Country
    1. Germany
    2. United Kingdom
    3. Italy
    4. France
    5. Spain
    6. Rest of Europe
The Asia Pacific IoT Security Market
1. Market Size & Forecast by Value, 2018-2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Component
  2. By Type
  3. By Deployment Mode
  4. By Application area
  5. By Organization Size
  6. By Country
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of Asia Pacific
Latin America IoT Security Market
1. Market Size & Forecast by Value, 2018-2028
  1. By Value (USD Million)
2. Market Share & Forecast
  1. By Component
  2. By Type
  3. By Deployment Mode
  4. By Application area
  5. By Organization Size
  6. By Country
    1. Brazil
    2. Mexico
    3. Rest of Latin America
The Middle East & Africa IoT Security Market
1. Market Size & Forecast by Value, 2018-2028
  1. By Value (USD Million)
2. Market Share & Forecast
3. By Component
4. By Type
5. By Deployment Mode
6. By Application area
7. By Organization Size
  1. By Country
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Rest of Middle East & Africa
Competitive Landscape
1. List of Key Players and Their Offerings
2. Market Share Analysis, 2021
3. Competitive Benchmarking, By Operating Parameters
4. Key Strategic Development (Merger, Acquisition, Partnership.)
Impact of Covid-19 on Global IoT Security Market Industry
Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
1. Google
2. Microsoft
3. IBM
4. AWS
5. Intel
6. Cisco
7. Ericsson
8. Thales
9. Allot
10. Infineon
11. Atos
12. Magiccube
13. Dragos Security
14. Claroty
15. Karamba Security
16. Vdoo (JFrog)
17. Forgerock
18. Entrust
19. Other prominent players

Key Strategic Recommendations

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List of Figures

Figure 1 Global IoT Security Market Segmentation

Figure 2 Global IoT Security Market Value Chain Analysis

Figure 3 Company Market Share Analysis, 2021

Figure 4 Global IoT Security Market Size, By Value (USD Million), 2018-2028

Figure 5 Global IoT Security Market Share, By Component, By Value, 2018-2028

Figure 6 Global IoT Security Market Share, By Type, By Value, 2018-2028

Figure 7 Global IoT Security Market Share, By Deployment Mode, By Value, 2018-2028

Figure 8 Global IoT Security Market Share, By Application Area, By Value, 2018-2028

Figure 9 Global IoT Security Market Share, By Organization Size, By Value, 2018-2028

Figure 10 Global IoT Security Market Share, By Region, By Value, 2018-2028

Figure 11 North America IoT Security Market Size, By Value (USD Million), 2018-2028

Figure 12 North America IoT Security Market Share, By Component, By Value, 2018-2028

Figure 13 North America IoT Security Market Share, By Type, By Value, 2018-2028

Figure 14 North America IoT Security Market Share, By Deployment Mode, By Value, 2018-2028

Figure 15 North America IoT Security Market Share, By Application Area, By Value, 2018-2028

Figure 16 North America IoT Security Market Share, By Organization Size, By Value, 2018-2028

Figure 17 North America IoT Security Market Share, By Country, By Value, 2018-2028

Figure 18 Europe IoT Security Market Size, By Value (USD Million), 2018-2028

Figure 19 Europe IoT Security Market Share, By Component, By Value, 2018-2028

Figure 20 Europe IoT Security Market Share, By Type, By Value, 2018-2028

Figure 21 Europe IoT Security Market Share, By Deployment Mode, By Value, 2018-2028

Figure 22 Europe IoT Security Market Share, By Application Area, By Value, 2018-2028

Figure 23 Europe IoT Security Market Share, By Organization Size, By Value, 2018-2028

Figure 24 Europe IoT Security Market Share, By Country, By Value, 2018-2028

Figure 25 The Asia-Pacific IoT Security Market Size, By Value (USD Million), 2018-2028

Figure 26 The Asia-Pacific IoT Security Market Share, By Component, By Value, 2018-2028

Figure 27 The Asia-Pacific IoT Security Market Share, By Type, By Value, 2018-2028

Figure 28 The Asia-Pacific IoT Security Market Share, By Deployment Mode, By Value, 2018-2028

Figure 29 The Asia-Pacific IoT Security Market Share, By Application Area, By Value, 2018-2028

Figure 30 The Asia-Pacific IoT Security Market Share, By Organization Size, By Value, 2018-2028

Figure 31 The Asia-Pacific IoT Security Market Share, By Country, By Value, 2018-2028

Figure 32 Latin America IoT Security Market Size, By Value (USD Million), 2018-2028

Figure 33 Latin America IoT Security Market Share, By Component, By Value, 2018-2028

Figure 34 Latin America IoT Security Market Share, By Type, By Value, 2018-2028

Figure 35 Latin America IoT Security Market Share, By Deployment Mode, By Value, 2018-2028

Figure 36 Latin America IoT Security Market Share, By Application Area, By Value, 2018-2028

Figure 37 Latin America IoT Security Market Share, By Organization Size, By Value, 2018-2028

Figure 38 Latin America IoT Security Market Share, By Country, By Value, 2018-2028

Figure 39 The Middle East & Africa IoT Security Market Size, By Value (USD Million), 2018-2028

Figure 40 The Middle East & Africa IoT Security Market Share, By Component, By Value, 2018-2028

Figure 41 The Middle East & Africa IoT Security Market Share, By Type, By Value, 2018-2028

Figure 42 The Middle East & Africa IoT Security Market Share, By Deployment Mode, By Value, 2018-2028

Figure 43 The Middle East & Africa IoT Security Market Share, By Application Area, By Value, 2018-2028

Figure 44 The Middle East & Africa IoT Security Market Share, By Organization Size, By Value, 2018-2028

Figure 45 The Middle East & Africa IoT Security Market Share, By Country, By Value, 2018-2028

List of Tables

Table 1 Global IoT Security Market Size, By Component, By Value, 2018-2028

Table 2 Global IoT Security Market Size, By Type, By Value, 2018-2028

Table 3 Global IoT Security Market Size, By Deployment Mode, By Value, 2018-2028

Table 4 Global IoT Security Market Size, By Application Area, By Value, 2018-2028

Table 5 Global IoT Security Market Size, By Organization Size, By Value, 2018-2028

Table 6 Global IoT Security Market Size, By Region, By Value, 2018-2028

Table 7 North America IoT Security Market Size, By Component, By Value, 2018-2028

Table 8 North America IoT Security Market Size, By Type, By Value, 2018-2028

Table 9 North America IoT Security Market Size, By Deployment Mode, By Value, 2018-2028

Table 10 North America IoT Security Market Size, By Application Area, By Value, 2018-2028

Table 11 North America IoT Security Market Size, By Organization Size, By Value, 2018-2028

Table 12 North America IoT Security Market Size, By Country, By Value, 2018-2028

Table 13 Europe IoT Security Market Size, By Component, By Value, 2018-2028

Table 14 Europe IoT Security Market Size, By Type, By Value, 2018-2028

Table 15 Europe IoT Security Market Size, By Deployment Mode, By Value, 2018-2028

Table 16 Europe IoT Security Market Size, By Application Area, By Value, 2018-2028

Table 17 Europe IoT Security Market Size, By Organization Size, By Value, 2018-2028

Table 18 Europe IoT Security Market Size, By Country, By Value, 2018-2028

Table 19 The Asia-Pacific IoT Security Market Size, By Component, By Value, 2018-2028

Table 20 The Asia-Pacific IoT Security Market Size, By Type, By Value, 2018-2028

Table 21 The Asia-Pacific IoT Security Market Size, By Deployment Mode, By Value, 2018-2028

Table 22 The Asia-Pacific IoT Security Market Size, By Application Area, By Value, 2018-2028

Table 23 The Asia-Pacific IoT Security Market Size, By Organization Size, By Value, 2018-2028

Table 24 The Asia-Pacific IoT Security Market Size, By Country, By Value, 2018-2028

Table 25 Latin America IoT Security Market Size, By Component, By Value, 2018-2028

Table 26 Latin America IoT Security Market Size, By Type, By Value, 2018-2028

Table 27 Latin America IoT Security Market Size, By Deployment Mode, By Value, 2018-2028

Table 28 Latin America IoT Security Market Size, By Application Area, By Value, 2018-2028

Table 29 Latin America IoT Security Market Size, By Organization Size, By Value, 2018-2028

Table 30 Latin America IoT Security Market Size, By Country, By Value, 2018-2028

Table 31 The Middle East & Africa IoT Security Market Size, By Component, By Value, 2018-2028

Table 32 The Middle East & Africa IoT Security Market Size, By Type, By Value, 2018-2028

Table 33 The Middle East & Africa IoT Security Market Size, By Deployment Mode, By Value, 2018-2028

Table 34 The Middle East & Africa IoT Security Market Size, By Application Area, By Value, 2018-2028

Table 35 The Middle East & Africa IoT Security Market Size, By Organization Size, By Value, 2018-2028

Table 36 The Middle East & Africa IoT Security Market Size, By Country, By Value, 2018-2028

Table 37 Google Company Overview

Table 38 Google Financial Overview

Table 39 Microsoft Company Overview

Table 40 Microsoft Financial Overview

Table 41 AWS Company Overview

Table 42 AWS Financial Overview

Table 43 Intel Company Overview

Table 44 Intel Financial Overview

Table 45 Ericsson Company Overview

Table 46 Ericsson Financial Overview

Table 47 Allot Company Overview

Table 48 Allot Financial Overview

Table 49 Infineon Company Overview

Table 50 Infineon Financial Overview

Table 51 Atos Company Overview

Table 52 Atos Financial Overview

Table 53 Magiccube Company Overview

Table 54 Magiccube Financial Overview

Table 55 Dragos Security Company Overview

Table 56 Dragos Security Financial Overview

Table 57 Claroty Company Overview

Table 58 Claroty Financial Overview

Table 59 Karamba Security Company Overview

Table 60 Karamba Security Financial Overview

Table 61 Vdoo (JFrog) Company Overview

Table 62 Vdoo (JFrog) Financial Overview

Table 63 Forgerock Company Overview

Table 64 Forgerock Financial Overview

Table 65 Entrust Company Overview

Table 66 Entrust Financial Overview

Market Segmentation

By Component

Solutions

Identity and Access Management
Data Encryption and Tokenization
Intrusion Detection System and Intrusion Prevention System
Device Authentication and Management
Secure Communications
Public Key Infrastructure Lifecycle Management
Distributed Denial Of Service Protection
Security Analytics
Other Solutions

Services

Professional Services
Managed Services

By Type

Network Security
Endpoint Security
Application Security
Cloud Security
Others

By Deployment Mode

On-Premises
Cloud

By Organization Size

Small And Medium-Sized Enterprises
Large Enterprises

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, Others

By Region

North America
Europe
Asia-Pacific (APAC)
Latin America (LATAM)
Middle-East & Africa (MEA)

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Frequently Asked Questions (FAQs):

1. What is the current size of the IoT Security market?

Ans: Global IoT Security market reached USD 15.0 billion in 2021.

2. What are the major factors driving the growth of the IoT Security market?

Ans: The major factors driving the growth of the IoT Security market are an increasing adoption of IoT systems and stringent cyber security regulations by government and agencies.

3. Who are the key players in the IoT Security market?

Ans: The key players in the IoT Security market are: Microsoft Corporation, Amazon Web Services, Entrust Corp., Google, Kaspersky Lab, IBM Corporation, Palo Alto, Intel Corporation, Mocana, Cisco Systems, Inc., Happiest Minds, Telefonaktiebolaget LM Ericsson, Fortinet, Thales Group, Check Point Software Technologies, Allot Ltd., Infineon Technologies AG, MagicCube, Inc., Forgerock, and other prominent players.

4. Which application segment accounted for the largest share in the IoT Security market?

Ans: The smart manufacturing segment accounted for the largest share in the IoT Security market.

5. Which region is at the highest growth rate in the IoT Security market?

Ans: North America has the largest share in the IoT Security market.

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