Report Overview

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 - 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

By Component

• Solutions

1. Identity and Access Management
2. Data Encryption and Tokenization
3. Intrusion Detection System and Intrusion Prevention System
4. Device Authentication and Management
5. Secure Communications
6. Public Key Infrastructure Lifecycle Management
7. Distributed Denial Of Service Protection
8. Security Analytics
9. Other Solutions

• Services

1. Professional Services
2. 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)

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. 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
3. Executive Summary
4. 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
5. 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
6. 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
7. 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
8. 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
9. 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
10. 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
11. 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.)
12. Impact of Covid-19 on Global IoT Security Market Industry
13. 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

14. 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