IoT Security Market

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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Industry: Information & Communications Technology

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The Internet of Things (IoT) is an ecosystem of connected physical objects that are accessible through the internet. The IoT has evolved with a wide range of products ranging from fitness trackers, to vehicles, home appliances, and wearable devices which collect and exchange data using embedded technologies. The IoT has been a subject of intense research for both industry and academia due to the potential it holds in the coming years.

As the number of connected devices continues to grow, the need for robust IoT security solutions is becoming increasingly important. With so many devices interconnected, it's critical that businesses and consumers alike take the necessary precautions to protect their data and devices. Fortunately, there are a number of different ways to secure IoT devices. One popular method is to use a virtual private network (VPN). A VPN creates a secure connection between device and the internet, making it difficult for hackers to access data. Another popular method is to use encryption software. Encryption scrambles data so that only authorized users can view it. This can be especially useful for preventing unauthorized access to sensitive information.

Rapidly Increasing Number of IoT Devices to Drive Growth of IoT Security Market

The major factors driving the growth of the IoT security market include the increasing number of connected devices, growing concerns over data privacy and security, and the need to build consumer trust. The number of connected devices is expected reach over 27 billion by 2025. This surge in the number of IoT devices has led to a widespread concern about data privacy and security, as these devices hold valuable information that can be used for mass surveillance. Moreover, due to their limited processing power and storage capabilities, these devices are vulnerable to attacks such as Denial-of-Service (DoS), man-in-the-middle (MITM), and eavesdropping.

Another factor that is expected to propel the growth of the IoT security market over the forecast period is the need to build consumer trust in connected devices. This has led companies to adopt stringent authentication methods for deploying IoT devices, which will increase demand for solutions offering security across all stages of an IoT device’s lifecycle. For instance, in January 2017, NXP implemented hardware-based root of trust (RoT) functionality on its S32 secure microcontroller. RoT refers to a protected part of a system during manufacturing and operations ensuring integrity of firmware and software even if a potential attacker gains physical access. The company stated that this would enable users to enhance their products' safety while adding value through stronger security.

Key Factors Driving Growth of the IoT Security Market

  • The number of connected IoT devices is increasing rapidly, as is the amount of data these devices generate. This makes them a prime target for cyber-attacks, necessitating the need for security solutions.
  • With the growth of smart cities, there is an increased need for secure connectivity among different devices and systems. Security solutions will be needed to protect all this data from theft and misuse.
  • The number of cyber-attacks on internet infrastructure is on the rise, putting pressure on businesses and consumers to adopt better security measures.
  • Security solutions are becoming more sophisticated, thanks to rapid advancements in technology. This is making them more effective at protecting IoT devices from attack.
  • Growing concern about the safety of data generated by IoT devices is leading to an increase in demand for security solutions. Governments and businesses are looking for ways to protect their data from theft and misuse.
  • The need for compliance and regulation in order to secure IoT data is increasing. This is driving demand for security solutions that can meet the specific requirements of different organizations.
  • New and innovative applications of IoT are being developed all the time. Security solutions are needed to protect these new applications from cyber-attacks and unauthorized access.
  • Distributed denial of service (DDoS) attack is becoming more common, making it necessary to protect IoT devices from such threats.
  • Supply chain vulnerabilities are leaving many IoT devices vulnerable to cyber-attacks. Businesses need adequate protection against these types of attacks in order to keep their operations running smoothly and securely.

Managing Multiple Devices and Data Flows to Pose Challenge to IoT Security Market

The key challenge in IoT security is that the devices are often left exposed and unsecured. While a firewall or antivirus software can protect a PC from malicious attacks, there is no such protection for IoT devices. As a result, they are prime targets for hackers. In addition, most IoT devices do not have standard security features, such as a robust operating system, preconfigured firewalls or secure passwords in place. Without these measures in place, hackers can easily take advantage of IoT devices and use them to attack core systems.

A recent study by Gemalto showed that 63% of businesses believe that the biggest challenge in securing the Internet of Things (IoT) is managing multiple devices and data flows. Another 59% said that protecting data and devices from hacking was a key concern.  As businesses increasingly adopt IoT technologies, they must grapple with the challenge of managing multiple devices and data flows. This can be difficult, especially if different devices are not compatible with each other. Businesses must also carefully monitor data flows, in order to detect and prevent any malicious activity. By tracking data movement and identifying patterns that may indicate a security breach, businesses can more effectively protect their systems.

Asia Pacific IoT Security Market to Witness Fastest Growth

The Asia Pacific region is expected to be the largest market for IoT security solutions by 2021. The governments in the Asia Pacific region are increasingly investing in the development of the IoT security market. In July 2016, the Indian government announced plans to invest US$2 billion in the development of the IoT sector over the next five years. The government is also working on a national policy for IoT that will include guidelines for security and privacy. The high adoption of IoT devices with increased security requirements and growing demand for cloud-based solutions in the region are further adding fuel to the regional IoT security market. The growing number of connected devices in the healthcare sector is expected to drive the IoT security market for this region. According to APAC, an Indian government-registered national standards body for information and communications technology, around 160 million connected devices are expected to be used in the healthcare sector in India by the end of 2021.

Global IoT Security Market: Vendor Landscape

The major vendors in IoT security space include Symantec Corporation, Cisco Systems, Inc., Intel Corporation, Microsoft (US), AWS (US), Google (US), International Business Machines Corporation (IBM), PTC, Inc., Allot (Israel), Infineon (Germany), Magiccube (US), Dragos Security (US), Thales (France), Mobileum(US), Trend Micro (Japan), Atos (France), Claroty(US), Checkpoint (US), Fortinet (US), Mocana (US),  and Palo Alto (US).

These vendors are increasingly focusing on product launches and partnerships to expand their presence in the market. Symantec Corporation announced the launch of its integrated security platform, which provides a comprehensive solution for securing IoT devices. The company launched its IoT security platform to provide a single tool that can identify, monitor, and protect IoT devices from advanced threats.

IBM announced the launch of a new technology center in Tel Aviv dedicated to developing cloud services for emerging technologies such as IoT and data analytics.

Intel Corporation launched a new solution called "Intel Gateway Solutions for IoT" that allows customers to build a secure platform on their premises for edge analytics and data collection. Cisco Systems, Inc. appointed Arvind Gupta as senior vice president of IoT and Digital Transformation in November 2016 to strengthen the company's position in the IoT security market.

Key Elements Included In The Study: Global IoT Security Market

  • IoT Security Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2018 - 2021
  • Market Value at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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