IoT Security Market worth $59.2 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, July 7, 2023 /PRNewswire/ -- The future of the IoT security sector is bright. The rapid expansion of the IoT ecosystem, increased cybersecurity risks, regulatory and compliance requirements, integration of AI and ML, collaboration between the IoT and cybersecurity industries, emphasis on secure IoT deployment and lifecycle management are all key factors. As organisations invest in comprehensive security solutions to secure the expanding number of connected devices and the data they manage, the market will expand significantly.

The IoT Security Market is estimated at USD 20.9 billion in 2023 and is projected to reach USD 59.2 billion by 2028, at a CAGR of 23.1% from 2023 to 2028, according to a new report by MarketsandMarkets™. IoT controls various connected devices into a single, smart device, such as a smartphone, PC, or tablet. But for hackers, the IoT ecosystem is a world of opportunities, where billions of interconnected devices transfer and share data, creating a massive playground for tinkering, crafting, exploiting, and taking these systems to their limits. Hence, IoT security becomes essential for organizations, governments, utilities, and individuals to protect data and infrastructure.

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268 - Tables
44 - Figures
265 - Pages

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Scope of the Report

The solution segment is expected to account for the largest market size during the forecasted period

IoT security solutions that are being offered include identity access management, data encryption and tokenization, intrusion detection system/intrusion prevention system, device authentication and management, secure software and firmware update, secure communications, PKI lifecycle management, DDoS protection, security analytics, and other solutions (virtual firewall and incidence response system). These solutions enable enterprises to secure IoT devices around the world.

The IAM (Identity and Access Management) segment is expected to account for the largest market size during the forecast period

Identity and access management refers to a business process framework. This framework consists of policies and technologies which help organizations control the appropriate access of all employees to technology resources. It manages attributes, such as phone numbers, email addresses, and social security numbers, and authenticates identities. IoT is gaining traction across industries due to its robust offerings. With the expanding reach of IoT, multiple end users and devices can be connected to networks. One of the main causes of cyberattacks is unauthorized access to networks through intrusions. With the help of identity access management, users in the network can be given limited access as per their requirements. This would protect networks from fraudulent events.

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Based on region, North America is expected to dominate the market during the forecast period

North America has witnessed significant growth in the IoT Security Market, leading the market in market share. North America has led in witnessing cyberattack incidents globally. It is regarded to be the most advanced region regarding information technology security adoption and infrastructure. The rising concern to safeguard critical infrastructure and sensitive data has enlarged government intermediary in recent years. Numerous government industry-collaborative efforts have been considered to boost the IoT Security Market. Peculiar budget allocation, mandated information consulting policies, and collaboration with the private sector are expected to make North America the most lucrative market.

Top Key Companies in IoT Security Market:

The major players in the IoT Security Market are Microsoft (US), AWS (US), Google (US), IBM (US), Intel (US), Cisco (US), Ericsson (Sweden), Thales (France), Allot (Israel), Infenion (Germany), Atos (France), etc. These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and enhancements, and acquisitions to expand their footprint in the IoT Security Market.

Recent Developments

• In May 2023, AWS announces support for Transport Layer Security (TLS) 1.3 through Configurable Endpoints. TLS 1.3 provides two major improvements in security and performance - it removes legacy features and older cipher suites in previous versions of TLS, and offers better performance through a simplified handshake process.
• In April 2023, Launches a new IoT security platform called IBM Security QRadar for IoT
• In February 2023, Cisco announced new cloud management tools for industrial IoT applications, simplified dashboards to converge IT and OT operations, and flexible network intelligence to see and secure all industrial assets
• In July 2022, Microsoft launched Defender for IoT to protect printers, smart TVs and all connected things besides PCs and smartphones. Microsoft Defender for IoT was launched in preview in late 2021 but was also formerly known as Azure Defender for IoT, which launched in public preview in 2020. Before that, it was called Azure Security Center for IoT

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IoT Security Market Advantages:

• IoT security solutions offer strong defence against online threats aimed at IoT networks and devices. In order to protect IoT infrastructure from unauthorised access, data breaches, and malicious assaults, they include capabilities like device authentication, encryption, access control, and secure communication protocols. IoT security lowers the possibility of data breaches, financial losses, reputational damage, and operational disruptions.
• IoT security solutions emphasise data privacy, ensuring that private data sent and gathered by IoT devices is kept private and protected. In order to prevent unauthorised access to confidential and sensitive information, they deploy data anonymization and encryption techniques. with using IoT security measures, businesses may abide with data protection rules, win over more clients, and reduce the likelihood of privacy breaches.
• The primary goal of IoT security solutions is to stop unauthorised manipulation or tampering with IoT devices. They put in place systems to recognise and react to attacks at the device level, including firmware alteration, software exploits, and physical manipulation. Organisations may preserve the security of their systems, stop unauthorised access, and guarantee dependable and trustworthy operations by safeguarding IoT devices.
• Solutions for IoT security reduce operational risks related to IoT deployments. They give organisations insight into the security posture of IoT networks and devices, allowing them to spot vulnerabilities, patch them, and enforce security standards. Businesses may preserve their investments in IoT infrastructure and avoid disruptions to crucial operations by proactively controlling security risks.
• IoT security solutions help companies comply with legal standards for data security and privacy. Avoiding fines and legal problems requires adherence to rules like the General Data Protection Regulation (GDPR) or industry-specific standards. Organisations may show their dedication to regulatory compliance and safeguard sensitive data from unauthorised access by putting strong IoT security measures in place.
• Businesses can increase confidence among their stakeholders by putting a high priority on IoT security. Brand reputation, customer confidence, and the development of long-lasting connections are all improved by displaying a proactive attitude to safeguarding IoT implementations. Strong security procedures distinguish the company from rivals and give it a competitive edge by communicating a commitment to protecting sensitive data.

Report Objectives

• To determine and forecast the global IoT Security Market based on components, solutions, services, types, deployment modes, application areas, and regions from 2018 to 2028, and analyze various macro and microeconomic factors that affect the market growth.
• To forecast the size of the market segments with respect to five key regions: North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA)
• To provide detailed information related to the major factors (drivers, opportunities, threats, and challenges) influencing the growth of the IoT Security Market
• To analyze each sub-segment for individual growth trends, prospects, and contribution to the total IoT security
• To analyze opportunities in the market for stakeholders by identifying the high-growth segments of the IoT security
• To profile key market players comprising top vendors and start-ups; provide comparative analysis based on business overview, regional presence, product offerings, business strategies, and key financials; and illustrate the market's competitive landscapes
• To track and analyze competitive developments, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities, in the market

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