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The global IoT security market is projected to attain a valued of $41.2 billion by 2034 at a CAGR of 22% during the forecast period (2025-2034), according to a new report by Intellectual Market Insights Research.
A network of physically linked objects which can be accessed via the internet is referred to as the Internet of Things (IoT). Wearable technology, household appliances, fitness trackers, and automobiles are just a few examples of products which have come out of the Internet of Things. Embedded technologies are used in these products to collect and transfer data. The IoT has been a focus of significant research from industry and academia alike because of the potential that it carries in the years to come.
As more devices are connected, the demand for secure IoT solutions becomes more critical. With so many devices connected, it's important that businesses and consumers alike make the necessary efforts to secure their data and devices. Luckily, there are several ways to protect IoT devices. One of the most popular methods is to employ a virtual private network (VPN). A VPN establishes a secure link between device and the internet, and it is hard for hackers to penetrate. Another widely used method is to employ encryption software. Encryption encrypts data so that only the authorized users can see it. This is particularly helpful to avoid unauthorized use of sensitive information.
A recent market research report added to repository of Intellectual Market Insights Research is an in-depth analysis of Global Iot Security Market. On the basis of historic growth analysis and current scenario of Iot Security market place, the report intends to offer actionable insights on global market growth projections. Authenticated data presented in report is based on findings of extensive primary and secondary research. Insights drawn from data serve as excellent tools that facilitate deeper understanding of multiple aspects of global Iot Security market. This further helps users with their developmental strategy.
This report examines all the key factors influencing growth of global Iot Security market, including demand-supply scenario, pricing structure, profit margins, production and value chain analysis. Regional assessment of global Iot Security market unlocks a plethora of untapped opportunities in regional and domestic market places. Detailed company profiling enables users to evaluate company shares analysis, emerging product lines, pricing strategies, innovation possibilities and much more.
The report covers the all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers.
The need to enhance customer trust, increasing data security and privacy concerns, and the rapidly growing number of connected devices are the key factors driving the IoT security market. There will be over 27 billion connected devices by 2025. Because such devices hold crucial data that can be employed for mass surveillance, the spread of IoT devices has developed concerns regarding data security and privacy. In addition, these devices are vulnerable to attacks such as Denial-of-Service (DoS), man-in-the-middle (MITM), and eavesdropping due to their limited processing and storage capacities.
The demand for enhancing customer confidence in connected devices is also a factor that is expected to propel the IoT security market's growth over the forecast period. The demand for solutions that offer security at each phase of an IoT device's life cycle will increase due to companies adopting rigorous authentication processes for IoT device deployment. For example, in January 2017, NXP introduced hardware-based root of trust (RoT) capability on its S32 secure microcontroller. RoT stands for a safeguarded component of a system in production and operations to guarantee software and firmware integrity even when an ultimate attacker gains physical access. The company explained it would allow users to improve the safety of their products and add value through enhanced security.
The main issue with IoT security is that devices are left open and exposed. A computer can be shielded from malicious attacks by a firewall or antivirus software, but IoT devices are not protected in the same way. They are therefore prime targets for hackers. Moreover, most IoT devices lack basic security features like a strong operating system, preconfigured firewalls, or strong passwords. IoT devices are easily vulnerable to hackers and can be used to attack critical systems if proper protection is not put in place.
A recent survey by Gemalto revealed that 63% of companies think the largest obstacle to Internet of Things (IoT) security is dealing with multiple devices and streams of data. Another 59% said that protecting against hacking of data and devices was a significant issue. As more companies adopt IoT technologies, they are confronted with the issue of handling several devices and streams of data. This can be difficult, especially when devices are incompatible with each other. Companies must also carefully monitor data movement, in a manner such that they can detect and prevent any malicious behavior. Keeping track of data flow and identifying trends that may indicate a security threat, businesses can more effectively protect their systems.
By Component
By Type
By Deployment Mode
By Organization Size
By Application
By End-use Industry
The report also helps in understanding Global Iot Security Market dynamics, structure by analyzing the market segments, and project the Global Iot Security Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Iot Security Market make the report investor’s guide.
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 companies are more and more emphasizing product launches and collaborations to increase their market presence. Symantec Corporation has announced the release of its integrated security platform, which offers a complete solution for IoT device security. The company released its IoT security platform to offer a single solution that can detect, monitor, and secure IoT devices against sophisticated threats.
IBM has announced opening a new technology center in Tel Aviv that is focused on building cloud services for new technologies like IoT and data analytics.
Intel Corporation introduced a new solution named "Intel Gateway Solutions for IoT" that enables customers to create a secure platform on their premises for edge analytics and data gathering. Cisco Systems, Inc. hired Arvind Gupta as senior vice president of IoT and Digital Transformation in November 2016 to further establish the company's leadership in the IoT security market.
By 2021, the Asia Pacific region was expected to have the largest market for IoT security solutions. The governments in the Asia Pacific region are now making heavy investments in building the IoT security market. In July 2019, the Indian government declared plans to invest $2 billion over the next five years to build the IoT industry. Government is also drafting a national IoT policy that will have guidelines for privacy and security. The strong adoption of IoT devices with enhanced security needs and rising demand for cloud-based offerings in the region are also fueling the regional IoT security market. The increased number of Internet of Things devices in the healthcare industry is likely to propel the IoT security market for this region. It is estimated by APACS, a government-registered Indian national standards body for information and communications technology, that about 160 million networked devices will be employed in the health sector in India by the year 2025.
The objective of the report is to present comprehensive analysis of Global Iot Security Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.
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