WESTFORD, Mass. , June 24, 2024 /PRNewswire/ — As per SkyQuest, the Global IoT Security Market size was valued at USD 11.7 billion in 2022 and is poised to grow from USD 14.39 billion in 2023 to USD 43.11 billion by 2031, growing at a CAGR of 29.8% in the forecast period (2024-2031).
IoT security refers to security solutions specifically designed for IoT devices and IoT technologies. The rapidly evolving cyber threat landscape and increasing incidence of data breaches in IoT ecosystems are also forecasted to augment the demand for IoT security in the future. The global IoT security market is segmented into deployment mode, organization size, product type, component, security type, industry vertical, and region.
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IoT Security Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 14.39 billion |
| Estimated Value by 2031 | $ 43.11 billion |
| Growth Rate | Poised to grow at a CAGR of 29.8% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Offerings, Type, Application and Data Sensitivity |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Stringent Regulatory Requirements |
| Key Market Drivers | Growing Number of IoT Devices |
Segments covered in IoT Security Market are as follows:
- Offerings
- Solutions (Identity and Access Management, Data Encryption and Tokenization, Intrusion Detection System/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 Service [Implementation Services, Consulting Services, Support and Maintenance Services]), Managed Services
- Type
- Network Security, Endpoint Security, Application Security, Cloud Security, Other Security Types
- Application
- Smart Manufacturing, Smart Energy and Utilities, Connected Logistics and Transportation, Smart Home and Consumer Electronics, Connected Healthcare, Smart Government & Defense, Smart Retail, Other Application Areas
- Data Sensitivity
- High-Sensitive Data, Low and Moderate Sensitive Data
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Securing the Endpoints is Crucial for Robust IoT Security
Endpoint security is expected to be a crucial sub-segment for IoT security market players as the focus on this type of security increases around the world. This type of security secures the network from all entry points which in this case are IoT devices. Endpoints are doorways to a whole network, and this is why securing them is a high priority. Network security is also highly crucial in the IoT landscape. This helps secure the whole network on which all IoT devices are connected and operated. Cloud and application security are also estimated to be highly lucrative sub-segments for IoT security providers going forward.
Most IoT Security Solutions are Slated to be Deployed on Cloud
The growing adoption of cloud platforms and advancements in cloud technology are pushing IoT security companies to deploy their offerings on the cloud. Subscription-based pricing and pay-as-you-go models offered by cloud IoT security solutions are what help this sub-segment maintain a high market share. The on-premises IoT security solutions are projected to gain prominence in the future owing to their high control over different security parameters. Mostly large organizations with capital expenditure to invest in infrastructure are projected to bolster market growth through the on-premises sub-segment over the coming years.
IoT Security for Manufacturing Vertical to be Highly Sought-after
The manufacturing industry vertical has been leading the adoption of IoT technology and devices for automation, which is why the demand for IoT security is also high. High adoption of the Industry 4.0 trend and rising demand for smart automated manufacturing to improve the efficiency of factories are also projected to promote the adoption of novel IoT security solutions in the long run.
Agriculture is projected to emerge as a highly opportune space for IoT security companies over the coming years as the adoption of precision farming increases on a global level. High emphasis on improving agricultural produce to feed the rapidly expanding global population will also promote the use of IoT devices and bolster the demand for IoT security solutions in the long run. Healthcare is also a key industry vertical where the adoption of IoT is increasing rapidly thereby creating opportunities for IoT security companies over the coming years.
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Large Enterprises to Take Lead in IoT Security Adoption
Large enterprises deal with huge volumes of data, and this is why it is crucial for them to utilize advanced security solutions. This is what helps this sub-segment account for a notable share of the global IoT security market. Bigger IoT ecosystems connected with extensive networks of large enterprises make IoT security solutions a mainstay in this segment.
Almost all segments are projected to offer good returns for IoT security market players but investing in the manufacturing industry vertical is expected to guarantee the best results. IoT security solutions deployed on cloud platforms will help companies maximize their revenue generation scope.
Related Reports:
Internet Of Things (IoT) Market
Managed Security Services Market
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SOURCE SkyQuest Technology