Overview and Scope
Internet of Things (IoT) security refers to the safeguards and protections provided for cloud-connected devices such as home automation, SCADA machines, security cameras, and any other technology that connects directly to the cloud.
Sizing and Forecast
The iot security market size has grown exponentially in recent years. It will grow from $6.73 billion in 2023 to $8.86 billion in 2024 at a compound annual growth rate (CAGR) of 31.8%. The growth in the historic period can be attributed to increasing cybersecurity threats, proliferation of iot devices, regulatory compliance requirements, high-profile security breaches, integration with existing it infrastructure.
The iot security market size is expected to see exponential growth in the next few years. It will grow to $26.82 billion in 2028 at a compound annual growth rate (CAGR) of 31.9%. The growth in the forecast period can be attributed to iot expansion in critical infrastructure, growing complexity of iot ecosystems, emphasis on zero trust security models, privacy concerns and data protection, shift to cloud-based iot security. Major trends in the forecast period include supply chain security concerns, incident response planning, integration of security into development lifecycle, quantum-safe security solutions, collaborative security ecosystems.
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Segmentation & Regional Insights
The iot security market covered in this report is segmented –
1) By Type: Network Security, Endpoint Security, Application Security, Cloud Security, Other Types
2) By Component: Solution, Services
3) By Application: Healthcare & Life Sciences, Infrastructure & Cities, Industrial System & Sensors, Smart Home & Consumer, Transport & Urban Mobility
The Asia-Pacific was the largest region in the Internet of Things iot security market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global iot security market share report during the forecast period. The regions covered in the iot security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
As the population is growing, the need for sustainable development is of more important. Smart cities are well equipped with handling high traffic, population control, and better security for people. The execution for such a task can be done by installing IoT Devices in the smart cities. This involves connecting devices to one another, exchange data in a secured manner, forming a pattern and then providing a final solution. The remotely connected CCTV and automated incident detection (the use of computers to continuously monitor traffic conditions and detect incidents or traffic queues) allow a quicker response to threats. IoT led crowd management solutions help monitor and manage crowds of people across all sorts of gatherings. Smart street lighting helps to lower crime rates and improve driving conditions. This rising demand for security in the smart cities increases investment in the IoT Security Market. For instance, as on 12 November 2021, Indian Central Government released ₹ 27,235 crore ($ 3.67 billion) to States/Union Territories for the Smart Cities.
Key Industry Players
Major companies operating in the iot security market report are AT&T Inc., Huawei Technologies Co. Ltd., Siemens AG, Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Verizon Enterprises Solutions LLC, HP Enterprise Company LLC, Infineon Technologies AG, Fortinet Inc., Symantec Corporation, Gemalto NV, ARM Holdings plc, Check Point Software Technologies Ltd., PTC Inc., Alcatel-Lucent SA, Forgerock Inc., Trustwave Holdings Inc., NSIDE Secure Inc., Allot Communications Ltd., Armis Inc., Sophos Group plc, Broadcom Inc., Wurldtech Security Inc., Centri Security Inc., SecuriThings, Mocana Corporation, Newsky Security Inc., Axeda Machine Cloud LLC, NETCOM On-Line Communication Services Inc., Palo Alto Networks Inc., Rapid7 Inc., SimpliSafe Inc., Cradlepoint Inc., SonicWall Inc., Medigate Corporation, CyberMDX Healthcare Cybersecurity, Entrust Datacard Corporation, Microsoft Corporation, Amazon Web Services, Google LLC, Ericsson AB, Thales Group, Atos SE
The iot security market report table of contents includes:
1. Executive Summary
2. IoT Security Market Characteristics
3. IoT Security Market Trends And Strategies
4. IoT Security Market – Macro Economic Scenario
5. Global IoT Security Market Size and Growth
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32. Global IoT Security Market Competitive Benchmarking
33. Global IoT Security Market Competitive Dashboard
34. Key Mergers And Acquisitions In The IoT Security Market
35. IoT Security Market Future Outlook and Potential Analysis
36. Appendix
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