PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1533195
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1533195
The global IoT security market size is projected to grow from USD 24.2 billion in 2024 to USD 56.2 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 18.4% during the forecast period. In the era of digital transformation, all the verticals are adopting automation by integrating IoT into their businesses. This automation makes the operations much more efficient but also makes the systems vulnerable to cyberattacks. This has increased the demand for more secure critical infrastructure with the adoption of IoT security solutions and services.
Scope of the Report | |
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Years Considered for the Study | 2018-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | USD (Billion) |
Segments | Offering, Data Sensitivity, Application, and Region |
Regions covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
"By solution, Data Encryption and Tokenization is expected to grow at higher CAGR during the forecast period"
The demand for robust data protection solutions will drive the growth of encryption and tokenization technologies within the IoT security landscape as IoT deployments expand across various industries. There is a need to protect the vast amount of data generated by IoT devices from unauthorized access, and breaches become paramount. With increasing regulatory compliance mandates and heightened consumer awareness of data privacy, the adoption of security measures is expected to accelerate. Tokenization replaces sensitive information with non-sensitive data tokens, reducing the risk of data breaches, while encryption safeguards data at rest and in transit. As IoT deployments expand across various industries, the demand for robust data protection solutions will drive the growth of encryption and tokenization technologies within the IoT security landscape.
"By services, Managed services is expected to grow at higher CAGR during forecast period"
The growth of IoT managed services will be driven by the increasing complexity of IoT networks, which consist of numerous devices and protocols requiring expert oversight. Organizations across various sectors, including manufacturing, healthcare, and transportation, are recognizing the need for managed services to ensure their IoT systems are efficiently configured, monitored, and maintained. The rise in multi-cloud applications and the demand for automation enhance the requirement of managed services, because of scalability and cost-effectiveness. The growing focus on data analytics and enhanced security measures is propelling enterprises to seek managed service providers (MSPs) that can deliver comprehensive solutions tailored to their specific needs.
Breakdown of primaries
Major vendors in the global IoT security market include Microsoft (US), Fortinet (US), AWS (US), IBM (US), Intel (US), Cisco (US), Thales Group (France), Infineon (Germany) , Allot (Israel), Atos (France), Checkpoint (US), Palo Alto Networks (US), Mobileum (US), Entrust (US), NXP Semiconductors (Netherlands), and Kaspersky (Switzerland), MagicCube (US), Claroty (US), Ordr (US), Armis (US), Nozomi Networks (US), Keyfactor (US), Particle Industries (US), Karamba Security (Israel), and Forescout (US) in the IoT security market.
The study includes an in-depth competitive analysis of the key players in the IoT security market, their company profiles, recent developments, and key market strategies.
Research Coverage
The report segments the IoT security market and forecasts its size by Offering (solution and services), by Data Sensitivity (High Sensitivity Data, Low and Moderate Sensitivity Data), by Application (Smart Manufacturing, Smart Energy & Utilities, Connected Logistics & Transportation, Smart Home and Consumer Electronics, Connected Healthcare, Smart Government & Defense, Smart Retail, and Others). The study also includes an in-depth competitive analysis of the market's key players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall IoT security market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.