The global IoT Security Market size to grow from USD 20.9 billion in 2023 to USD 59.2 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 23.1% during the forecast period. This growth is fueled by a rapid increase in Industry 4.0 IoT security incidents stressing the need to strengthen cyber resilience, IoT vulnerabilities opening up new possibilities to hackers, a growing number of IoT security regulations, and rising security concerns for critical infrastructure.
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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.
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 intermediacy 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.
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Unique Features in the IoT Security Market
The availability of end-to-end security solutions that address every stage of the lifespan of IoT devices, from production to deployment and decommissioning, is one of the market’s unique characteristics. Device security is maintained throughout the operating lifetime of the device thanks to this all-encompassing strategy, which also includes secure boot procedures, firmware updates, device authentication, and data encryption.
To stop unwanted access, IoT security solutions place a strong emphasis on device identity and authentication procedures. These defenses consist of the application of digital certificates, secure key management systems, and distinct device identities. These solutions lessen the chance of unwanted entry and data breaches by guaranteeing that only authorized devices can access the network.
Network security is a critical aspect of IoT security, with solutions focusing on securing communication channels and segmenting networks to isolate IoT devices from other parts of the network. Techniques such as virtual private networks (VPNs), secure sockets layer (SSL) encryption, and network segmentation help prevent unauthorized access and limit the spread of potential threats within the network.
IoT security solutions often include advanced intrusion detection and prevention systems that monitor network traffic for signs of malicious activity. These systems use machine learning and behavioral analytics to identify anomalies and potential threats in real-time, enabling quick response and mitigation to protect IoT infrastructure.
Ensuring data privacy and protection is paramount in the IoT security market. Solutions include data encryption, secure data storage, and anonymization techniques to safeguard sensitive information collected and transmitted by IoT devices. Compliance with data protection regulations such as GDPR and CCPA is also a key focus, ensuring that IoT deployments adhere to legal requirements.
Major Highlights of the IoT Security Market
The growing use of IoT devices in a number of sectors, such as smart homes, manufacturing, healthcare, and transportation, is a significant aspect. The need for reliable IoT security solutions has increased as more devices connect to networks, spurring the market’s innovation and investment. Businesses understand how important it is to secure these gadgets in order to safeguard confidential information and maintain business continuity.
One important development is the incorporation of machine learning (ML) and artificial intelligence (AI) into IoT security systems. By analyzing large amounts of data to find anomalies and forecast possible security problems, these technologies allow sophisticated threat detection and response capabilities. IoT settings’ overall security posture is improved by AI and ML’s enhanced capacity to identify and react to hitherto unidentified threats in real time.
The adoption of Zero Trust security models is becoming increasingly prevalent in the IoT security market. Zero Trust principles, which include continuous verification of user and device identities and the enforcement of least-privilege access, are essential for securing IoT ecosystems. This approach minimizes the risk of unauthorized access and lateral movement within networks, ensuring that every access request is verified and authenticated.
Regulatory compliance is a critical driver in the IoT security market. Organizations must adhere to various industry-specific regulations and standards, such as GDPR, HIPAA, and PCI-DSS, to protect sensitive data and avoid legal penalties. IoT security solutions are evolving to include comprehensive compliance management features, such as automated reporting, auditing capabilities, and adherence to best practices and guidelines.
Secure communication protocols are essential for protecting data transmitted between IoT devices and networks. The development and implementation of protocols such as Transport Layer Security (TLS) and Datagram Transport Layer Security (DTLS) ensure that data is encrypted and secure during transmission. These protocols help prevent eavesdropping, man-in-the-middle attacks, and other forms of data interception.
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Top Companies in the 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.
Microsoft, an American multinational technology firm, operates through three business segments: productivity and business processes, intelligent cloud, and more personal computing. Microsoft offers a range of services, including solution support, consulting services, and cloud-based solutions that provide customers with software, services, platforms, and content. It offers online advertising and is a global leader in building analytics platforms. Microsoft provides production services for the AI-infused intelligent cloud. The company generates revenues by licensing and supporting a range of software products. It caters to various verticals, including education, insurance, government, health, hospitality and travel, retail, and consumer goods. Microsoft has its presence across North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Amazon Web Services (AWS) is a subsidiary of Amazon that primarily offers cloud computing services in web services to customers in 190 countries. AWS offers over 200 services, including computing, storage, networking, database, analytics, application services, deployment, management, machine learning, mobile, developer tools, RobOps, and tools for the Internet of Things. It is known for its scalability, reliability, and security. Some of the most popular AWS services include EC2, S3, RDS, Redshift, EMR, Lambda, Lex, and Rekognition.
Ericsson is a key player in the IoT Security Market, focusing on providing secure and reliable IoT solutions through its comprehensive portfolio. Ericsson’s IoT security offerings include end-to-end security frameworks, secure connectivity, and device management solutions. Their approach ensures data integrity, confidentiality, and authentication across IoT ecosystems. Leveraging their expertise in telecommunications, Ericsson integrates advanced security measures into their IoT platforms to protect against cyber threats and vulnerabilities, enabling secure IoT deployments for industries such as smart cities, transportation, healthcare, and manufacturing.
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