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.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/iot-security-market
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:
Cyber Security Market
Internet Of Things (IoT) Market
Network Security Market
Managed Security Services Market
Cloud Security Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia
Pacific.
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Skyquest Technology
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Westford,
Massachusetts 01886
USA (+1) 351-333-4748
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