The latest report by IMARC Group, titled “IoT Security Market Report by Component (Solutions, Services), Security Type (Network Security, Endpoint Security, Application Security, Cloud Security, and Others), Vertical (Energy and Utilities, Manufacturing, Automotive, Transport, Consumer Electronics, Healthcare, and Others), and Region 2024-2032,” provides an extensive analysis of the IoT security market trends. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.
How Big is the IoT Security Market?
The global IoT security market size reached USD 5.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 40.7 Billion by 2032, exhibiting a growth rate (CAGR) of 25.5% during 2024-2032.
Key Players in the IoT Security Industry:
The competitive landscape of the industry has also been examined along with the profiles of the key players being:
- Allot Ltd.
- Armis Inc.
- CENTRI Technology
- Cisco Systems Inc.
- ForgeRock Inc.
- Fortinet, Inc.
- Gemalto NV
- International Business Machines (IBM) Corporation
- Infineon Technologies AG
- Intel Corporation
- Mocana Corporation
- Newsky Internet Limited
- SecuriThings
- NortonLifeLock Inc. (Symantec Corporation)
- ZingBox Inc.
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IoT Security Trends:
The global market is primarily driven by the rapid proliferation across various sectors, escalating the need for robust security solutions protecting sensitive data and infrastructure. In line with this, the increasing frequency and sophistication of cyberattacks targeting IoT networks prompting organizations to prioritize security measures to safeguard their assets is propelling the market growth. Similarly, the rising awareness of privacy concerns among consumers and businesses ensuring data integrity and confidentiality is fueling market demand.
The rapid expansion of connected devices in critical infrastructure sectors, such as energy and transportation, is further encouraging the market expansion. Moreover, continual advancements in security technologies, enabling proactive threat detection and response capabilities is providing an impetus to the market. Additionally, the emerging trend of edge computing driving the need for localized security solutions and protecting data at the source is creating lucrative market opportunities.
Global IoT Security Market Trends:
The scope of the market is extensive, encompassing a variety of solutions and services designed to protect IoT ecosystems. Key segments include network security, device security, data security, and application security, each addressing different vulnerabilities within IoT networks. The market scope is poised for substantial expansion, driven by the escalating adoption of IoT devices and the corresponding need for comprehensive security frameworks. As organizations increasingly recognize the potential risks associated with IoT deployments, investment in security solutions is expected to rise significantly.
Furthermore, the ongoing advancements in security technologies, particularly in areas such as encryption and access control, is enhancing the market scope. Besides this, the growing regulatory landscape, with governments implementing stringent data protection laws, is driving compliance requirements that necessitate the adoption of IoT security solutions. Likewise, the increasing adoption of cloud based IoT platforms necessitating comprehensive security strategies to mitigate risks associated with data breaches and unauthorized access.
Explore the Full Report with Charts, Table of Contents, and List of Figures: https://www.imarcgroup.com/iot-security-market
Market Segmentation:
Breakup by Component:
- Solutions
- Services
According to the report, solutions represent the largest segment.
Breakup by Security Type:
- Network Security
- Endpoint Security
- Application Security
- Cloud Security
- Others
According to the report, cloud security accounts for the largest market share.
Breakup by Vertical:
- Energy and Utilities
- Manufacturing
- Automotive
- Transport
- Consumer Electronics
- Healthcare
- Others
According to the report, energy and utilities represent the largest segment.
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
According to the report, North America represents the largest regional market for IoT security.
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: Should you require specific information not included in the current report, we are pleased to offer customization options to meet your needs.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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