IoT Security Market Analysis | 2023-2029

“The IoT Security Market was estimated at US$ 15.78 billion in 2022 and is expected to grow at a CAGR of 19.3% during 2023-2029 to reach US$ 54.29 billion by 2029.”

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Market Highlights

Introduction

IoT security refers to the measures and technologies that are used to protect connected devices, networks, and data within the Internet of Things (IoT) ecosystem. With the increasing number of IoT devices and the amount of data being generated and transmitted, the need for security has become crucial. IoT security is concerned with protecting the confidentiality, integrity, and availability of data and devices in the IoT environment.

IoT security includes a range of security measures such as encryption, firewalls, access controls, identity management, and threat detection and response. It is important to ensure that IoT devices are secure at every stage of their life cycle, including design, development, deployment, and decommissioning. This requires secure communication protocols, software updates and patches, secure device configurations, and secure data storage.

Another aspect of IoT security is protection against malicious attacks, such as Distributed Denial of Service (DDoS) attacks, Man-in-the-Middle (MitM) attacks, and data breaches. These attacks can result in the loss of sensitive information, downtime, and damage to devices and networks. To prevent such attacks, organizations need to implement security measures such as intrusion detection and prevention systems, security information and event management (SIEM), and secure communication protocols.

Market Dynamics

Driver: IoT vulnerabilities opening up new possibilities for hackers

The IoT era has seen rapid growth in connected devices and applications that are infiltrating all aspects of human life, including homes, offices, cars, and even the human body. With the spread of IPv6 and Wi-Fi networks, the IoT is expanding at a fast pace, but this growth has also made it a prime target for cybercriminals.

IoT devices are diverse, making it difficult for hackers to target them, but they are overcoming this by attacking the right device at the right time and place. According to Kaspersky's research, in H1 2021, there was a 100% increase in cyberattacks on IoT devices, with over 1.5 billion attacks detected, more than twice the previous six months.

The increasing number of ransomware attacks and the severity of these attacks have made IoT security a pressing issue that needs to be addressed quickly. This is driving the growth of the IoT security market as IoT vendors work to develop security solutions to protect against IoT ransomware.

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Restraint: Notable growth in new variants of IoT threats and lack of awareness

With the integration of IoT technology into our daily lives, the likelihood of cyber-attacks is also increasing. The constantly evolving business environment requires a shift in security measures as well. However, many people are unaware of the vulnerability of their devices and the potential for hacking.

This lack of awareness results in a lack of protection against external threats but also ignores internal threats, such as the risk posed by employees who may unintentionally download malware or fall victim to spear-phishing and botnet attacks. To address this issue, security vendors are offering customized products for various types of users, including individuals, small businesses, large corporations, and government organizations.

Despite the availability of these solutions, a lack of awareness and understanding among customers, particularly in regions such as Latin America the Middle East, and Africa, hinders the growth of the IoT security market.

Opportunity: Evolution of smart infrastructure

The growth of smart cities and buildings is heavily dependent on the integration of IoT technologies, including data communication, cloud computing, mobility, and sensors. These technologies make the infrastructure more complex and vulnerable to security breaches, which is why the importance of IoT security is increasing. The security of IoT devices and networks is crucial for the successful implementation of smart city projects, creating opportunities for specialized and competent IoT security solution providers. The growing need for security in IoT ecosystems has gained significant attention and is providing attractive opportunities in the market.

Segments Analysis

By Type

“IoT security solutions witness a higher growth rate over the forecast period.”

The market for IoT security solutions is expected to experience significant growth during the forecast period. The need for security in IoT networks is crucial to protect confidential data and maintain control over connected devices. With the widespread adoption of IoT across various industries, it is necessary to ensure that the security measures are in line with the specific industry requirements.

The rise in IoT deployments has led to an increase in the frequency of cyberattacks, making IoT security solutions all the more important. These solutions provide security through various methods, including identity access management, data encryption and tokenization, intrusion detection and prevention systems, device authentication and management, secure software and firmware updates, secure communications, public key infrastructure management, DDoS protection, security analytics, and other solutions like virtual firewall and incident response systems.

Regional Analysis

“Asia-Pacific to account for the highest market growth over the forecast period.”

The Asia Pacific region, made up of major economies such as Singapore, Japan, China, India, and Australia, is a prime market for IoT security vendors, offering ample growth opportunities. The region is predicted to experience the fastest growth rate in the forecast period due to a combination of factors.

Firstly, there are growing government initiatives, as well as the increasing demand for quick computing, virtualized environments, analytics, security, digitalization, and high-volume networking. Secondly, the overall speed and responsiveness of the internet are also on the rise, further driving the growth of the IoT security market.

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Key Players

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.  

The following are the key players in the IoT security market (arranged alphabetically).

• Allot
• Amazon Web Services
• Atos
• Cisco
• Ericsson
• Google
• IBM
• Infineon
• Intel
• Microsoft
• Thales

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

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Recent Market News

• In October 2022, Allot and Vantiva partnered to integrate home and small business cybersecurity protection solutions into Vantiva broadband gateways.

• In August 2022, Check Point Software Technologies Ltd. announced a new partnership with Intel Corporation where Check Point Quantum IoT Protect is made available within Intel’s new platform for IoT device developers - Intel Pathfinder for RISC-V.

• In June 2022, Microsoft partnered with STMicroelectronics to develop a comprehensive microcontroller-based devices (MCUs) security platform.

• In May 2022, Sparkle and Atos entered into a partnership to answer the increasing demand for cloud services and solutions, including security.

• In May 2022, STMicroelectronics and AWS partnered for secure IoT connections to the AWS cloud.