Global Internet of Things (IoT) security technology Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2030

The Internet of Things (IoT) security technology market is experiencing robust expansion, with market size projected to increase from XX billion in 2024 to xx billion by 2030, demonstrating a consistent year-over-year growth rate of 32.3%. Internet of Things (IoT) security technology Market Size, Share, Competitive Landscape and Trend Analysis Report, by Types (Network Security, Endpoint Security, Application Security, Cloud Security, Others (web Security, data security)), by applications (Consumer IoT, Industrial) And regions (North America(United States.Canada.Mexico), South America(Brazil.Argentina.Chile.Rest of South America), Europe(Germany.France.Italy.United Kingdom.Benelux.Nordics.Rest of Europe), Asia Pacific(China.Japan.India.South Korea.Australia.Southeast Asia.Rest of Asia-Pacific), MEA(Middle East.Africa)) : Industry Forecast and Opportunity Analysis for 2024 - 2030

The global Internet of Things (IoT) security technology market refers to the provision of security solutions aimed at ensuring the safety of connected devices and IoT networks from malicious misuse of these connected devices to access the internet. With the rapid increase in the number of connected devices, the urge for security enhancements is on the rise. IoT security technology is focused on the protection of such devices and their networks, preventing abuse of such devices, intrusion attempts, and information leakage. The market shows growth due to a number of parameters, for instance, increased IoT device penetration in sectors, increased IoT systems connectivity, and increased cybercrime. More so, as IoT devices become more entrenched, so will the security provisions that they command, regardless of the fact that many individuals and businesses already depend on such devices.

Internet of Things (IoT) security technology Report Highlights

Report Metrics	Details
Forecast period	2019-2030
Base Year Of Estimation	2023
Growth Rate	CAGR of 32.3%
Forecast Value (2030)	USD 20,776.1 Million
By Product Type	Network Security, Endpoint Security, Application Security, Cloud Security, Others (web Security, data security)
Key Market Players	Allot Ltd. (Hod Hasharon, Israel) Cisco Systems Inc. (California, United States) Forgerock (California, United States) Fortinet, Inc. (California, United States) IBM Corporation (New York, United States) Infineon Technologies AG (Neubiberg, Germany) Intel Corporation (California, United States) Mocana Corporation (California, United States) New Sky Internet Limited (Hong Kong) NortonLifeLock Inc. (Arizona, United States) Thales Group (Gemalto) (La Défense, France)
By Region	North America(United States.Canada.Mexico) South America(Brazil.Argentina.Chile.Rest of South America) Europe(Germany.France.Italy.United Kingdom.Benelux.Nordics.Rest of Europe) Asia Pacific(China.Japan.India.South Korea.Australia.Southeast Asia.Rest of Asia-Pacific) MEA(Middle East.Africa)

Internet of Things (IoT) security technology Market Trends

An important market shift in the IoT security technology market has been the increased use of encryption tactics and AI assistance for enhanced security. The rise of IoT devices in different sectors, for instance, healthcare and smart homes, has also raised issues of cyber threats. This brought about a wave of end-to-end encryption and real-time AI systems that can monitor and react to security threats, readying for fresh challenges even before they arise. The other prominent one is the adoption of decentralized security architectures like edge computing, where security functions are implemented in proximity to the devices instead of depending on a central cloud. This manner of IoT security also reduces the latency in response to time-sensitive systems requiring real-time action. Also, new and more stringent data protection regulations such as the GDPR and the IoT Cybersecurity Improvement Act are forcing enterprises to enhance their IoT security framework in order to protect the data and remain in compliance.

Internet of Things (IoT) security technology Market Leading Players

The key players profiled in the report are Allot Ltd. (Hod Hasharon, Israel), Cisco Systems Inc. (California, United States), Forgerock (California, United States), Fortinet, Inc. (California, United States), IBM Corporation (New York, United States), Infineon Technologies AG (Neubiberg, Germany), Intel Corporation (California, United States), Mocana Corporation (California, United States), New Sky Internet Limited (Hong Kong), NortonLifeLock Inc. (Arizona, United States), Thales Group (Gemalto) (La Défense, France)

Growth Accelerators

The growth of the Internet of Things (IoT) security technology market is influenced by the increased use of IoT devices in different industries that include health care, manufacturing, retail, and smart homes. The need for connection across more devices creates more room for cyber threats and data breaches; this compels both businesses and individuals to seek better security solutions. Protection of confidential information and privacy, as well as the operation of essential services, creates a need for sophisticated IoT security systems that incorporate protection from interception, access control, and tracking systems. Besides that, the increasing instances of cybercrimes and government policies enforcing data compliance obligations are some of the factors boosting the market. With the rise in IoT-related security threats, firms have also started emphasizing the adoption of security controls to protect their networks. Also, in every continent, there exist especially focused regulators, and changes in the law have made it mandatory for these corporations to comply with policies that compel them to purchase IoT security systems or face punitive measures. All these factors contribute to the growth of the IoT security technology market.

Internet of Things (IoT) security technology Market Segmentation analysis

The Global Internet of Things (IoT) security technology is segmented by Type, Application, and Region.
By Type, the market is divided into Distributed Network Security, Endpoint Security, Application Security, Cloud Security, Others (web Security, data security) . The Application segment categorizes the market based on its usage such as Consumer IoT, Industrial. Geographically, the market is assessed across key Regions like North America(United States.Canada.Mexico), South America(Brazil.Argentina.Chile.Rest of South America), Europe(Germany.France.Italy.United Kingdom.Benelux.Nordics.Rest of Europe), Asia Pacific(China.Japan.India.South Korea.Australia.Southeast Asia.Rest of Asia-Pacific), MEA(Middle East.Africa) and others, each presenting distinct growth opportunities and challenges influenced by the regions.

Competitive Landscape

The structure of competition in the IoT security market consists of some already established firms and some new entrants as well. Some of the major companies accounting for this IoT security market include IBM Corporation, Cisco Systems Inc., Fortinet Inc., and Symantec Corporation, each of whom are already incorporating cutting-edge security solutions in regards to the needs of attack surfaces exposed by the IoT. Furthermore, there have been rising instances of strategic partnerships between technology vendors and government agencies in pursuit of uniform security policies and systems for the over ten billion connected devices. Given the ever-increasing demand for IoT security systems across the globe, especially in developing regions such as the Asia-Pacific, which is estimated to have the highest growth rate, establishments are adopting end-to-end security policies that consist of network security, endpoint protection, and cloud protection of the IoT ecosystem.

Challenges In Internet of Things (IoT) security technology Market

One of the biggest challenges standing in the way of the growth of the Internet of Things (IoT) security technology market is the challenge of securing a very large number of connected devices. IoT devices are usually low powered, and therefore it is hard to enforce strong protection measures. Moreover, since the cases of connecting devices increase at an alarming rate, uniformity of security across various devices and platforms becomes a challenge. This may result in weaknesses, which put the IoT networks at a greater risk of cyber and data breaches. Another concern arises from the presence of no uniform and definitive security procedures within the IoT environments. With many individual equipment producers and their respective many devices, there are no standard security practices, but rather there are certain devices that are of higher risk than others. This situation inherently creates security and risks that make it difficult to build effective measures.

Risks & Prospects in Internet of Things (IoT) security technology Market

The growing deployment of IoT devices across different sectors has generated a sizeable market for security technologies concerned with the Internet of Things, or IoT. With more connected devices in areas like health care, manufacturing, transport, and cities, there is a need for better solutions to curb cyberattacks. Thus, it provides a scope for newer players in the market to come up with better IoT safety-featuring systems, such as encryption, intrusion detection systems, and secure communications to prevent data losses and maintain device security. Another opportunity is the growing IoT penetration in the consumer segment, especially the adoption of smart homes, wearables, and connected appliances. With increased competition, consumers are becoming savvy and creative about possible threats to their devices. Hence, IoT security applications that allow for complete deployment without infringing on usability are in high demand. Further, regulatory frameworks regarding data protection as well as privacy considerations are compelling enterprises to procure IoT security technologies, contributing to the growth of the market.

Key Target Audience

The target audience for the IoT security technology market is mostly observed in the following sectors: healthcare, manufacturing, smart cities, transportation, and automotive, among others. Such sectors are characterized by a surge in the number of connected devices and thus call for the placement of security measures to shield critical information and even the whole system from malfunctions or attacks. This is the situation in the case of health organizations that require surveillance of the patients’ information and medical apparatus while manufacturing industries dwell on controlling hacking of the cyber-physical system and industrial operational equipment.,, Moreover, a focused customer base includes national or federal institutions, companies offering smart home devices, and businesses implementing IoT systems on a large scale. The growing prevalence of IoT devices in critical infrastructure has also made it paramount to protect networks, endpoints, and the communication channels. Secondly, there are other key stakeholders in IoT security solution provision, such as service providers, system integrators, and cybersecurity companies, which tend to widen the scope of the market and encourage the use of security measures in both consumer-related and enterprise-driven IoT systems.

Merger and acquisition

Recently observed consolidation trends within the market for security technologies available for the Internet of Things are all aimed at achieving what one can describe as the enhancement of the converged security services currently available in the market. In particular, Honeywell has revealed plans to purchase SCADAfence, a security company specializing in operational technology and the Internet of Things. This acquisition seeks to enhance Honeywell's software offering for its cybersecurity business by making it easier to incorporate SCADAfence's technology into the company's existing products, which are important in safeguarding critical infrastructure against networks of hackers. In the same line, Cognizant is preparing to purchase Mobica, a provider of software engineering services for the Internet of Things, in order to improve the iris capabilities of its secure IoT solutions, demonstrating a pattern whereby many established players seek out growth through acquisition. Furthermore, Semtech Corporation has finally completed the takeover of Sierra Wireless, valued at about $1.2 billion, which marks another major layer of the IoT puzzle, becoming a Semtech Connectivity and Security solutions provider. With this step, it is envisioned that certain figures will be realized that will enhance the services in the booming internet of things. Other interesting transactions will be the acquisition of Zingbox by Palo Alto Networks, which expands the level of services provided structures with regards to the Internet of Things by utilizing analytics and machine learning for safe devices.