Global IOT Security Market Size, Share, Growth Analysis, By Deployment Mode, By Product, By Organization Size, By Security, By Industry Vertical, By Component, By End-use - Industry Forecast 2024-2031

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).

Global IoT Security Market is the exponential growth of interconnected devices across various industries. As more devices become connected to the internet, ranging from consumer electronics to critical infrastructure, the need to secure these devices and the data they generate becomes paramount. With the proliferation of IoT devices in sectors like healthcare, manufacturing, transportation, and smart cities, the potential attack surface for cyber threats increases significantly. Consequently, organizations are increasingly investing in IoT security solutions to safeguard their networks, data, and connected devices from malicious actors. This surge in demand for IoT security solutions is expected to continue as the adoption of IoT devices expands globally, driving the growth of the IoT security market.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global IOT Security Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global IOT Security Market Segmental Analysis

Three main categories-deployment mode, organization size, product type, component, security type, industry vertical, and region-make up the worldwide IOT security market. The market is split into on-premise and cloud segments based on the mode of implementation. The market is divided into major enterprises, small enterprises, and medium enterprises based on the size of the organization. The market is divided into segments according to the kind of product: data encryption and tokenization, intrusion detection and prevention systems, identity access and management, device authentication and management, and others. The market is divided into categories such as network security, endpoint security, application security, cloud security, and others based on the type of security. The market is divided into the following industry verticals: manufacturing, government & defense, retail & e-commerce, energy & utilities, transportation & logistics, healthcare, and others. The market has been divided into categories such as agricultural, BFSI, healthcare, government, retail, manufacturing, sustainable energy, transportation, IT & telecom, and others based on the end-use industry. The market is divided into platforms and solutions & services based on components. The market is divided into five regions: Latin America, North America, Europe, Asia-Pacific, and the Middle East and Africa.

Drivers of the Global IOT Security Market

The increasing integration of IoT devices in the logistics sector has spurred market expansion by enabling supply chain operations optimization, real-time machinery monitoring, and predictive maintenance. Predictive analysis is made possible by using sensors that can track factors like vibration and temperature. This allows for the early detection and prevention of probable machine faults.

Restraints in the Global IOT Security Market

Internet of Things (IoT) technology has a wide range of applications; it may be used for everything from managing linked equipment via communication networks and cloud platforms to gathering biometric data through wearable gadgets. The fundamental aspect of this connectivity is the particular feature of Internet of Things devices having their own IP addresses.

Market Trends of the Global IOT Security Market

Rapid adoption of new technologies aimed at process automation, improving customer experiences, and facilitating remote work capabilities is beneficial for the state of the market today. A positive market trajectory is being fostered by organizations' active investment in digital platforms that significantly rely on networked gadgets to streamline operations. The current wave of technology integration is concomitant with a growing reliance on cloud-based services and data analytics tools, signifying a significant change in operational frameworks.