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IoT Security Market by Component (Solutions, Services), Type (Network Security, Cloud Security), Deployment Mode, Organization Size, Application (Smart Manufacturing, Smart Retail), End-use Industry (Manufacturing, Retail, and Others) - Global Forecast to 2029
Report ID: MRICT - 104567 Pages: 350 Jul-2022 Formats*: PDF Category: Information and Communications Technology Delivery: 2 to 4 Hours Download Free Sample ReportThe IoT Security Market is expected to reach $59.16 billion by 2029, at a CAGR of 21.2% during the forecast period of 2022 to 2029. Growing IoT deployment, the increasing number of ransomware attacks on IoT devices, the rising demand to protect connected network infrastructure, the increasing number of IoT security regulations, and the growing importance of security & privacy concerns are the key factors driving the growth of the IoT security market. However, the increase in new variants of IoT threats and degrading global economic conditions due to the COVID-19 pandemic restrain the growth of the IoT security market.
The COVID-19 pandemic disrupted businesses and supply chains worldwide. The pandemic claimed millions of lives and severely affected several economies globally. Thus, several organizations’ plans to incorporate IoT security have been delayed, which hampered the growth of the IoT security market. Enterprise Virtual Private Network (VPN) servers became a lifeline for organizations and institutions as numerous employees shifted to a work-from-home operating model and students adopted virtual and distance learning due to the COVID-19 pandemic. The rapid adoption of such approaches led to an increase in cyber-attacks and security threats. Spear-phishing emails (personalized emails sent to targeted users to trick them into sharing sensitive information) increased tremendously amidst the COVID-19 pandemic. For instance, spear-phishing email attacks related to COVID-19 have increased by 667% since February 2020.
The COVID-19 pandemic hindered the growth of the IoT security market to a notable extent. However, the demand for digital transformation is expected to stay elevated. The digitally-driven intermediaries are proving to be effective, benefiting the IoT security market. Thus, the IoT security market is projected to witness exponential growth amidst the pandemic.
However, several businesses are exerting extensively to move the IoT security market in the right direction. Local governments are also undertaking several relief steps to mitigate the negative impacts of the COVID-19 pandemic. As a result, the IoT security market is expected to recover to its original track after 2023.
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Growing IoT Deployments Driving the IoT Security Market
In this era of IoT, digitally connected devices and applications are encroaching on every aspect of human lives, including homes, offices, and cars. All the objects have been tuned smart to harness the benefits of the internet. According to GSMA Intelligence 2018, the number of IoT connections will grow to 25 billion globally by 2025, up from 10.3 billion in 2018.
The proliferation of IoT devices, the advent of IPv6, and the wide deployment of Wi-Fi networks have increased cyberattacks on IoT. For instance, according to Kaspersky, between January and May 2021, the organization has detected more than 1.5 billion IoT attacks, up from 639 million during the previous half-year, which is more than twice the volume. Also, in 2019, cyber-attacks on IoT devices surged 300%. Such alarming vulnerabilities found on IoT devices are compelling organizations worldwide to deploy IoT security solutions to safeguard connected devices. Thus, the growing IoT deployments and the increasing number of cyber-attacks compel IoT vendors to develop IoT security solutions for connected devices.
Solution Segment Dominated the IoT Security Market in 2021
Based on component, the solutions segment accounted for the largest share of the IoT security market in 2021. The growing number of IoT deployments, the increasing focus on solution-centric security capabilities, and the rising vulnerabilities on IoT devices are factors driving the growth of this segment. In addition, the benefits offered by IoT security, such as high performance, reliability, comprehensive vulnerability coverage, efficiency, and security of real-time applications, further augment the growth of this segment. Several providers are investing in R&D to improve the solution and make them more affordable for small and medium-scale enterprises. However, the service segment is expected to grow at a faster rate during the forecast period.
Cloud-Based Segment to Grow at Higher CAGR During Forecast Period
Based on deployment mode, the cloud-based segment is expected to grow at a higher CAGR during the forecast period. The adoption of cloud computing is gaining popularity among small and medium-scale enterprises. Several organizations are gradually moving towards cloud infrastructure, and this trend is expected to grow in the coming years. The benefits offered by cloud infrastructure, such as ease of adoption, minimal requirement of in-house infrastructure, scalability, and easy installation of security solutions, support the growth of this segment.
Network Security Segment Dominated the IoT Security Market in 2021
Based on type, the network security segment accounted for the largest share of the IoT security market in 2021. The rising data and security breaches, the growing demand for filtering and monitoring network traffic, and the increasing need to protect connected network infrastructure are the key factors driving the growth of this segment.
Smart Manufacturing Segment Dominated the IoT Security Market in 2021
Based on application, the smart manufacturing segment accounted for the largest share of the IoT security market in 2021. The increasing cybersecurity risks, the rising demand for real-time security monitoring, and the growing automation in the industry are the key factors driving the growth of the smart manufacturing segment.
Asia-Pacific: The Fastest-growing Regional Market
In 2021, North America accounted for the largest share of the IoT security market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. However, Asia-Pacific is expected to witness rapid growth during the forecast period. The high market growth in Asia-Pacific is mainly driven by the increasing adoption of technologies, such as AI and ML. In addition, the high IoT penetration, increasing internet & mobile infrastructure development, and the growing threats of cyberattacks are expected to support the market growth in the region during the forecast period.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by the leading market participants in the IoT security industry over the last four years . The key players profiled in the global IoT security market are Cisco Systems, Inc. (U.S.), Forescout Technologies, Inc. (U.S.), Fortinet, Inc. (U.S.), Palo Alto Networks, Inc. (U.S.), Rapid7, Inc. (U.S.), Armis, Inc. (U.S.), Microsoft Corporation (U.S.) Entrust Corporation (U.S.), Karamba Security Ltd. (Israel), ForgeRock, Inc. (U.S.), IBM Corporation (U.S.), Checkpoint Software Technologies, Ltd. (Israel), Allot Communications Ltd. (Israel), JFrog, Inc. (U.S.), Broadcom, Inc. (U.S.), and PTC, Inc. (U.S.).
Scope of the Report:
IoT Security Market, by Component
IoT Security Market, by Type
IoT Security Market, by Deployment Mode
IoT Security Market, by Organization Size
IoT Security Market, by Application
IoT Security Market, by End-use Industry
IoT Security Market, by Region
Key questions answered in the report:
Published Date: Aug-2024
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