IoT Security Market is projected to grow at a CAGR of 23.7% during the forecast period: MRFR

Pune, India, Oct 2022, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global IoT Security Market.

The IoT Security Market is predicted to reach USD 1,27,768.8 million by 2030, registering a 23.7% CAGR during the forecast period, 2022–2030. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. The global IoT Security market is expected to witness substantial growth during the forecast period, primarily due to increased cyberattacks on IoT system.

Segmental Analysis

The global IoT Security market has been segmented into Type, Solution, Technology, and Vertical.

Based on Type, the global IoT security market has been segmented into Endpoint Security, Application Security, Cloud Security, And Others. By type segment, Network Security accounted for the largest market share with a market value of USD 4,464.2 million in 2021, which is projected to grow at a CAGR of 20.2% during the forecast period. Network Security protects network and data from breaches, intrusions, and other threats. Network Security involves access control, virus and antivirus software, application security, network analytics, types of network-related security, firewalls, VPN encryption, and more. Whereas Endpoint security is the process of protecting devices like desktops, laptops, mobile phones, and tablets from malicious threats and cyberattacks. Endpoint security enables businesses to protect devices that employees use for work purposes either on a network or in the cloud from cyber threats. However, Cloud security is expected to register a highest CAGR during the forecast period.

Based on Solution, the global IoT security market has been segmented into Identity Access Management, Device Authentication and Management, Secure Communication, Security Analytics, Trusted Identification, Data Encryption and Tokenization, And Others. Identity and access management is the most adopted solution for security applications. Identity and access management ensures that the right people and job roles in an organization can access the tools they need to do their jobs. Identity management and access systems enable organizations to manage employee apps without logging into each app as an administrator. Data Encryption and Tokenization is expected to register a highest CAGR during the forecast period.

Based on Technology, the global IoT security market has been segmented into Facial Recognition, Iris Recognition, And Fingerprint Identification. Fingerprint Identification accounted for the largest market share with a market value of USD 13,429.6 million in 2021 and is projected to grow at a CAGR of 23.6%.

Based on Vertical, the global IoT security market has been segmented into Retail, Manufacturing, Healthcare, Transportation, Energy & Utilities, IT & Telecommunications, BFSI, And Others. Manufacturing accounted for the largest market in 2021.

Regional Analysis

Geographically, the global IoT Security market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

North America is likely to lead the IoT Security market. The players present in North America are one of the top players in the world. North America accounted for the largest market share of XX% in 2021, with a market value of USD XXX million; the market is expected to register a CAGR of 19.5% during the forecast period.

North America is the largest market and is expected to witness significant growth in the Internet of things (IoT) security market as the demand for agile, scalable, and cost-effective computing is high in the region. The US is the dominating country in the Internet of things (IoT) security market in this region. The US is a developed country in terms of economy and high demand for various industries such as IT & telecommunication, retail, and healthcare. The region constitutes countries such as the US, Canada, and Mexico. The US has a higher concentration of companies than Canada and Mexico, due to which the cloud platform adoption is higher. The US is expected to be the leading market in North America over the forecast period due to the growing healthcare and aerospace and defense industries. Increasing digitization and adoption of digital services are driving the growth of the Internet of things (IoT) security market in the US. Canada is the second-largest developed country in the region and also for the Internet of things (IoT) security market with the highest CAGR during the forecast period. Canada is among the fastest-growing country in the region. Mexico is expected to register steady growth in the global Internet of things (IoT) security market during the forecast period. The market growth is attributed to the rising demand for the IoT security market across various industries.

The IoT security market in Europe is expected to second-highest revenue growth due to the presence of many developed nations and their willingness to adopt new technologies. Germany is expected to dominate the European IoT security market. Also, the UK is projected to witness significant growth over the forecast period due to an increment in the digital transformation and increasing adoption of multiple cloud services for cost savings in the healthcare, transportation and other sectors. However, Asia-Pacific is expected to register highest CAGR during the forecast period.

Access full report @ https://www.marketresearchfuture.com/reports/iot-security-market-2256

Competitive Landscape

The IoT security market is characterized by the presence of many global, regional, and local players. The market is competitive, with all the players competing to gain maximum market share. An increase in cyber-attacks on IoT systems and high demand for IoT security services by the healthcare and telecommunications sectors are key factors that drive the market growth. High costs associated with IoT security implementations and innovations restrain the growth of the IoT security market. However, data risks in huge IoT systems will create opportunities for the market’s growth.

According to MRFR analysis, the growth of the IoT security market is dependent on market conditions. The key vendors in the market are PTC, Symantec Corporation, Infineon Technologies AG, Trustwave Holdings, Inc. (Singtel), Check Point Software Technologies Ltd., IBM Corporation, CISCO SYSTEMS, INC., Thales, AT&T Inc., Trend Micro Inc., DigiCert, Intel Corporation, General Electric, Verizon, and Sophos Ltd.

These companies are focusing on enhancing their products with the integration of improved technologies. Moreover, these companies are prominent providers of IoT security and compete in the IoT security market to increase their geographic presence, expand their customer base, and form strategic partnerships.

Key Players

• Cisco Systems, Inc. (US)


• Thales Group (France)


• Infineon Technologies (Germany)


• IBM Corporation (US)


• Verizon Communications Inc. (US)

These players focus on expanding and enhancing their resolution portfolio and services to remain competitive and increase their customer base. Additionally, these players are focusing on partnerships & collaborations to expand their business and customer base to enhance their market position.