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IoT Security Market Share

ID: MRFR//1658-CR | 100 Pages | Author: Aarti Dhapte| October 2022

The IoT (Internet of Things) Security Market is witnessing significant growth as the proliferation of connected devices continues to reshape our digital landscape. In this dynamic environment, companies are adopting various market share positioning strategies to establish themselves as key players in the IoT security space.


One prevalent strategy is differentiation, where companies focus on developing unique and advanced security solutions that set them apart from competitors. This involves investing in research and development to create innovative technologies that address emerging threats in the IoT ecosystem. By offering distinctive features, such as enhanced threat detection capabilities, encryption protocols, and secure communication channels, companies aim to attract customers seeking robust security measures for their interconnected devices.


Another strategic approach is cost leadership, wherein companies strive to become the most cost-efficient providers of IoT security solutions. This involves optimizing internal processes, leveraging economies of scale, and negotiating favorable supplier agreements to lower production costs. By offering competitive pricing without compromising on the quality of security services, companies can appeal to a broader customer base, especially in a market where cost considerations play a crucial role in decision-making.


Market segmentation is a strategy employed to target specific customer groups with tailored IoT security solutions. Companies analyze the diverse needs and preferences of different industries, such as healthcare, manufacturing, or smart homes, and develop specialized security offerings for each segment. This targeted approach allows companies to address unique challenges faced by customers in specific sectors, gaining a deeper understanding of their requirements and building stronger relationships within those markets.


Collaboration and partnerships represent yet another market share positioning strategy in the IoT security sector. Companies recognize the complexity of the IoT landscape and the need for comprehensive security solutions. As a result, they form strategic alliances with other technology providers, cybersecurity firms, or industry stakeholders to create integrated and interoperable security ecosystems. By offering end-to-end solutions through collaborative efforts, companies can cater to a broader range of IoT applications and increase their market reach.


Geographical expansion is a crucial strategy for companies aiming to strengthen their market share in the global IoT security market. This involves entering new regions, establishing partnerships with local businesses, and adapting solutions to meet the specific regulatory and cultural requirements of different markets. By expanding their footprint, companies can tap into diverse customer bases and capitalize on the growing demand for IoT security on a global scale.


Continuous adaptation to evolving threats and technologies is vital for companies aiming to maintain a strong market position in IoT security. Proactive strategies involve staying ahead of emerging risks, updating security protocols, and incorporating artificial intelligence and machine learning capabilities for more effective threat detection. By demonstrating a commitment to staying at the forefront of technological advancements, companies can instill confidence in their customers and solidify their position in the competitive IoT security market.

Covered Aspects:

Report Attribute/Metric Details
Base Year For Estimation   2021  Forecast Period  2018-2020  Historical Data  2022–2032  Forecast Units  Value (USD Billion)  Report Coverage  Revenue Forecast, Competitive Landscape, Growth Factors, and Trends  Segments Covered  Vertical, Technology, Solution, Type  Geographies Covered  • North America • Europe • Asia-Pacific • Middle East and Africa • South America  Key Vendors  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.  Key Market Opportunities  Development of smart infrastructure  Key Market Drivers  o Increase In Cyber-Attacks on IoT Systems o High Demand for IoT Security Services By Healthcare And Telecommunications Sector
Historical Data 2022–2032 Forecast Units Value (USD Billion) Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends Segments Covered Vertical, Technology, Solution, Type Geographies Covered • North America • Europe • Asia-Pacific • Middle East and Africa • South America Key Vendors 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. Key Market Opportunities Development of smart infrastructure Key Market Drivers o Increase In Cyber-Attacks on IoT Systems o High Demand for IoT Security Services By Healthcare And Telecommunications Sector
Forecast Period   2018-2020  Historical Data  2022–2032  Forecast Units  Value (USD Billion)  Report Coverage  Revenue Forecast, Competitive Landscape, Growth Factors, and Trends  Segments Covered  Vertical, Technology, Solution, Type  Geographies Covered  • North America • Europe • Asia-Pacific • Middle East and Africa • South America  Key Vendors  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.  Key Market Opportunities  Development of smart infrastructure  Key Market Drivers  o Increase In Cyber-Attacks on IoT Systems o High Demand for IoT Security Services By Healthcare And Telecommunications Sector
Growth Rate   17.8%  Base Year  2021  Forecast Period  2018-2020  Historical Data  2022–2032  Forecast Units  Value (USD Billion  Report Coverage  Revenue Forecast, Competitive Landscape, Growth Factors, and Trends  Segments Covered  Vertical, Technology, Solution, Type  Geographies Covered  • North America • Europe • Asia-Pacific • Middle East and Africa • South America  Key Vendors  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.  Key Market Opportunities  Development of smart infrastructure  Key Market Drivers  o Increase In Cyber-Attacks on IoT Systems o High Demand for IoT Security Services By Healthcare And Telecommunications Sector

IoT Security Market Overview


As per MRFR, the IoT security market has been growing significantly over the past few years. It is expected to reach USD 8.576 billion by 2032, at a CAGR of 17.8% during the forecast period 2022–2032. The IoT security market is expected to grow at 17.8% CAGR during the forecast period, 2024-2032. In 2021, the market was led by North America with 40.73% share, followed by Europe and the Asia Pacific with shares of 24.76% and 18.74%, respectively. The high demand for IoT security in retail, manufacturing, healthcare, transportation, energy & utilities, IT & Telecommunications, BFSI, and other sectors is aiding the market growth in the Asia-Pacific region.


Figure 1: IoT Security Market Size, 2023-2032 (USD Billion)


IoT Security Market


Source: Industry Expert, Secondary Research, and MRFR Analysis


The Global IoT Security market has been segmented into type, solution, technology, vertical, and region. On the basis of type, the market is bifurcated into Network Security, 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. By solution, the Global IoT security market is categorized into Identity Access Management, Device Authentication and Management, Secure Communication, Security Analytics, Trusted Identification, Data Encryption & Tokenization, and Other. Based on the solution, Device Authentication and Management accounted for the largest market share with a market value of USD 5,748.5 million in 2021 and is projected to grow at a CAGR of 21.5%. 


Based on technology, the Global IoT security market has been divided into Facial Recognition, Iris Recognition, and Fingerprint Identification. Based on the technology, 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 the vertical, the Global IoT security market has been segmented into Retail, Manufacturing, Healthcare, Transportation, Energy & Utilities, IT & telecommunications, BFSI, and Others. Based on the vertical, Manufacturing accounted for the largest market share with a market value of USD 4,924.2 million in 2021 and is projected to grow at a CAGR of 19.5%. Based on region, the Global IoT security market has been segmented into North America, Europe, Asia-Pacific, Middle East . 


Covid-19 Analysis


Since the lockdown and the closure of all production businesses, the fundamental components of IoT security are numerous sensors, without which the system cannot be installed. Furthermore, the sensors are made in many locations worldwide, making it impossible to export and import due to stringent lockdown measures implemented by governments worldwide, making raw material procurement extremely complex. Any system cannot come to life on its own without the whole set of raw materials, and system integration and system mating with software is impossible. As a result, the IoT security market's expansion has halted. Communication is critical amid the COVID-19 issue all around the world.

Every individual and government has been in continual contact to provide and receive real-time information on COVID-19, regardless of federal, state, central, municipal, or provincial levels. Healthcare, telecommunications, media and entertainment, utilities, and government agencies are working around the clock to stabilize the situation and provide essential services to everyone. Remote working, increasing video streaming, and worldwide internet connections have swiftly become essential components of modern civilization.


IoT Security Market Dynamics


Drivers




  • GROWING NEED FOR IOT SECURITY




The surge in internet penetration worldwide and progress in the speed of the internet have made technologies such as IoT evolve at a very quick pace. With the fulfilment of essential IoT criteria, namely, progress in speed, it is being employed in various technical applications and issue solving without the intervention of people. IoT is utilized in engineering applications and in the day-to-day operations of modern living, automating them. It saves a lot of time and is reliable, making it a convenient option. Everyday tasks like automating home lighting can be automated and controlled via IoT, but because IoT devices are controlled via the network, they are vulnerable to security attacks because they are a combination of various technologies like communication technology, information technology, electronic sensors, and actuator technology.

As a result, any form of security attack is feasible, and the IoT-enabled equipment can also be controlled, necessitating the need for IoT security. Blockchain technology is one of the most important answers for IoT security concerns. Blockchain technology is used to track sensor data and prevent it from being duplicated with other harmful data. Instead, than relying on a third party to establish trust, sensors can communicate data via blockchain.


RESTRAINTS




  • SIGNIFICANT INCREASE IN NEW VARIANTS OF IOT THREATS AND LACK OF AWARENESS




IoT devices are becoming more common in people's lives, and the ability of new botnets to infect, attack, and cause havoc is growing rapidly. As the corporate environment changes, so do the security requirements. People, on the other hand, are unaware of device vulnerabilities and the possibility of being hacked. Organizations fail to grasp internal threat risks, such as how employees are just a click away from downloading potential malware, undetected viruses, and threat activities such as spear-phishing and botnet. Security suppliers are creating novel and tailored products for a wide range of users, including individuals, SMEs, major organizations, and government agencies. The lack of awareness about security that is associated with the respective business portfolio is impeding the growth of the IoT security industry. Most clients, particularly those in Latin America and the Middle East, are unaware and hence unable to take advantage of the security goods and services available in the market that meet their needs.


OPPORTUNITY




  • DEVELOPMENT OF SMART INFRASTRUCTURE




Smart cities and smart buildings are conceptual models that are intended to supply a set of cutting-edge services and infrastructure. A smart city is one that uses its ICT infrastructure to improve the quality of life and increase the efficiency of urban operations and services. Smart cities adhere to the following components: smart transportation, smart buildings, smart utilities, and smart citizen services. As a result, the effective implementation of smart city initiatives is strongly reliant on technology such as data communications, cloud computing, mobility, and sensors, which comprise IoT. With the rise of IoT devices in the smart city ecosystem, securing these devices has grown more difficult. As a result, the vulnerabilities of IoT devices and networks, as well as their growing significance in daily activities, make IoT security critical. The need to safeguard IoT ecosystems is gaining traction, which is creating lucrative prospects for devoted and knowledgeable IoT security solution providers.


IoT Security Market Segmentation


The global internet of things 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.


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.


Based on Technology, the global internet of things (iot) security market has been segmented into Facial Recognition, Iris Recognition, And Fingerprint Identification.


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


Regional Analysis


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


North America is likely to lead the internet of things (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. Europe was the second-largest market in 2021, valued at USD XXX million; the market is projected to exhibit a CAGR of 24.7%. However, the market in Asia-Pacific is expected to register the highest CAGR.


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 internet of things 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)




  • CISCO SYSTEMS, INC.




  • Check Point Software Technologies Ltd.




  • IBM Corporation




  • AT&T Inc.




  • Trend Micro Inc.




  • DigiCert




  • Thales




  • Intel Corporation




  • General Electric




  • Verizon




  • 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.


The top 5 players in the IoT security market are Cisco Systems, Inc., Thales Group, Infineon Technologies, IBM Corporation, and Verizon Communications Inc.


Recent Developments



  • In April 2024, a Saudi property development company, ROSHN, signed a memorandum of understanding with Cisco to find out how IoT will work in sustainable smart buildings and also an upcoming innovation hub.

  • Entrust unveiled a Post-Quantum Ready PKI platform that it described as commercially deployable with effect from January 2024. Such a device allows organizations to oversee and manage digital certificates aimed at enhancing communication security in the subsequent quantum computing age.

  • In April 2024, Fortinet and IBM Cloud worked together to create the Fortinet Virtual FortiGate Security Appliance (FSA). This partnership was expected to be of help to the manufacturing sector since vFSA is capable of checking and controlling the flow of data over a network with applications in remote control and security of IoT devices.

  • In December 2023, Cisco and Schneider Electric signed a Memorandum of Understanding with the aim of augmenting artificial intelligence and Internet of Things (IoT) innovation to provide effective digital solutions for governments and businesses in the EMEA region.

  • In July 2023, Check Point and Cynerio allied to provide a full medical IoT security solution for safeguarding patient data and other critical business processes in healthcare.

  • During the month of September in the year 2024, Oracle partnered with AWS to unveil Oracle Database@AWS, which allows clients to use Oracle autonomous database on dedicated infrastructure and oracle exadata database service on AWS. This provision will ensure optimal consistency between AWS and Oracle Cloud Infrastructure (OCI) while facilitating easier database management, billing and customer concerns handling.

  • In May 2023, Configurable End Points, which are offered by AWS news, explain that it will be able to support the Transport Layer Security Standard ( TLS) 1.3. TLS 1.3 provides two fundamental fixes to the security and functionality of the protocol, ladies and gentlemen. The first is dropping unsupported cipher suites and ominous legacy features of past TLS versions whilst handshaking it requires to perform better.

  • In February 2023, Cisco unveiled a large number of new cloud management services that are primarily targeted at the industrial Internet of Things. These solutions are intended to give users an easier time in merging IT and OT functions as they have improved control panels that are simple, straightforward, and user-friendly, which facilitates better monitoring and controlling of industrial systems.

  • In July 2022, Microsoft launched Defender for IoT to protect any device besides PCs and smartphones, including printers and smart TVs. Microsoft Defender for IoT was launched in late 2021 and was also known as Azure Defender for IoT, which debuted in public preview in 2020. Prior to then, it was formally branded as Azure Security Center for IoT.


Report Overview

This study estimates revenue growth at global, regional, and country levels and offers an overview of the latest developments in each of the sub-sectors from 2018 to 2030. For this analysis, MRFR segmented the global IoT Security market has been segmented based on Type, Solution, Technology and Vertical.


By Type



  • Endpoint Security

  • Application Security

  • Cloud Security

  • Others


By Solution



  • Identity Access Management

  • Device Authentication And Management

  • Secure Communication

  • Security Analytics

  • Trusted Identification

  • Data Encryption And Tokenization

  • Others

  • By Technology

  • Facial Recognition

  • Iris Recognition

  • Fingerprint Identification


By Vertical



  • Retail

  • Manufacturing

  • Healthcare

  • Transportation

  • Energy & Utilities

  • IT & Telecommunications

  • BFSI

  • Others

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