IoT Security Market Projected to Hit USD 1,27,768.8 million at a 23.7% CAGR by 2030 – Report by Market Research Future (MRFR)

Market Research Future Insights

The global IoT Security Market is projected to be worth USD 1,27,768.8 million by 2030, registering a 23.7% CAGR during the forecast period (2023-2030).

IoT security is referred to a security solution that helps to concentrate on protecting internet-enabled devices. (IoT) security encompassing the processes and technologies to protect the internet of things devices as well as the networks connected to each other on the wireless networks. Internet of things security is utilized in numerous applications such as smart home, smart wearable devices, automotive digital technology, industrial internet, smart city, healthcare, etc. In healthcare, IoT can support patients to spend more time interacting with their doctors so that it can surge patient engagement and satisfaction.

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The Internet of Things (IoT) has grown from its initial stage of incubation into a clearly defined set of use cases that help discernible advantages to a variety of market verticals. Through enabling the integration of IT and operational technology (OT) networks, IoT significantly enhances process automation, supply chain management and regulatory enforcement and significantly reduce capital and operating costs.

Espousal of cloud technologies by many organizations for storing confidential data gives rise to the risk of unauthorized access to data. Moreover, the increasing trend of bring your own device (BYOD) is boosting concerns regarding data security. Therefore, many organizations and enterprises demand effective security solutions. Thus, a robust security solution, such as integration of firewalls and data loss prevention with IoT security solutions, empowers organization posture to face cyber threats.

The global IoT Security Market report furnishes an integrated evaluation of the market. The report tends to a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors playing an eloquent role in the market.

Regional Analysis

The global IoT Security Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

North America is projected to dominate the global internet of things (IOT) security market due to the increasing adoption of smart devices and augmenting usage of internet-connected devices in this region.

Europe is the second-largest commanding region due to the massive growth of the automotive sector in Europe and this internet of vehicles having some security challenges is largely required security solutions. While the European industry is aware about the importance of IoT is awaited to increase the growth of the market in Europe.

The Asia Pacific is the arising region in the internet of things security market due to the augmenting urbanization and penetration of smart devices in this region.

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Market Segmentation

The IoT Security Market is segmented into the following types;

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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 Key Players

The global IoT Security Market’s substantial key players 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.

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