Microsoft (US) and Fortinet (US) are Leading Players in the IoT Security Market
The global IoT security market is estimated to grow from USD 28.67 billion in 2025 to USD 80.30 billion by 2031 at a CAGR of 18.7% during the forecast period. One of the factors driving the market is the development of 5G networks. 5G networks offer higher speeds and lower latency, which helps in connecting multiple devices more efficiently than the previous networks like 3G/4G, leading to an exponential increase in data traffic. Such massive data creates new security challenges, as it becomes more difficult to monitor, analyze, and protect against cyber threats. To address this, robust IoT security solutions are essential for safeguarding sensitive data, preventing unauthorized access, and ensuring the integrity of network operations. The need to secure this expanding data landscape is propelling the growth of the IoT security market.
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Competitive overview:
Microsoft (US), Fortinet (US), AWS (US), IBM (US), Intel (US), Cisco (US), Thales Group (France), Infineon (Germany), Allot (Israel), Atos (France), Checkpoint (US), Palo Alto Networks (US), Mobileum (US), Entrust (US), NXP Semiconductors (Netherlands), and Kaspersky (Switzerland) are amongst the leading players in the global IoT security market.
Recent Developments:
- In January 2026, Microsoft introduced IoT security capabilities within Microsoft Defender for IoT, enhancing device discovery, vulnerability management, and threat detection for connected industrial and enterprise environments. The update strengthens visibility across IT and OT networks, enabling organizations to detect anomalous IoT behavior, reduce attack surfaces, and secure large-scale connected device deployments.
- In October 2025, Fortinet expanded its Fortinet Security Fabric with enhanced IoT and OT security features integrated into FortiGate and FortiNAC platforms. The enhancements enable automated device identification, segmentation, and real-time threat monitoring across industrial networks, helping organizations secure IoT devices, reduce operational risks, and maintain regulatory compliance.
Microsoft (US) is a multinational technology company that offers software, hardware, and services. Its product portfolio includes software products, hardware, enterprise solutions, gaming, and cloud services. The Windows operating system, the Microsoft 365 productivity suite, and the Azure cloud platform are the flagship products of Microsoft. In IoT security, Microsoft offers solutions through its Azure platform. Azure IoT hub provides secure communication with IoT devices, while Azure IoT Edge uses cloud intelligence and analytics to edge devices through AI processing. The company operates in over 190 countries, with data centers in multiple regions including North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. The company caters to various industries, including financial services, healthcare, manufacturing, energy, government, retail, telecommunications, and other industries.
Fortinet (US) is a cybersecurity solutions and services company that focuses on providing security for networks, endpoints, and cloud environments. The company has a global presence with a strong foothold in North America, Europe, and the Asia Pacific. Fortinet offers its solutions to large enterprises and SMEs in various industries such as healthcare, financial services, retail, manufacturing, power, oil and gas, technology, and government. It develops and sells security solutions such as firewalls, endpoint security, and intrusion detection systems. Fortinet's products include network security, security access service edge (SASE), enterprise networking, security operations, cloud security, user and device security, application security, and threat response. In IoT security, the FortiGuard Attack Surface Security Service monitors the security posture and identifies IoT device risks. FortiNAC provides network access control for automated device management.
Market Ranking:
The global IoT security market is highly fragmented, with participation from a diverse mix of global technology providers, cybersecurity vendors, semiconductor companies, and specialized IoT security firms. Major companies such as Microsoft, Amazon Web Services, Cisco Systems, IBM, and Fortinet maintain strong market presence through integrated cloud, network, and endpoint security solutions tailored for connected devices and industrial IoT environments. Semiconductor leaders, including Intel, Infineon Technologies, and NXP Semiconductors, contribute through hardware-based security, secure microcontrollers, and device authentication technologies. Additionally, cybersecurity vendors such as Palo Alto Networks, Check Point Software Technologies, Thales Group, Allot, and Entrust are expanding their presence with advanced threat detection, encryption, and identity protection solutions. Competition is increasingly focused on AI-driven threat intelligence, secure device lifecycle management, and integrated cloud-to-edge security frameworks to protect large-scale IoT ecosystems across industries.
Related Reports:
IoT Security Market by Offering (Solutions and Services), Data Sensitivity (High-sensitivity Data, Low and Moderate-sensitivity Data), Application (Smart Manufacturing, Smart Government, Connected Healthcare, Smart Retail) - Global Forecast to 2031
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