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3. IoT Security Market Size, Share, Growth Drivers, and Key Players

According to MarketsandMarkets, at a Compound Annual Growth Rate (CAGR) of 23.1%, the size of the global IoT Security market is expected to increase from USD 20.9 billion in 2023 to USD 59.2 billion by 2028. This growth is fueled by a rapid increase in Industry 4.0 IoT security incidents stressing the need to strengthen cyber resilience, IoT vulnerabilities opening up new possibilities to hackers, a growing number of IoT security regulations, and rising security concerns for critical infrastructure.

The Internet of Things (IoT) Security market is poised for substantial growth in the coming years, driven by several key factors:

• Increasing Number of IoT Devices
• Rising Cybersecurity Threats
• Advancements in AI and Machine Learning for Security
• Regulatory Compliance Requirements
• Demand for Secure Networks

These growth factors highlight the dynamic and evolving nature of the IoT Security market, driven by the need for robust security measures to protect interconnected devices and networks.

To know about the assumptions considered for the study download the pdf brochure

Increasing Number of IoT Devices:

• Device Proliferation: The growing number of IoT devices increases the attack surface for potential cyber threats.
• Network Complexity: More devices lead to more complex networks, requiring advanced security solutions.

Rising Cybersecurity Threats:

• Data Breaches: The increase in data breaches drives the demand for robust IoT security solutions.
• Malware Attacks: Growing incidents of malware attacks targeting IoT devices necessitate enhanced security measures.

Advancements in AI and Machine Learning for Security:

• Threat Detection: AI and machine learning improve threat detection and response capabilities.
• Predictive Analytics: These technologies enable predictive analytics to anticipate and mitigate security threats.

Regulatory Compliance Requirements:

• Data Protection Regulations: Compliance with data protection regulations such as GDPR drives the need for secure IoT solutions.
• Industry Standards: Adherence to industry-specific security standards enhances overall IoT security.

Demand for Secure Networks:

• Secure Communication: Ensuring secure communication between IoT devices and networks is critical.
• End-to-End Security: Implementing end-to-end security solutions for IoT ecosystems.

IoT Security Market Share - Global Industry Landscape

The IoT Security market is characterized by the presence of several key players competing for market share. Some of the leading companies in the IoT Security industry include:

• Google (US)
• IBM (US)
• Intel (US)
• Cisco (US)
• Ericsson (Sweden)

These companies are influential in the IoT Security market, offering diverse solutions that enhance the security of IoT devices and networks.

Google (US)

Market Share: Google is a significant player in the IoT Security market, known for its advanced security solutions.

Key Offerings:

• Google Cloud IoT Core: A fully managed service that allows for secure connection and management of IoT devices.
• Android Things: A secure OS for building connected devices with enterprise-grade security features.

IBM (US)

Market Share: IBM holds a strong position in the IoT Security market, leveraging its expertise in AI and cybersecurity.

Key Offerings:

• IBM Watson IoT Platform: Provides security-rich services to build and manage IoT solutions.
• IBM X-Force: Advanced threat intelligence and security services for IoT environments.

Intel (US)

Market Share: Intel is a major player in the IoT Security market, known for its hardware-based security solutions.

Key Offerings:

• Intel Secure Device Onboard: Simplifies the process of provisioning IoT devices securely.
• Intel Hardware Shield: Provides advanced security features for IoT devices at the hardware level.

Cisco (US)

Market Share: Cisco has a robust presence in the IoT Security market with its focus on networking and security.

Key Offerings:

• Cisco IoT Threat Defense: Comprehensive security solution for IoT environments.
• Cisco Talos: Cyber threat intelligence and research services for IoT security.

Ericsson (Sweden)

Market Share: Ericsson is a leading provider of IoT solutions, including secure connectivity services.

Key Offerings:

• Ericsson IoT Accelerator: A platform offering secure IoT connectivity and management services.
• Ericsson Security Manager: Provides comprehensive security management for IoT networks.

Related Reports:

IoT Security Market by Type (Network Security, Endpoint, Application Security, & Cloud Security), Offerings (Solutions & Services), Application Area (Smart Manufacturing, Connected Logistics & Transportation), Data Sensitivity - Global Forecast to 2028