IoT Security Market Size to Reach US$ 18.4 Billion by 2028, at a Growth Rate of (CAGR) 30.29%

IMARC Group, a leading market research company, has recently releases report titled "IoT Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028." The study provides a detailed analysis of the industry, including the global IoT security market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the IoT security market?

• Market Size in 2022: US$ 3.8 Billion
• Market Forecast in 2028: US$ 18.4 Billion
• Growth rate (2023 to 2028): CAGR of 30.29%
• Base Year of the Analysis: 2022
• Forecast Period: 2023-2028

What is IoT security?

IoT security is the set of technologies, processes, and practices implemented to protect internet-connected devices and networks from potential cyber threats. As IoT devices become more widespread and integrated into our daily lives, ensuring their security has become increasingly crucial. It includes a range of measures, such as device authentication, encryption, secure communication protocols, and access control, to prevent unauthorized access to sensitive data or control of the device. It is critical to prevent potential cyber threats and protect sensitive data.

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What are the growth prospects and trends in the IoT security industry?

The global market is majorly driven by the increasing adoption of IoT devices across various industries and households. In line with this, the rising cyber-attacks and data breaches are significantly contributing to the demand for robust IoT security solutions to protect against potential threats. Furthermore, the growing usage of cloud computing for IoT device management is positively influencing the market. Apart from this, the implementation of regulations such as GDPR, CCPA, and HIPAA has made it mandatory for businesses to adopt robust IoT security measures. Moreover, the escalating awareness of the importance of IoT security among consumers and businesses is catalyzing the market. Besides, increasing AI and machine learning integration in IoT security solutions is strengthening the market. Additionally, the emergence of blockchain technology and the rising need for real-time monitoring of IoT devices and networks to detect potential threats are providing a boost to the market.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Component:

• Solutions
• Services

Breakup by Security Type:

• Network Security
• Endpoint Security
• Application Security
• Cloud Security
• Others

Breakup by Vertical:

• Energy and Utilities
• Manufacturing
• Automotive
• Transport
• Consumer Electronics
• Healthcare
• Others

Market Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Who are the key players operating in the industry?

• Allot Ltd.
• Armis Inc.
• CENTRI Technology
• Cisco Systems, Inc.
• ForgeRock Inc.
• Fortinet, Inc.
• Gemalto NV
• International Business Machines (IBM) Corporation
• Infineon Technologies AG
• Intel Corporation
• Mocana Corporation
• Securithings, Inc
• Broadcom, Inc.
• ZingBox Inc.

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