IoT Security Market Size Surges as Connected Devices Proliferate | Projected to Exceed USD 73.92 Billion by 2026

The global IoT security market was estimated to be worth $8.472 billion in 2018, and it is anticipated to rise to $73.918 billion by 2026, with a CAGR of 31.20%.

The market is growing as a result of an increase in ransomware attacks on different IoT devices and an increase in IoT security legislation among developing nations. Additionally, the market is growing as a result of an increase in malware and phishing threats among various businesses. Budget restrictions inside enterprises and pricey IoT security solutions, however, restrain the market's expansion.

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The network security segment dominated the IoT security market industry in 2018 and is projected to maintain its dominance during the forecast period, owing to it advance features of securing network form various threats by collecting and analyzing the different types of network security event information. Furthermore, end-point security segment is expected to grow at a significant CAGR during the forecast period, owing to large number of IoT devices deployed on networks enforces enterprises to adopt endpoint security solutions.

With the growing adoption of edge computing in IoT deployments, edge security has become a critical trend. Edge security solutions are designed to protect devices and data at the network's edge, reducing latency and enhancing real-time threat detection and response. This trend reflects the need for decentralized security measures to safeguard IoT ecosystems effectively. Blockchain technology is gaining traction in the IoT security landscape. It offers decentralized and tamper-resistant record-keeping, enhancing the integrity and security of IoT data and transactions. Blockchain can provide secure identity management, supply chain traceability, and data provenance, all of which are vital in IoT applications.

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IoT security is increasingly relying on artificial intelligence (AI) and machine learning (ML) for proactive threat detection and mitigation. These technologies enable the analysis of vast amounts of IoT data in real-time, identifying anomalous behavior and potential security breaches. AI-driven security solutions can adapt to evolving threats and provide predictive capabilities.

As IoT devices collect and transmit sensitive data, privacy and regulatory compliance have become significant concerns. Stricter data protection regulations, such as GDPR and CCPA, are driving the need for robust security measures in IoT deployments. Compliance with these regulations and addressing privacy issues are now integral components of IoT security strategies.

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By region, the global IoT security market was dominated by North America in 2018 and is expected to maintain this trend during the forecast period. The major factors driving the growth of the market in this region includes various government investments and contracts to increase the security level for public safety. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period, owing to the increasing focus by countries on deploying IoT security in various smart cities projects and surge in investment in IoT by developing nations such as India and China.

The report analyses the profiles of key players operating in the market IBM Corporation, Intel Corporation, Infineon Technologies AG, Cisco Systems Inc., Broadcom, Gemalto NV, Fortinet Inc., SecuriThings, Palo Alto Networks Inc. and Trend Micro Incorporated. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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