Global IoT Security Market 2024: Size, Share, Trends, Demand, Challenges, and Competitive Growth Outlook by 2033

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company presents an extensive market research report on the IoT Security Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

The iot security market size has grown exponentially in recent years. It will grow from $6.73 billion in 2023 to $8.86 billion in 2024 at a compound annual growth rate (CAGR) of 31.8%. The growth in the historic period can be attributed to increasing cybersecurity threats, proliferation of iot devices, regulatory compliance requirements, high-profile security breaches, integration with existing it infrastructure.

The iot security market size is expected to see exponential growth in the next few years. It will grow to $26.82 billion in 2028 at a compound annual growth rate (CAGR) of 31.9%. The growth in the forecast period can be attributed to iot expansion in critical infrastructure, growing complexity of iot ecosystems, emphasis on zero trust security models, privacy concerns and data protection, shift to cloud-based iot security. Major trends in the forecast period include supply chain security concerns, incident response planning, integration of security into development lifecycle, quantum-safe security solutions, collaborative security ecosystems.

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Key Market Players:

Major companies operating in the iot security market report are Google Inc., Microsoft Corporation, AT&T Inc., Dell Inc., Huawei Technologies Co. Ltd., Hitachi DataSystems Corporation, Amazon WebServices Inc., General Electric Company, Intel Corporation, International Business Machine Corporation, CiscoSystems Inc., Oracle Corporation, SAP SE, Fujitsu Ltd., Hewlett-Packard Enterprise Company, Alcatel-Lucent SA, Bosch Software Innovation GmbH, Autodesk Inc., PTC Inc., Davra Networks Limited, Cumulocity GmbH, BlackBerry Limited, C3 IoT Inc., Exosite LLC, Device Insight GmbH, Concirrus Limited, EVRYTHNG Limited, Bright Wolf LLC, Connio Inc.

Market Drivers:

As the population is growing, the need for sustainable development is of more important. Smart cities are well equipped with handling high traffic, population control, and better security for people. The execution for such a task can be done by installing IoT Devices in the smart cities. This involves connecting devices to one another, exchange data in a secured manner, forming a pattern and then providing a final solution. The remotely connected CCTV and automated incident detection (the use of computers to continuously monitor traffic conditions and detect incidents or traffic queues) allow a quicker response to threats. IoT led crowd management solutions help monitor and manage crowds of people across all sorts of gatherings. Smart street lighting helps to lower crime rates and improve driving conditions. This rising demand for security in the smart cities increases investment in the IoT Security Market. For instance, as on 12 November 2021, Indian Central Government released ₹ 27,235 crore ($ 3.67 billion) to States/Union Territories for the Smart Cities.

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The iot security market covered in this report is segmented -

1) By Type: Network Security, Endpoint Security, Application Security, Cloud Security, Other Types
2) By Component: Solution, Services
3) By Application: Healthcare & Life Sciences, Infrastructure & Cities, Industrial System & Sensors, Smart Home & Consumer, Transport & Urban Mobility

The report answers the following questions:

What are the primary factors propelling the market during the projected period?

In which region is the most substantial growth expected?

Which trend will take center stage in the upcoming period?

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