IoT Security Market to Reach US$ 113.76 Billion by 2033 at 16.8% CAGR; North America Leads with 42% Share - Key Players: Microsoft, AWS, Google, IBM, Cisco

The Global IoT Security Market reached US$ 24.44 billion in 2023, rising to US$ 28.12 billion in 2024, and is projected to reach US$ 113.76 billion by 2033, growing at a CAGR of 16.8 percent during the forecast period 2025 to 2033. The market is expanding steadily due to the increasing deployment of connected devices across sectors such as defense, smart cities, healthcare, and industrial operations. The rising prevalence of cyber threats is driving the adoption of advanced threat detection, secure device management, and comprehensive network protection. Additionally, strategic partnerships, government regulations, and growing awareness of IoT-related security risks are further supporting market growth.

The United States leads the global IoT security market, fueled by demand from defense, critical infrastructure, and enterprise applications. Government initiatives, including efforts to develop a cybersecurity label for IoT devices, aim to enhance device security, although implementation timelines have faced delays. Strong research and development activities, robust defense budgets, and collaborations between public and private stakeholders continue to underpin growth in the U.S. market. As connected devices proliferate worldwide, demand for effective IoT security solutions is expected to rise significantly over the coming years.

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The IoT Security Market refers to the industry providing solutions and technologies to protect Internet of Things (IoT) devices, networks, and data from cyber threats and unauthorized access.

Key Developments
✅ October 2025: Leading cybersecurity vendors launched AI-driven IoT security platforms capable of real-time anomaly detection and automated threat mitigation across connected devices.

✅ September 2025: North American enterprises integrated IoT security solutions with cloud-native SIEM systems to enhance visibility and centralized threat management for industrial and consumer IoT networks.

✅ August 2025: European manufacturers deployed device-level encryption and zero-trust frameworks in smart factories to protect critical industrial IoT infrastructure.

❇️ July 2025: Asia-Pacific telecom operators implemented edge-based IoT security solutions to reduce latency and safeguard 5G-enabled IoT devices.

✅ May 2025: Global IoT security vendors introduced unified management consoles combining device authentication, behavioral analytics, and threat intelligence for enterprise-wide protection.

✅ March 2025: Organizations expanded adoption of automated firmware update and vulnerability management tools to ensure end-to-end IoT device security across diverse ecosystems.

Mergers & Acquisitions
❇️ November 2025: A U.S.-based cybersecurity leader acquired a startup specializing in AI-driven IoT threat detection to enhance its connected-device protection portfolio.

✅ August 2025: A European IoT security firm formed a strategic partnership with a North American cloud security company to co-develop next-generation unified IoT protection solutions.

✅ June 2025: A major North American cybersecurity vendor acquired an IoT endpoint protection platform to integrate advanced device monitoring and automated risk mitigation into its offerings.

Key Players
Microsoft | Amazon Web Services (AWS) | Google | IBM | Cisco Systems | Fortinet | Palo Alto Networks | Armis | Thales

Key Highlights
Microsoft - Holds an estimated 18.7% share, driven by its Azure IoT security services, integrated cloud and device management, and advanced threat detection capabilities across enterprise IoT deployments.

Amazon Web Services (AWS) - Accounts for around 17.3% share, supported by its IoT Core platform, robust cloud security infrastructure, and scalable device connectivity solutions for diverse industries.

Google - Maintains approximately 12.8% share, fueled by its Google Cloud IoT security framework, AI-driven threat intelligence, and global cloud integration capabilities.

IBM - Represents nearly 14.2% share, recognized for its Watson IoT platform, cybersecurity analytics, and hybrid cloud security solutions protecting connected devices and industrial IoT environments.

Cisco Systems - Holds about 11.5% share, driven by its IoT threat detection, secure network infrastructure, and comprehensive enterprise-grade cybersecurity solutions for connected devices.

Fortinet - Accounts for around 8.9% share, supported by its FortiGate firewalls, AI-based security fabric, and strong adoption in industrial IoT and smart manufacturing sectors.

Palo Alto Networks - Maintains roughly 9.7% share, strengthened by its IoT security offerings, cloud-delivered firewalls, and zero-trust approach to connected devices and network security.

Armis - Represents approximately 4.3% share, driven by its agentless IoT device security, asset visibility, and proactive threat mitigation for enterprise and operational technology networks.

Thales - Holds an estimated 3.6% share, fueled by its data protection solutions, device identity management, and IoT encryption technologies across aerospace, defense, and industrial sectors.

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Market Drivers

- Rapid adoption of IoT devices across industries increasing the need for robust security solutions.

- Rising frequency of cyberattacks targeting connected devices and smart systems.

- Expansion of smart cities, connected homes, and industrial IoT (IIoT) applications driving security demand.

- Growing regulatory and compliance requirements for data protection and network security.

- Integration of AI and machine learning in IoT security solutions enabling real-time threat detection and automated response.

- Increasing use of cloud-based IoT platforms and edge computing requiring secure data transmission and storage.

- Rising focus on protecting critical infrastructure and enterprise networks from vulnerabilities in IoT ecosystems.

Industry Developments

- Launch of AI-powered IoT security solutions providing anomaly detection, threat intelligence, and automated mitigation.

- Strategic partnerships between cybersecurity firms and IoT device manufacturers to embed security at the device level.

- Development of blockchain-based IoT security platforms to ensure data integrity and secure device authentication.

- Expansion of managed IoT security services for enterprises adopting large-scale connected systems.

- Introduction of lightweight encryption and secure communication protocols tailored for low-power IoT devices.

- Growing investment in cybersecurity R&D for emerging IoT applications in healthcare, transportation, and smart manufacturing.

Regional Insights

North America - 42% share: "Driven by early IoT adoption, high cybersecurity investments, and strong presence of IoT device manufacturers."

Europe - 29% share: "Supported by strict data protection regulations, growing industrial IoT deployment, and rising awareness of connected device security."

Asia Pacific - 22% share: "Fueled by expanding IoT adoption in smart cities, manufacturing, and transportation sectors, along with government digital initiatives."

Latin America - 4% share: "Boosted by increasing IoT deployments in enterprise networks and growing demand for cybersecurity solutions."

Middle East & Africa - 3% share: "Driven by rising digital transformation initiatives, adoption of connected infrastructure, and increasing cybersecurity awareness."

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Key Segments

➥ By Offering
• Solutions: Comprehensive cybersecurity platforms and software that provide threat detection, prevention, and management across IT environments.
• Services: Managed security services, consulting, integration, monitoring, and incident response offerings that support ongoing protection and compliance.

➥ By Deployment
• Cloud-Based: Security solutions delivered via cloud infrastructure, offering scalability, remote accessibility, and simplified updates for dynamic IT environments.
• On-Premises: Locally deployed solutions that provide full control over data, enhanced security, and compliance adherence for sensitive organizational operations.

➥ By Security Type
• Network Security: Tools and protocols that protect organizational networks from unauthorized access, attacks, and intrusions.
• Endpoint Security: Solutions safeguarding individual devices, including desktops, laptops, and mobile devices, from malware and unauthorized access.
• Application Security: Protects software applications from vulnerabilities, exploits, and cyber threats throughout the development lifecycle.
• Cloud Security: Focuses on protecting cloud-hosted applications, data, and services from breaches and data loss.
• Others: Includes identity and access management, encryption solutions, and specialized security measures for emerging technologies.

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