Global IoT Security Market Forecasts to 2028 - Rapid Increase in IoT Security Incidents Related to Industry 4.0

DUBLIN, Aug. 21, 2023 /PRNewswire/ -- The "IoT Security Market - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The growing adoption of digital technologies has led to the proliferation of internet-connected devices into homes, offices, fitness trackers, vehicles, and appliances. In the past few years, IoT has become a pervasive trend, transforming everything we do and the infrastructure that supports us.

From smart cities and homes to Industry 4.0, enterprises, critical infrastructure, energy and utilities, transportation, logistics, healthcare, retail, and wearables, vast flows of data are being increasingly processed using AI/ML algorithms, thus altering human existence. The unprecedented scale, pervasiveness, and interconnectivity of these applications have created an urgent need to safeguard their security and integrity.

The market study covers the IoT Security market size across different segments. It aims at estimating the market size and the growth potential across different segments, including operational model, subscribers, enterprise verticals, and regions. The study includes an in-depth competitive analysis of the leading market players, their company profiles, key observations related to product and business offerings, recent developments, and market strategies.

The services segment is expected to grow at a higher CAGR of 23.1% during the forecast period. It is expected to grow from USD 20.9 billion in 2023 to USD 59.2 billion by 2028 due to the increasing demand for support and integration services to many IoT-deployed devices.

Based on the solutions, the Identity Access Management segment is expected to account for the largest market share during the forecast period

Identity and access management is a comprehensive business process framework designed to enable organizations to effectively regulate and control employee access to technology resources. This framework encompasses policies and technologies that facilitate the management of attributes like phone numbers, email addresses, and social security numbers while verifying the authenticity of identities. The adoption of loT is rapidly increasing across various industries, thanks to its robust capabilities. As loT expands its reach, it allows for the connection of multiple end users and devices to networks. Unauthorized access to networks through intrusions is a major contributing factor to cyberattacks. IAM plays a crucial role in mitigating this risk by granting users on the network limited access based on their specific requirements. The growing number of attacks targeting loT devices is expected to fuel the demand for IAM solutions, driving the growth of the identity access management segment.

Based on the type, the cloud security segment is expected to grow at the highest CAGR during the forecast period

The cloud security segment is expected to grow at the highest CAGR of 27.5% during the forecast period due to the rising concern of securing a large number of data generated by a huge number of IoT devices and stored in databases. Cloud security is a part of cybersecurity dedicated to securing cloud computing systems. This, in turn, includes keeping data private and safe across online-based infrastructure, applications, and platforms. Cloud security includes data security, application governance, identity access management, encryption, data retention and business continuity planning, and Security Information and Event Management (SIEM). Cloud security is one of the most important aspects of IoT security, as IoT data is saved in Virtual Machines (VMs) and susceptible to cyberattacks.

Based on region, the North American segment is expected to account for the largest market share during the forecast period

North America has witnessed significant growth in the IoT security market, and it leads the market in terms of market share. North America has led in witnessing cyberattack incidents globally. It is regarded to be the most advanced region regarding information technology security adoption and infrastructure. The rising concern to safeguard critical infrastructure and sensitive data has enlarged government intermediacy in recent years. Numerous government industry-collaborative efforts have been considered to boost the IoT security market. Peculiar budget allocation, mandated information consulting policies, and collaboration with the private sectors are expected to make North America the most lucrative market.

Premium Insights

• Security Market Overview - Rising Sophistication of Cyberattacks to Fuel Growth of IoT Security Market
• IoT Security Market, by Offering - Solutions Segment to Dominate Market Through 2023
• IoT Security Market, by Professional Service - Implementation Segment to Lead Market in 2023
• North America: IoT Security Market, by Top Three Types and Applications - Network Security and Smart Manufacturing Segments to Account for Highest Market Shares in 2023

Market Dynamics

• Drivers
• Rapid Increase in IoT Security Incidents Related to Industry 4.0
• Need to Effectively Deal with IoT Vulnerabilities
• Growing Number of IoT Security Regulations
• Rising Security Concerns Related to Critical Infrastructure
• Increase in Data Volumes Due to 5G
• Standardization of Ipv6
• Restraints
• Lack of Awareness About New Variants of IoT Threats
• Budgetary Constraints of SMEs in Developing Economies
• Opportunities
• New Wave of IoT Applications Due to 5G Networks
• Development of Smart Infrastructure
• Challenges
• Lack of Standardization in IoT Protocol
• Threat to Enterprise Networks from Shadow IoT Devices
• Need to Ensure Secure Communication Across Networks

Company Coverage:

• Allot
• Amazon Web Services
• Armis
• Atos
• Check Point
• Cisco
• Claroty
• Dragos
• Entrust
• Ericsson
• Forgerock
• Fortinet
• Google
• Happiest Minds
• IBM
• Infineon
• Intel
• Jfrog
• Karamba Security
• Kaspersky
• Magiccube
• Microsoft
• Mobileum
• Mocana
• Newsky
• Ordr
• Palo Alto
• Sophos
• Thales Group
• Trend Micro

For more information about this report visit https://www.researchandmarkets.com/r/f8l6n7

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