Internet of Things (IoT) Security Market size is set to grow by USD 114.33 billion from 2023-2027, technological developments in different platforms boost the market, Technavio

NEW YORK, April 18, 2024 /PRNewswire/ -- The global internet of things (iot) security market  size is estimated to grow by USD 114.33 bn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of over 30.44%  during the forecast period.  The IoT security market is experiencing significant growth due to the proliferation of health-focused IoT devices, networks, and digital machines. With the availability of low-cost sensors and improved internet connectivity, organizations and consumers are increasingly relying on IoT technology. However, this comes with risks, including cyberattacks, data breaches, and sensitive data exposure. Strict regulations, such as those in California, are driving demand for advanced IoT security solutions from companies like Avira, Claority, Mediagate, Tuya Smart, and Ericsson. IoT security providers offer managed services, predictive maintenance, and component security to mitigate risks and ensure compliance with regulations. 

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Segment Overview 

This internet of things (iot) security market report extensively covers market segmentation by End-user (Industrial sector, Commercial sector, Consumer sector) Deployment (On-premises, Cloud) Geography (North America, Europe, APAC, Middle East and Africa, South America)

Market segmentation by End-user

The IoT security market is experiencing significant growth, particularly in health-focused industries, as organizations prioritize safeguarding their connected infrastructure. With the increase in IoT device usage across various sectors, networks and digital machines are becoming more vulnerable to cyberattacks, putting confidential data at risk. Hackers continue to pose a threat, leading to the demand for robust IoT security solutions. Strict regulations, such as those enforced by the FBI and IoT security laws in California, require companies dealing with sensitive data and regulatory compliance to favor on-premises deployments for better control and privacy. Avira, Claority, Mediagate, Tuya Smart, and others offer managed IoT security solutions using advanced technologies. Machinery and devices, including wearables and consumer electronics, depend on predictive maintenance software for reliable operation. Ericsson and AMZN GuardDuty provide cellular connection security, while Cloud Workload and data breaches remain concerns for smart cities. A skilled workforce is essential to mitigate risks and ensure compliance with evolving regulations.

Geography Overview

The Healthcare sector in North America is spearheading the IoT revolution, with networks of digital machines and sensors enabling remote patient monitoring and operational efficiency. However, this digital transformation brings new risks, as cyberattacks targeting confidential data pose a significant threat. IoT security solutions are essential to safeguard against hackers seeking to exploit vulnerabilities. The FBI and various regulations, such as the IoT security law in California, are enforcing strict guidelines. Companies like Avira, Claority, Mediagate, Tuya Smart, and Ericsson are developing advanced technologies to address these challenges. Sensitive data from machines, meters, wearables, and consumer electronics must be protected, with predictive maintenance and skilled workforces playing crucial roles. IoT security law is becoming increasingly important, with Amazon's GuardDuty and Ericsson's cellular connections leading the way. The dependency on IoT in industries like healthcare, machinery, and devices, and smart cities necessitates a robust IoT security framework. Patrik Axelsson, an industry expert, emphasizes the need for managed IoT security and component-level security to mitigate risks. 

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• The Internet of Things (IoT) market is driven by health-focused devices and networks, integrating sensors in smartphones and IoT wearables. However, this technological advancement brings concerns over cyberattacks, confidential data, and IoT security solutions. Key players include Avira, Claority, Mediagate, Tuya Smart, and Ericsson. Strict regulations, such as those in California, aim to ensure security in this sensitive data-driven industry. IoT security law, hackers, FBI, and AMZN GuardDuty are at the forefront of addressing IoT security challenges. Predictive maintenance and remote monitoring are advanced technologies used to secure machinery and devices, mitigating potential data breaches in smart cities. A skilled workforce is essential to implementing and managing IoT security solutions.
• The IoT security market is experiencing significant growth due to the increasing adoption of industrial IoT. Enterprises face challenges in managing and securing IoT investments, necessitating employee training. Skills shortage hinders optimal use of IoT capabilities. Key issues include IoT networks, firewalls, vulnerabilities, cyber attacks, and unauthorized access. Sectors like agriculture, urban infrastructure, and entertainment systems are at risk. IoT security solutions address deployment modes, data integrity, and cyber threats. Players include well-established brands and emerging players.

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Research Analysis

In the rapidly expanding Internet of Things (IoT) market, predictive maintenance plays a crucial role in ensuring the reliability and efficiency of machines and advanced equipment. IoT networks, consisting of wearable devices, consumer electronics, and field-based sensors, generate vast amounts of data. This data is utilized to detect potential issues before they escalate into major problems, reducing downtime and maintenance costs. However, the dependency on IoT networks also increases the risk of data breaches and cyber attacks. IoT vulnerabilities, such as those exploited in the Mirai attack, pose significant threats to smart cities and industrialization. To mitigate these risks, IoT security solutions like AMZN GuardDuty and advanced security systems are essential. These systems employ Cloud Workload, cellular connections, and firewalls to protect IoT devices and infrastructure from cyber threats. As the IoT market continues to grow, the demand for a skilled workforce to manage and secure IoT networks will increase. Companies like Ericsson, Cisco, and manufacturers of IoT devices, such as LightAidra, Kaiten, and Zingbo, must prioritize IoT security to maintain consumer trust and prevent potential damage from cyber attacks. IoT security is no longer an option but a necessity for the successful implementation and operation of smart cities, precision agriculture, smart farming, and other IoT applications.

Market Research Overview

The Internet of Things (IoT) Security Market is experiencing significant growth due to the increasing adoption of connected devices. According to recent reports, the global IoT security market is projected to reach a value of USD1.5 trillion by 2025. The market is driven by the need to secure data and protect against cyber threats in various industries, including healthcare, manufacturing, and transportation. Companies are investing in advanced technologies such as machine learning, artificial intelligence, and blockchain to enhance security and ensure privacy. Additionally, governments and regulatory bodies are implementing stringent regulations to mitigate risks and ensure compliance. The IoT security market is expected to continue its upward trajectory as more devices become connected and the need for robust security solutions becomes increasingly critical.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio