IoT Security Market

IoT Security Market Outlook

The global IoT security market size was valued at USD 8,689.0 Million in 2019 and is expected to be valued at USD 58,438.3 Million by the end of 2027 registering a significant CAGR of 27% over the forecast period, 2020-2027. The Asia Pacific market is the fastest growing and will continue to expand throughout the forecast era. The region is dominated by major market players, such as India, China, and Japan. 

While relatively new as a technology, the Internet of Things (IoT) has evolved from its initial stage of incubation into a clearly defined set of use cases that provide discernible advantages to a variety of market verticals. Through allowing the integration of IT and operational technology (OT) networks, IoT significantly improves process automation, supply chain management and regulatory enforcement and significantly reduce capital and operating costs.

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In fact, IoT is a key enabler of digital transformation in an enterprise with the capacity to improve labor productivity, market efficiency and profitability, and overall employee engagement. IoT defense can be described as a security strategy and a protection mechanism that specifically protects against cyber-attacks on IoT devices that are connected to the network and deliberately built for a specified set of functions.

Without robust security, every linked IoT device is susceptible to being hacked, exploited and operated by a bad actor to potentially steal user data and bring down systems. Network security and operations teams will integrate IoT Security into the standard practice, process and protocol and ensure that these unmanaged devices come within the same degree of visibility and control as those controlled.

ndpoints on the network are equipment that are connected to the Internet, and this involves IoT devices. Each endpoint provides a potential entry point for a bad actor to expose the network to external risks. Therefore, as with other endpoints, IoT devices are vulnerable to strong breaches. Infected with malware, IoT devices can be used as botnets to conduct distributed Denial - of - Service (DDoS) attacks on the network that the bad actor wants to destroy.

However, unlike IT devices, the vast array of hardware and operating systems for IoT devices make it impossible to secure them all in the same way. There is no common malware protection agent compatible with most IoT platforms.   

The Asia Pacific market is the fastest growing and will continue to expand throughout the forecast era. The region is dominated by major market players, such as India, China and Japan. India was valued at USD 115.6 million in 2017 and is expected to reach a market value of USD 1,791.7 million by 2027, registering a CAGR of 31.7% during the forecast period.  

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India's economic growth has contributed to an Internet explosion that has expanded the target surface; meanwhile, the nation has become part of the supply chain for other businesses, enabling cyber criminals to use it as an assault vector on many organizations. As many IoT projects move from proof of concept to full-scale implementations, the associated risks are also rising in scope.

In their search of effective IoT deployments, decision - makers and other stakeholders often ignore flaws and long-term security requirements through systems, devices, data processing, storage, and analytics. Protection is not even an afterthought in many cases, and this could contribute to the preservation of serious flaws that could prevent such projects from a debilitating cyber-attack.

IoT Security Market Report Attribute

Segments

Component

• Solution
• Service

Deployment Mode

• On-Premise
• Cloud

Organization Size

• Large Enterprise
• SMEs

 Security Type

• Network Security
• Endpoint Security
• Application Security
• Cloud Security
• Others

End-User

• Manufacturing
• Retail E-commerce
• Government & Defense
• Transportation & Logistics
• Energy & Utilities
• Healthcare
• Others

Key Players

•  Allot Snapshot
•  Broadcom Inc
•  Cisco Systems
•  IBM
•  Intel
•  Infineon
•  Gemalto
•  Fortinet
•  Hewlett Packard
•  Mocana
•  Securithings
•  Motorola Solutions
•  CommScope
•  Zingbox
•  CyberX

Competitive Landscape