IoT Security Market By Component (Solution, Service), By Deployment Mode (On-Premise, Cloud),By Organization Size (Large Enterprise, SMEs),By Security Type (Network Security, Endpoint Security, Application Security, Cloud Security, Others), By End User (Manufacturing, Retail E-commerce, Government & Defense, Transportation & Logistics, Energy & Utilities, Healthcare, Others) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020 – 2027
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.
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.
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
Report Attribute |
Report Details |
Base Year |
2019 |
Historical Data |
2015 |
Forecast Year |
2027 |
Growth Rate |
27% |
Market Value in 2019 |
USD 8,689.0 million |
Regional scope |
By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Asia) |
Segments covered |
Component (Solution, Service), Deployment Mode (On-Premise, Cloud),By 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) |
Chapter 2 Assumptions
3.2 Research Approach
3.3 Market Breakdown and Data Triangulation
3.3.2 Assumptions
4.3 IoT Security Market Dynamics
4.3.1.2 Rising security concerns for critical infrastructure
4.3.1.3 Increasing adoption of standards across connected IoT devices
4.5 Regulatory Scenario
4.6 Top Player Positioning
5.2 Current and Future Impact Analysis
5.3 Economic Impact Analysis
8.2.2 SMEs
9.2.2 Endpoint Security
9.2.3 Application Security
9.2.4 Cloud Security
9.2.5 Others
10.2.2 Retail E-Commerce
10.2.3 Government & Defense
10.2.4 Transportation & Logistics
10.2.5 Energy & Utilities
10.2.6 Healthcare
10.2.7 Others
11.2.2 Europe
11.2.3 Asia-Pacific
11.2.4 Central & South America
11.2.5 Middle East & Africa
11.4 Market Attractiveness/Growth Potential Analysis, by Region
12.2.2 U.S.
12.2.3 Canada
12.2.4 Mexico
12.3.2 Canada
12.3.3 Mexico
12.5 North America IoT security market size and forecast, by component
12.5.2 North America IoT security market size and forecast, by services
12.7 North America IoT security market size and forecast, by organization size
12.8 North America IoT security market size and forecast, by security type
12.9 North America IoT security market size and forecast, by end user industry
12.11 Market Attractiveness/Growth Potential Analysis, By Deployment Mode
12.12 Market Attractiveness/Growth Potential Analysis, Organization Size
12.13 Market Attractiveness/Growth Potential Analysis, Security Type
12.14 Market Attractiveness/Growth Potential Analysis, End User Industry
12.15 North America IoT Security Market, Demand Share Forecast, by Country
13.2.2 UK
13.2.3 Germany
13.2.4 France
13.2.5 Italy
13.2.6 Russia
13.2.7 Rest of Europe
13.3.2 Germany
13.3.3 France
13.3.4 Italy
13.3.5 Russia
13.3.6 Rest of Europe
13.5 Europe IoT security market size and forecast, by component
13.5.2 Europe IoT security market size and forecast, by services
13.7 Europe IoT security market size and forecast, by organization size
13.8 Europe IoT security market size and forecast, by security type
13.9 Europe IoT security market size and forecast, by end user industry
13.10 Market Attractiveness/Growth Potential Analysis, By Component
13.11 Market Attractiveness/Growth Potential Analysis, By Deployment Mode
13.12 Market Attractiveness/Growth Potential Analysis, Organization Size
13.13 Market Attractiveness/Growth Potential Analysis, Security Type
13.14 Market Attractiveness/Growth Potential Analysis, End User Industry
13.15 Europe IoT Security Market, Demand Share Forecast, by Country
14.2.2 China
14.2.3 Japan
14.2.4 South Korea
14.2.5 India
14.2.6 South East Asia
14.2.7 Rest of Asia Pacific
14.3.2 Japan
14.3.3 South Korea
14.3.4 India
14.3.5 South East Asia
14.3.6 Rest of Asia Pacific
14.5 Asia Pacific IoT security market size and forecast, by component
14.5.2 Asia Pacific IoT security market size and forecast, by services
14.7 Asia Pacific IoT security market size and forecast, by organization size
14.8 Asia Pacific IoT security market size and forecast, by security type
14.9 Asia Pacific IoT security market size and forecast, by end user industry
14.10 Market Attractiveness/Growth Potential Analysis, By Component
14.11 Market Attractiveness/Growth Potential Analysis, By Deployment Mode
14.12 Market Attractiveness/Growth Potential Analysis, Organization Size
14.13 Market Attractiveness/Growth Potential Analysis, Security Type
14.14 Market Attractiveness/Growth Potential Analysis, End User Industry
14.15 Asia Pacific IoT Security Market, Demand Share Forecast, by Country
15.2.2 Brazil
15.2.3 Argentina
15.2.4 Rest of Latin America
15.3.2 Argentina
15.3.3 Rest of Latin America
15.5 Latin America IoT security market size and forecast, by component
15.5.2 Latin America IoT security market size and forecast, by services
15.7 Latin America IoT security market size and forecast, by organization size
15.8 Latin America IoT security market size and forecast, by security type
15.9 Latin America IoT security market size and forecast, by end user industry
15.10 Market Attractiveness/Growth Potential Analysis, By Component
15.11 Market Attractiveness/Growth Potential Analysis, By Deployment Mode
15.12 Market Attractiveness/Growth Potential Analysis, Organization Size
15.13 Market Attractiveness/Growth Potential Analysis, Security Type
15.14 Market Attractiveness/Growth Potential Analysis, End User Industry
15.15 Latin America IoT Security Market, Demand Share Forecast, by Country
16.2.3 Turkey
16.2.4 Israel
16.2.5 South Africa
16.2.6 Rest of Middle East & Africa
16.3.2 Turkey
16.3.3 Israel
16.3.4 South Africa
16.3.5 Rest of Middle East & Africa
16.5 Middle East & Africa IoT security market size and forecast, by component
16.5.2 Middle East & Africa IoT security market size and forecast, by services
16.7 Middle East & Africa IoT security market size and forecast, by organization size
16.8 Middle East & Africa IoT security market size and forecast, by security type
16.9 Middle East & Africa IoT security market size and forecast, by end user industry
16.10 Market Attractiveness/Growth Potential Analysis, By Component
16.11 Market Attractiveness/Growth Potential Analysis, By Deployment Mode
16.12 Market Attractiveness/Growth Potential Analysis, Organization Size
16.13 Market Attractiveness/Growth Potential Analysis, Security Type
16.14 Market Attractiveness/Growth Potential Analysis, End User Industry
16.15 Middle East & Africa IoT Security Market, Demand Share Forecast, by Country
18.1.2 Product offerings
18.1.3 Allot Financials Revenue (USD Million) and Gross Profit (USD Million)
18.1.4 Recent Developments
18.2.2 Product offerings
18.2.3 Broadcom Inc. Financials Revenue (USD Million) and Gross Profit (USD Million)
18.2.4 Recent Developments
18.3.2 Product offerings
18.3.3 Cisco Systems, Inc. Financials Revenue (USD Million) and Gross Profit (USD Million)
18.3.4 Recent Developments
18.4.2 Product offerings
18.4.3 IBM Financials Revenue (USD Million) and Gross Profit (USD Million)
18.4.4 Recent Developments
18.5.2 Product offerings
18.5.3 Intel Financials Revenue (USD Million) and Gross Profit (USD Million)
18.5.4 Recent Developments
18.6.2 Product offerings
18.6.3 Infineon Technologies Financials Revenue (USD Million) and Gross Profit (USD Million)
18.6.4 Recent Developments
18.7.2 Product offerings
18.7.3 Recent Developments
18.8.2 Product offerings
18.8.3 Fortinet, Inc. Financials Revenue (USD Million) and Gross Profit (USD Million)
18.8.4 Recent Developments
18.9.2 Product offerings
18.9.3 Hewlett Packard Enterprise Financials Revenue (USD Million) and Gross Profit (USD Million)
18.9.4 Recent Developments
18.10.2 Product offerings
18.10.3 Recent Developments
18.11.2 Product offerings
18.11.3 Recent Developments
18.12.2 Product offerings
18.12.3 Motorola Solutions Financials Revenue (USD Million) and Gross Profit (USD Million)
18.12.4 Recent Developments
18.13.2 Product offerings
18.13.3 CommScope Financials Revenue (USD Million) and Gross Profit (USD Million)
18.13.4 Recent Developments
18.14.2 Product offerings
18.14.3 Recent Developments
18.15.2 Product offerings
18.15.3 Recent Developments