Philippines IoT Security Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

The Philippines IoT security market size reached around USD 91.87 Million in 2024. The market is projected to grow at a CAGR of 27.10% between 2025 and 2034 to reach nearly USD 1010.72 Million by 2034.

Philippines IoT Security Market Growth

The Philippines’ increasing geopolitical tensions with its neighbours have led to a surge in the number of state-sponsored cyberattacks in the country. This comprises of a combination of attacks, including distributed denial-of-service (10%), misinformation and influence campaigns (35%), and computer hacks and data leaks (55%). The primary target of such attacks is the government (80%), along with domestic education institutions (20%). In Q1, FY-2024, cyber espionage activities recorded a year-on-year surge of 325%, indicating the rising threat of action by foreign states. This has exposed significant vulnerabilities in Philippines’ IoT infrastructure and is thus, expected to accelerate the demand for IoT security market in Philippines.

Moreover, Philippines has started to build smart cities and smart homes. By 2030, the Philippines’ digital economy is expected to generate an economic value of USD 5 trillion. Increasing investment into the development of smart cities is expected to raise the demand for smart IoT solutions that promote intelligent transport systems, conserve energy, and reduce travel time. The adoption of smart thermostats and advanced sensors in commercial settings is expected to improve traffic management within the facility, thereby boosting productivity and efficiency. To ensure uninterrupted service delivery to citizens and employees, investments in IoT security solutions is expected to surge significantly, thereby driving market growth.

Key Trends and Developments

The shift towards live labelling; emphasis on device authentication; rising appeal for data encryption; and rising demand for zero-trust security model are trends impacting the Philippines IoT security market growth.

Jan. 23, 2024

Trend Micro issued an advisory for all organisations based in the Philippines to develop a robust cybersecurity platform to safeguard against cyber criminals.

Aug. 11, 2023

Packetworx Inc., in partnership with Actility, rolled out a nationwide LoRaWAN network, which is expected to simplify connecting IoT systems at low costs.

June 21, 2023

Infineon Technologies AG launched a new embedded security solution called Edge Protect that is compatible with its AIROC and PSoC product range and provides different security configurations based on customer requirements. This is expected to favourably shape the Philippines IoT security market outlook.

June 22, 2022

Major cybersecurity firms reported that the sophistication of cyber-attacks on the Philippines’ mobile users surged significantly. In 2021, the nation accounted for nearly 22.26% of the discovery of banking Trojans Banking, which enables malicious internet users to steal digital money from victims’ e-wallets and online banking accounts.

The shift towards live labelling

Printed labels featuring a link/QR code can direct consumers to a website where they can self-identify the level of protection offered by IoT devices, thereby driving market growth.

Emphasis on device authentication

This includes cryptographic keys, face detection, biometric authentication, or secure digital certificates that ensures only authorised access to your connected digital system. The increasing consumer awareness regarding secure device authentication methods is expected to fuel Philippines IoT security market expansion.

Rising appeal for data encryption

Data encryption is crucial for preventing tampering and eavesdropping. TLS/SSL, and other reliable protocols are used for securing communication and safeguarding sensitive information.

Rising demand for zero-trust security model

Such model ensures strict access limits, continuous monitoring, and device and user verification. It is expected to contribute to the Philippines IoT security market value over the forecast period.

Philippines IoT Security Market Trends

Traditional security models have focused on the establishment of a secure perimeter surrounding an organizational network with the presence of on-premises VPNs and firewalls. Once users access this network, they are trusted with access to all the resources. However, zero trust security model doesn’t regard users within the perimeter as reliable and verifies each access request individually to ensure network security within the organisation and reduce data breaches.

Philippines IoT Security Industry Segmentation

The EMR’s report titled “Philippines IoT Security Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Breakup by Component

• Solutions

  

Identity and Access Management

  

Device Management

  

Data Encryption and Tokenization

  

Unified Threat Management (UTM)

  

Security analytics

  

Others

• Services

Breakup by Deployment Mode

• On-Premises
• Cloud

Breakup by Organization Size

• Large Enterprises
• Small and Medium Enterprise (SMEs)

Breakup by Security

• Network Security
• Cloud Security
• End Point Security
• Application Security
• Others

Breakup by Industry Vertical

• BFSI
• Government
• Healthcare and Life Sciences
• Energy and Power
• Manufacturing
• Others

Philippines IoT Security Market Share

Based on security, the market is segmented into network security, cloud security, end point security, and application security, among others. Over the forecast period of 2024-32, network security is expected to grow at a CAGR of 30.4% because of increasing risk of cyber threats on confidential business data. The demand for cloud security services is expected to grow at a CAGR of 28.5% in the Philippines, due to the widespread adoption of cloud-based servers in the region.

Leading Companies in the Philippines IoT Security Market

Major players are developing new security methods for safeguarding IoT devices from the threats posed by nefarious users of quantum computers and to gain a larger Philippines IoT security market share.

IBM Corporation

IBM Corporation is an American multinational company which was founded in June 1911. It integrates its expertise with technology to provide infrastructure, software, and consulting services for global clients which seek digital transformation for critical projects.

Cisco Systems Inc.

Cisco Systems Inc. was founded in 1984 and is headquartered in California, United States. It is a software development company that specialises in manufacturing and selling networking hardware and other high-tech services and products.

Sophos Ltd.

Sophos Ltd. was founded in 1985 and is headquartered in Abingdon, Oxfordshire. As per Philippines IoT security market analysis, it is a software development company that specialises in providing IT security solutions.

Infineon Technologies AG

Infineon Technologies AG was founded in April 1999 and is headquartered in Germany. It is engaged in manufacturing advanced semiconductors that revolutionise the shift towards clean energy and digital transformation.

Other players included in the Philippines IoT security market report are Broadcom Inc., Intel Corp., HP Inc., Trend Micro Inc., AT&T Inc., and Palo Alto Networks Inc., among others.
Show more