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IoT Security Market by Type (Network Security, Endpoint, Application Security, & Cloud Security), Offerings (Solutions & Services), Application Area (Smart Manufacturing, Connected Logistics & Transportation), Data Sensitivity - Global Forecast to 2028

Publisher MarketsandMarkets
Published Jul 07, 2023
Length 256 Pages
SKU # MKMK18067127

Description

IoT Security Market by Type (Network Security, Endpoint, Application Security, & Cloud Security), Offerings (Solutions & Services), Application Area (Smart Manufacturing, Connected Logistics & Transportation), Data Sensitivity - Global Forecast to 2028



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.

The break-up of the profile of primary participants in the IoT Security Market:

The study contains insights from various industry experts, from solution vendors to Tier 1 companies. The break-up of the primaries is as follows:

By Company Type: Tier 1 – 15%, Tier 2 – 40%, and Tier 3 – 45%

By Designation: C-level –40%, D-level – 35%, and Others – 25%

By Region: North America – 45%, Asia Pacific – 15%, Europe – 30%, Rest of the World – 10%

The major players in the IoT Security market are Microsoft (US), AWS (US), Google (US), IBM (US), Intel (US), Cisco (US), Ericsson (Sweden), Thales (France), Allot (Israel), Infenion (Germany), Atos (France), etc. These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and enhancements, and acquisitions to expand their footprint in the IoT Security market.

Research Coverage

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.

Key Benefits of Buying the Report

The report will help the market leaders/new entrants with information on the closest approximations of the IoT Security market's revenue numbers and subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. Moreover, the report will provide insights for stakeholders to understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

Analysis of key drivers (Growing demand for IoT connectivity, Increasing adoption of cloud computing, Growing need of IoT security, Increased need for an efficient cellular network), restraints (Rapid increase in deployment costs, Increasing security, and privacy concerns), opportunities (Increase in adoption of network virtualization, Acceleration of IP and cloud data traffic), and challenges (Excessive cost of equipment, Lack of interoperability of solutions) influencing the growth of the IoT Security market.

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the IoT Security market.

Market Development: Comprehensive information about lucrative markets – the report analyses the IoT Security market across varied regions

Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the IoT Security market.

Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like Microsoft (US), AWS (US), Google (US), IBM (US), Intel (US), Cisco (US), Ericsson (Sweden), Thales (France), Allot (Israel), Infenion (Germany), Atos (France), etc.

Table of Contents

256 Pages
1 Introduction
1.1 Study Objectives
1.2 Market Definition
1.3 Study Scope
1.3.1 Markets Covered
Figure 1 Iot Security Market Segmentation
1.3.2 Geographical Scope
Figure 2 Iot Security Market: Geographical Scope
1.3.3 Inclusions And Exclusions
1.3.4 Years Considered
1.4 Currency Considered
Table 1 Usd Exchange Rates, 2020–2022
1.5 Stakeholders
1.6 Summary Of Changes
1.6.1 Recession Impact
2 Research Methodology
2.1 Research Data
Figure 3 Iot Security Market: Research Design
2.1.1 Secondary Data
2.1.1.1 Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Primary Interview Participants
2.1.2.2 Breakdown Of Primary Profiles
2.1.2.3 Primary Sources
2.1.2.4 Key Industry Insights
2.2 Market Size Estimation
Figure 4 Research Methodology: Approach
Figure 5 Market Size Estimation Methodology: Approach 1 (Supply Side): Revenue Of Services In Iot Security Market
2.2.1 Bottom-up Approach
Figure 6 Market Size Estimation Methodology: Approach 1 - Bottom-up (Supply Side): Collective Revenue Of Iot Security Vendors
Figure 7 Bottom-up Approach
2.2.2 Top-down Approach
Figure 8 Top-down Approach
2.3 Data Triangulation
Figure 9 Data Triangulation
2.4 Factor Analysis
Table 2 Factor Analysis
2.5 Assumptions
2.6 Limitations
2.7 Implications Of Recession On Iot Security Market
Figure 10 Iot Security Market To Witness Slight Y-o-y Dip In 2023
3 Executive Summary
Table 3 Iot Security Market Size And Growth Rate, 2023–2028 (Usd Million, Y-o-y Growth)
Figure 11 Iot Security Market, By Region, 2023
4 Premium Insights
4.1 Iot Security Market Overview
Figure 12 Rising Sophistication Of Cyberattacks To Fuel Growth Of Iot Security Market
4.2 Iot Security Market, By Offering
Figure 13 Solutions Segment To Dominate Market Through 2023
4.3 Iot Security Market, By Professional Service
Figure 14 Implementation Segment To Lead Market In 2023
4.4 North America: Iot Security Market, By Top Three Types And Applications
Figure 15 Network Security And Smart Manufacturing Segments To Account For Highest Market Shares In 2023
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
Figure 16 Drivers, Restraints, Opportunities, And Challenges: Iot Security Market
5.2.1 Drivers
5.2.1.1 Rapid Increase In Iot Security Incidents Related To Industry 4.0
Table 4 Iot Connections, 2022 Vs. 2028 (Billion)
5.2.1.2 Need To Effectively Deal With Iot Vulnerabilities
5.2.1.3 Growing Number Of Iot Security Regulations
5.2.1.4 Rising Security Concerns Related To Critical Infrastructure
Figure 17 Iot Attack Origination, By Country
5.2.1.5 Increase In Data Volumes Due To 5g
5.2.1.6 Standardization Of Ipv6
Table 5 Country-wise Adoption Of Ipv6, 2022
5.2.2 Restraints
5.2.2.1 Lack Of Awareness About New Variants Of Iot Threats
5.2.2.2 Budgetary Constraints Of Smes In Developing Economies
5.2.3 Opportunities
5.2.3.1 New Wave Of Iot Applications Due To 5g Networks
5.2.3.2 Development Of Smart Infrastructure
5.2.4 Challenges
5.2.4.1 Lack Of Standardization In Iot Protocol
5.2.4.2 Threat To Enterprise Networks From Shadow Iot Devices
5.2.4.3 Need To Ensure Secure Communication Across Networks
Figure 18 Increase In Data Volumes Due To 5g To Accelerate Growth Of Iot Security Market
Figure 19 Lack Of Standardization In Iot Protocol To Restrict Market Growth
5.3 Brief History/Evolution Of Iot Security
5.4 Use Cases
Table 6 Use Case 1: Palo Alto Helps Ndit Team To Better Manage Network Traffic Load
Table 7 Use Case 2: Proheatlh Uses Ordr Sce Platform To Improve Security Of Iot Devices For Prohealth
Table 8 Use Case 3: Claroty Platform Helps Pharma Company Achieve Full Asset Visibility
Table 9 Use Case 4: End-point Security Solutions From Trend Micro Minimize Escalations For Anthem Biosciences
Table 10 Use Case 5: Happiest Minds Helps Water Treatment Company Reduce Security Risks From Design To Rollout
5.5 Porter’s Five Forces Model Analysis
Table 11 Porter’s Five Forces Impact Analysis
5.5.1 Threat Of New Entrants
5.5.2 Threat Of Substitutes
5.5.3 Bargaining Power Of Suppliers
5.5.4 Bargaining Power Of Buyers
5.5.5 Intensity Of Competitive Rivalry
5.6 Value Chain Analysis
Figure 20 Iot Security Market: Value Chain Analysis
5.7 Ecosystem
Table 12 Iot Security Market: Ecosystem
5.8 Patent Analysis
Figure 21 Companies With Highest Number Of Patent Applications
Table 13 Top Twenty Patent Owners
Figure 22 Number Of Patents Granted Per Year, 2018-2023
5.9 Pricing Analysis
Table 14 Average Selling Price/Pricing Model Of Identity And Access Management Solution – Iot Security Market
5.10 Regulatory Implications
5.10.1 General Data Protection Regulation
5.10.2 Federal Information Security Management Act
5.10.3 Payment Card Industry Data Security Standard
5.10.4 Sarbanes–oxley Act
5.10.5 Soc2
5.10.6 Health Insurance Portability And Accountability Act
5.10.7 Gramm-leach-bliley Act
5.11 Technology Analysis
5.11.1 Machine Learning
5.11.2 Blockchain
5.11.3 User And Entity Behavior Analytics And Cybersecurity Framework
5.11.4 Tokenization And Cybersecurity Framework
5.12 Trends/Disruptions Impacting Customer Business
Figure 23 Revenue Shift In Iot Security Market
5.13 Best Practices In Iot Security Market
5.14 Adoption Of Iot Security
6 Iot Security Market, By Offering
6.1 Introduction
6.1.1 Drivers: Iot Security Market, By 0ffering
Figure 24 Services Segment To Record Higher Cagr During Forecast Period
Table 15 Iot Security Market, By Offering, 2018–2022 (Usd Million)
Table 16 Iot Security Market, By Offering, 2023–2028 (Usd Million)
6.2 Solutions
6.2.1 Offer Multiple Features To Protect Devices From Attacks
Table 17 Solutions: Iot Security Market, By Region, 2018–2022 (Usd Million)
Table 18 Solutions: Iot Security Market, By Region, 2023–2028 (Usd Million)
6.3 Services
6.3.1 Prevent Unauthorized Access, Disclosure, Or Modification Of Data
Table 19 Services: Iot Security Market, By Region, 2018–2022 (Usd Million)
Table 20 Services: Iot Security Market, By Region, 2023–2028 (Usd Million)
7 Iot Security Market, By Solution
7.1 Introduction
7.1.1 Drivers: Iot Security Market, By Solution
Figure 25 Identity And Access Management Segment To Lead Market During Forecast Period
Table 21 Iot Security Market, By Solution, 2018–2022 (Usd Million)
Table 22 Iot Security Market, By Solution, 2023–2028 (Usd Million)
7.2 Identity And Access Management
7.2.1 Prevents Unauthorized Access To Networks
Table 23 Identity And Access Management: Iot Security Market, By Region, 2018–2022 (Usd Million)
Table 24 Identity And Access Management: Iot Security Market, By Region, 2023–2028 (Usd Million)
7.3 Data Encryption And Tokenization
7.3.1 Replaces Sensitive Data With Unique Identification Symbols
Table 25 Data Encryption And Tokenization: Iot Security Market, By Region, 2018–2022 (Usd Million)
Table 26 Data Encryption And Tokenization: Iot Security Market, By Region, 2023–2028 (Usd Million)
7.4 Intrusion Detection System/Intrusion Prevention System
7.4.1 Monitors Network For Malicious Activities Or Policy Violations
Table 27 Intrusion Detection System /Intrusion Prevention System: Iot Security Market, By Region, 2018–2022 (Usd Million)
Table 28 Intrusion Detection System/Intrusion Prevention System: Iot Security Market, By Region, 2023–2028 (Usd Million)
7.5 Device Authentication And Management
7.5.1 Authenticates Unique Identity Of Connected Devices
Table 29 Device Authentication And Management: Iot Security Market, By Region, 2018–2022 (Usd Million)
Table 30 Device Authentication And Management: Iot Security Market, By Region, 2023–2028 (Usd Million)
7.6 Secure Communications
7.6.1 Enables Seamless Connection Between Devices
Table 31 Secure Communications: Iot Security Market, By Region, 2018–2022 (Usd Million)
Table 32 Secure Communications: Iot Security Market, By Region, 2023–2028 (Usd Million)
7.7 Public Key Infrastructure Lifecycle Management
7.7.1 Provides Framework To Verify Identity Of Devices
Table 33 Public Key Infrastructure Lifecycle Management: Iot Security Market, By Region, 2018–2022 (Usd Million)
Table 34 Public Key Infrastructure Lifecycle Management: Iot Security Market, By Region, 2023–2028 (Usd Million)
7.8 Distributed Denial Of Service Protection
7.8.1 Prevents Disruption Of Normal Services
Table 35 Distributed Denial Of Service Protection: Iot Security Market, By Region, 2018–2022 (Usd Million)
Table 36 Distributed Denial Of Service Protection: Iot Security Market, By Region, 2023–2028 (Usd Million)
7.9 Security Analytics
7.9.1 Provides Advanced Security Breach Predictions
Table 37 Security Analytics: Iot Security Market, By Region, 2018–2022 (Usd Million)
Table 38 Security Analytics: Iot Security Market, By Region, 2023–2028 (Usd Million)
7.10 Other Solutions
7.10.1 Shift To Distributed Firewalls For Embedded Devices
Table 39 Other Solutions: Iot Security Market, By Region, 2018–2022 (Usd Million)
Table 40 Other Solutions: Iot Security Market, By Region, 2023–2028 (Usd Million)
8 Iot Security Market, By Service
8.1 Introduction
8.1.1 Drivers: Iot Security Market, By Service
Figure 26 Managed Services Segment To Record Higher Cagr During Forecast Period
Table 41 Iot Security Market, By Service, 2018–2022 (Usd Million)
Table 42 Iot Security Market, By Service, 2023–2028 (Usd Million)
8.2 Professional Services
8.2.1 Help To Speed Up Iot Security Solution Development
Table 43 Professional Services: Iot Security Market, By Region, 2018–2022 (Usd Million)
Table 44 Professional Services: Iot Security Market, By Region, 2023–2028 (Usd Million)
Table 45 Professional Services: Iot Security Market, By Type, 2018–2022 (Usd Million)
Table 46 Professional Services: Iot Security Market, By Type, 2023–2028 (Usd Million)
8.2.2 Implementation Services
8.2.2.1 Enable Organizations To Offer Transparent And Secure Iot Experience
Table 47 Implementation Services: Iot Security Market, By Region, 2018–2022 (Usd Million)
Table 48 Implementation Services: Iot Security Market, By Region, 2023–2028 (Usd Million)
8.2.3 Consulting Services
8.2.3.1 Provide Customization For Maximum Product Assurance
Table 49 Consulting Services: Iot Security Market, By Region, 2018–2022 (Usd Million)
Table 50 Consulting Services: Iot Security Market, By Region, 2023–2028 (Usd Million)
8.2.4 Support And Maintenance Services
8.2.4.1 Offer Clients Ongoing Repair And Inspection Assistance
Table 51 Support And Maintenance Services: Iot Security Market, By Region, 2018–2022 (Usd Million)
Table 52 Support And Maintenance Services: Iot Security Market, By Region, 2023–2028 (Usd Million)
8.3 Managed Services
8.3.1 Provide Wide-ranging Technical Support To Customers
Table 53 Managed Services: Iot Security Market, By Region, 2018–2022 (Usd Million)
Table 54 Managed Services: Iot Security Market, By Region, 2023–2028 (Usd Million)
9 Iot Security Market, By Type
9.1 Introduction
9.1.1 Drivers: Iot Security Market, By Type
Figure 27 Cloud Security Segment To Record Highest Cagr During Forecast Period
Table 55 Iot Security Market, By Type, 2018–2022 (Usd Million)
Table 56 Iot Security Market, By Type, 2023–2028 (Usd Million)
9.2 Network Security
9.2.1 Safeguards Integrity And Accessibility Of Computer Networks And Data
Table 57 Network Security: Iot Security Market, By Region, 2018–2022 (Usd Million)
Table 58 Network Security: Iot Security Market, By Region, 2023–2028 (Usd Million)
9.3 Endpoint Security
9.3.1 Increases Productivity By Preventing Downtime And Data Loss
Table 59 Endpoint Security: Iot Security Market, By Region, 2018–2022 (Usd Million)
Table 60 Endpoint Security: Iot Security Market, By Region, 2023–2028 (Usd Million)
9.4 Application Security
9.4.1 Enables Enterprises To Secure Business-sensitive Applications
Table 61 Application Security: Iot Security Market, By Region, 2018–2022 (Usd Million)
Table 62 Application Security: Iot Security Market, By Region, 2023–2028 (Usd Million)
9.5 Cloud Security
9.5.1 Helps Safeguard Data On Iot Devices
Table 63 Cloud Security: Iot Security Market, By Region, 2018–2022 (Usd Million)
Table 64 Cloud Security: Iot Security Market, By Region, 2023–2028 (Usd Million)
9.6 Other Security Types
9.6.1 Offer Continuous Protection To Iot Ecosystem
Table 65 Other Security Types: Iot Security Market, By Region, 2018–2022 (Usd Million)
Table 66 Other Security Types: Iot Security Market, By Region, 2023–2028 (Usd Million)
10 Iot Security Market, By Data Sensitivity
10.1 Introduction
10.1.1 Drivers: Iot Security Market, By Data Sensitivity
10.2 High-sensitivity Data
10.2.1 Theft Of Data Likely To Cause Serious Losses
10.3 Low- And Moderate-sensitivity Data
10.3.1 Possibility Of Misuse To Commit Fraud Or Identity Theft
11 Iot Security Market, By Application Area
11.1 Introduction
11.1.1 Drivers: Iot Security Market, By Application Area
Figure 28 Smart Manufacturing Segment To Hold Largest Market Size During Forecast Period
Table 67 Iot Security Market, By Application Area, 2018–2022 (Usd Million)
Table 68 Iot Security Market, By Application Area, 2023–2028 (Usd Million)
11.2 Smart Manufacturing
11.2.1 Rising Need To Enhance Efficiency Of Business Processes And Production Output
Table 69 Smart Manufacturing: Iot Security Market, By Region, 2018–2022 (Usd Million)
Table 70 Smart Manufacturing: Iot Security Market, By Region, 2023–2028 (Usd Million)
11.3 Smart Energy And Utilities
11.3.1 Growing Use Of Security Solutions To Protect Personal Data
Table 71 Smart Energy And Utilities: Iot Security Market, By Region, 2018–2022 (Usd Million)
Table 72 Smart Energy And Utilities: Iot Security Market, By Region, 2023–2028 (Usd Million)
11.4 Connected Logistics And Transportation
11.4.1 Rising Need To Secure Iot Devices To Prevent Loss Of Life Or Goods
Table 73 Connected Logistics And Transportation: Iot Security Market, By Region, 2018–2022 (Usd Million)
Table 74 Connected Logistics And Transportation: Iot Security Market, By Region, 2023–2028 (Usd Million)
11.5 Smart Home And Consumer Electronics
11.5.1 Growing Risk Of Malware And Other Forms Of Attacks
Table 75 Smart Home And Consumer Electronics: Iot Security Market, By Region, 2018–2022 (Usd Million)
Table 76 Smart Home And Consumer Electronics: Iot Security Market, By Region, 2023–2028 (Usd Million)
11.6 Connected Healthcare
11.6.1 Iot Security Essential To Safeguard Patient Data
Table 77 Connected Healthcare: Iot Security Market, By Region, 2018–2022 (Usd Million)
Table 78 Connected Healthcare: Iot Security Market, By Region, 2023–2028 (Usd Million)
11.7 Smart Government And Defense
11.7.1 Demand For Iot Security To Protect Critical Information
Table 79 Smart Government And Defense: Iot Security Market, By Region, 2018–2022 (Usd Million)
Table 80 Smart Government And Defense: Iot Security Market, By Region, 2023–2028 (Usd Million)
11.8 Smart Retail
11.8.1 Rising Requirement To Secure Multiple Network Points
Table 81 Smart Retail: Iot Security Market, By Region, 2018–2022 (Usd Million)
Table 82 Smart Retail: Iot Security Market, By Region, 2023–2028 (Usd Million)
11.9 Other Application Areas
11.9.1 Increasing Technology Adoption In Agriculture To Create Demand
Table 83 Other Application Areas: Iot Security Market, By Region, 2018–2022 (Usd Million)
Table 84 Other Application Areas: Iot Security Market, By Region, 2023–2028 (Usd Million)
12 Iot Security Market, By Region
12.1 Introduction
Table 85 Iot Security Market, By Region, 2018–2022 (Usd Million)
Table 86 Iot Security Market, By Region, 2023–2028 (Usd Million)
12.2 North America

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