CHICAGO, Aug. 9, 2024 /PRNewswire/ -- The
global IoT Security Market size is projected to
grow from USD 24.2 billion in 2024 to
USD 56.2 billion by 2029 at a
Compound Annual Growth Rate (CAGR) of 18.4% during the forecast
period, according to a new report by MarketsandMarkets™.
Organizations face significant financial losses and
reputational damage because of increasing cyberattacks on IoT
devices. This has made the organizations aware and adopt robust
security solutions to protect against threats like device
hijacking, data theft, and supply chain intrusions.
Browse in-depth TOC on "IoT Security Market"
150 – Tables
50 - Figures
290 – Pages
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Scope of the Report
Report
Metrics
|
Details
|
Market size available
for years
|
2018-2029
|
Base year
considered
|
2023
|
Forecast
period
|
2024–2029
|
Forecast
units
|
Value (USD
Billion)
|
Segments
Covered
|
Offering, Data
Sensitivity, Application, and Region
|
Geographies
covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, Latin America
|
Companies
covered
|
Major vendors in the
global IoT security Microsoft (US), Fortinet (US), AWS (US), IBM
(US), Intel (US), Cisco (US), Thales Group (France), Infineon
(Germany) , Allot (Israel), Atos (France), Checkpoint (US), Palo
Alto Networks (US), Mobileum (US), Entrust (US), NXP Semiconductors
(Netherlands), and Kaspersky (Switzerland), MagicCube (US), Claroty
(US), Ordr (US), Armis (US), Nozomi Networks (US), Keyfactor (US),
Particle Industries (US), Karamba Security (Israel), and Forescout
(US).
|
Based on the Offerings, the Solutions segment
accounts for the highest market size during the forecast
period.
Organizations across industries experience the benefits of IoT,
the complexity and vulnerability of their networks increase
exponentially. For this, Providers such as IBM, Microsoft, Check
Point, Fortinet, Atos offer IoT security solutions such as device
authentication, data encryption, secure communication protocols,
and advanced threat detection. These solutions are beneficial to
prevent unauthorized access, data breaches, and other cyber
attacks. Comprehensive security measures are necessary to safeguard
sensitive data, protect critical infrastructure, and maintain
operational resilience. The dynamic nature of the IoT landscape
demands continuous adaptation and innovation in security solutions
to counter evolving threats.
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Based on the Services, the Professional services
accounts for the highest market size during the forecast
period.
Organizations increasingly rely on expert assistance for IoT
asset protection Professional service providers offer comprehensive
solutions, from risk assessments to ongoing monitoring, helping
organizations mitigate security risks and comply with industry
regulations. The demand for professional guidance in implementing
and managing IoT security solutions increases because of the
complexities in IoT ecosystems. The need for tailored security
solutions, the intricacy of IoT systems, and the lack of in-house
expertise that drive this demand. Professional services, including
consulting, integration, and managed services, are crucial for
organizations tackling IoT security challenges. The increasing
frequency of ransomware attacks on IoT devices and concerns about
critical infrastructure further highlight the need for professional
services.
By region, North America
accounts for the highest market size.
North America is one of the
main geographic contributors to the global lot security market,
even when it comes to market size. Economically strong nations like
the US and Canada, the region
offers the most substantial and cutting-edge technological
infrastructure. One of the main factors driving the lot security
market's growth in North America
is the existence of major regional players such as Microsoft,
Fortinet, IBM, and others. Government agencies such as National
Institute of Standards and Technology (NIST) are investigating loT
security technology on a number of fronts, including protocols,
security assurances, use cases, applications, and current
services.
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Top Key Companies in IoT Security
Market:
Key Players Microsoft (US), Fortinet (US), AWS (US), IBM (US), Intel (US), Cisco (US),
Thales Group (France), Infineon (Germany) , Allot (Israel), Atos
(France), Checkpoint (US), Palo Alto Networks (US), Mobileum
(US), Entrust (US), NXP Semiconductors (Netherlands), and Kaspersky (Switzerland), MagicCube (US), Claroty (US),
Ordr (US), Armis (US), Nozomi Networks (US), Keyfactor (US),
Particle Industries (US), Karamba Security (Israel), and Forescout (US) are the key
players and other players in the IoT Security Market.
Browse Adjacent Market: Information Security Market
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Companies and IoT Security Industry
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