IoT Security Market Growth Rate, Research Methodology … – Taiwan News

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The IoT Security Market Expected to Grow at a CAGR of 12.40% in the Forecast Period

The IoT security market is experiencing robust growth with a high Compound Annual Growth Rate (CAGR) due to the escalating adoption of IoT systems across diverse verticals such as manufacturing, logistics, healthcare, government, and transportation. This growth is propelled by the increasing threats of cybersecurity breaches.

A recent study conducted by strategic consulting and market research firm Report Ocean unveiled that the global IoT security market reached USD 15 billion in 2021 and is projected to achieve a CAGR of 12.40%, reaching approximately USD 61.6 billion by the end of 2028. The market’s flourishing trajectory is primarily attributed to the surging adoption of IoT systems across various sectors and the rising concerns regarding cybersecurity threats. Additionally, increased government investments in smart city development and the demand for advanced cyber defense solutions are expected to drive market growth.

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Cloud Deployment and Small-Medium Enterprise Adoption Fuel Market Expansion

Segmented by deployment into on-premises and cloud, the cloud-based deployment held the largest market share in 2021. Post the COVID-19 pandemic, this deployment witnessed accelerated growth due to its enhanced security measures, cost-effective solutions, and real-time detection capabilities. However, on-premises deployment retains a significant market share, often favored by large enterprises for its control over data access.

Regarding organization size, while large enterprises currently dominate the market due to their financial capacity for integrating advanced technologies, small and medium-sized enterprises (SMEs) are anticipated to exhibit the highest growth during the forecast period. The rising popularity of IoT systems among SMEs to reduce costs is expected to drive the demand for IoT security.

Application Segments and Regional Insights

Segmented by application, the smart manufacturing sector currently holds the largest market share, attributed to the adoption of connected devices and sensors to enhance efficiency and embrace predictive maintenance. The widespread investment by leading manufacturers in IoT technology is anticipated to drive IoT security market growth.

Geographically, North America leads the IoT security market, while the Asia-Pacific region is projected to witness the highest growth rate. Countries like China, India, and Japan are emerging as significant manufacturing hubs with a focus on IoT system adoption to bolster business efficiency.

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COVID-19 Impact and Competitive Landscape

The COVID-19 pandemic negatively affected the IoT security market, imposing restrictions on manufacturing, supply chains, and semiconductor chip supply, thereby hindering IoT system adoption.

Key market players include Microsoft Corporation, Amazon Web Services, Google, IBM Corporation, Cisco Systems, Inc., among others. The market is both highly fragmented and dominated by major players focusing on security enhancement and innovative solutions to expand market presence. Competitive strategies like partnerships, mergers, and acquisitions are prevalent in this market.

Competitive Landscape

The leading market players of the IoT security market are Microsoft Corporation, Amazon Web Services, Entrust Corp., Google, Kaspersky Lab, IBM Corporation, Palo Alto, Intel Corporation, Mocana, Cisco Systems, Inc., Happiest Minds, Telefonaktiebolaget LM Ericsson, Fortinet, Thales Group, Check Point Software Technologies, Allot Ltd., Infineon Technologies AG, MagicCube, Inc., Forgerock, and other prominent players.

The market is highly fragmented due to the presence of several global and regional industry players. However, multinational conglomerates such as Google, IBM, Cisco, still dominate a major portion of the market. The companies significantly focus on boosting their security and often launch innovative solutions and services to expand their market presence. The adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.

Market Overview
Market Size & Forecast by Value, 2018-2028
By Value (USD Million)
Market Share & Forecast

By Component

By Type
Network Security
Endpoint Security
Application Security
Cloud Security
Other Security Type

By Deployment Mode

By Application Area
Smart Manufacturing
Smart Energy and Utilities
Connected Logistics
Smart Home and Consumer Electronics
Connected Healthcare
Smart Government and Defense
Smart Retail
Other Application Areas

By Organization Size
Large enterprises
Small and medium-sized enterprises (SMEs)

By Region
North America
The Asia Pacific
Latin America
The Middle East and Africa

Dont miss the business opportunity of the IoT security market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the IoT security market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the IoT security market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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Consult Analysts for Crucial Business Insights

Analysts offer invaluable insights and guidance for strategic business growth in this evolving market. Reports cover growth potential, trends, market statistics, recent technological trends, and competitive dynamics, aiding stakeholders in informed decision-making.

Table of Contents:

  • Report Overview
  • Global Growth Trends
  • Competition Landscape by Key Players
  • Data Segments
  • North America Market Analysis
  • Europe Market Analysis
  • Asia-Pacific Market Analysis
  • Latin America Market Analysis
  • Middle East & Africa Market Analysis
  • Key Players Profiles Market Analysis
  • Analysts Viewpoints/Conclusions
  • Appendix

Key Reasons to Purchase this Report:

  • Strategic Direction
  • Comprehensive Analysis
  • Growth Opportunities
  • Competitive Landscape
  • Detailed Company Profiles
  • Future Market Outlook
  • Industry Analysis
  • Value Chain Insights

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About Report Ocean:
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