USD 73.92 Billion IoT Security Market to Reach at 31.2% CAGR, Key Developments, Strategies and Latest Trends – EIN News

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IoT Security Market Value

The IoT security market trends include increase in the number of ransomware attacks on various IoT devices. Rise in number of IoT security regulations.

PORTLAND, PORTLAND, OR, UNITED STATE, December 7, 2023 / — Increase in malware and phishing threats among enterprises, rise in adoption of IoT and BYOD trend, and numerous benefits provided by IoT security solutions drive the growth of the global IoT security market. However, constant need to conform to industry standards and regulations and complexities of device security hamper the market growth. On the contrary, the need for strong authentication methods and transformation in traditional anti-virus software industry are expected to create lucrative opportunities in the near future.

According to the report, the global IoT security industry was pegged at $8.47 billion in 2018 and is projected to reach $73.92 billion by 2026, registering a CAGR of 31.2% from 2019 to 2026.

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1. Increase in Malware and Phishing Risks for Enterprises:

Within the sphere of cybersecurity, there is a noticeable rise in the prevalence of malware and phishing threats impacting enterprises. Malicious software, encompassing viruses and trojans, maintains a prominent position within the arsenal of cyber adversaries. These cyber attackers frequently leverage malware as a means to gain unauthorized control over devices and machines, primarily with the intent of generating illicit financial gains. This nefarious activity often involves direct exploitation of the compromised machines for fraudulent transactions and malicious undertakings. Notably, certain sectors, such as BFSI (Banking, Financial Services, and Insurance), healthcare, and government, stand as prime targets due to the high stakes associated with the data they hold. Consequently, the heightened vulnerability to malware and phishing threats contributes to the expansion of the cybersecurity market.

2. The surge in mobile device application and platform adoption

The proliferation of mobile devices is experiencing rapid expansion, primarily driven by the growing acceptance of BYOD (Bring Your Own Device) practices within organizations. The diverse range of applications, services, and functionalities available on mobile devices results in a significant volume of data being both stored on these devices and transmitted to and from them. A substantial portion of this data contains sensitive information, including usernames, credit card details, and passwords. This increasing reliance on mobile devices is motivating organizations to implement robust cybersecurity solutions, such as identity access management (IAM), asset management, unified threat management (UTM), and monitoring and analytics.

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Based on component, the solution segment held the largest share in 2018, accounting for around three-fourths of the global IoT security market, owing to rise in the adoption of this IoT security solution among various enterprises. However, the services segment is expected to portray the fastest CAGR of 33.9% during the forecast period, owing to surge in different types of services which include professional and managed services.

Based on industry verticals, the manufacturing segment dominated the market in 2018, contributing to nearly one-fourth of the global IoT security market, owing to rise in the number of IoT devices and to increase the security and privacy for the devices. However, the healthcare segment is expected to register the fastest CAGR of 36.2% during the study period, owing to its capabilities of accessing from anywhere across the world.

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The global IoT security market across North America held the largest share in 2018, contributing to more than one-third of the market, owing to rapid improvements in operational efficiency in IT infrastructures in the region. However, the market across the Asia-Pacific region is expected to register the fastest CAGR of 33.8% during the study period, owing to rise in digitalization in emerging economies such as China and India.

Leading Market Players:

➢ IBM Corporation
➢ Infineon Technologies AG
➢ Intel Corporation
➢ Broadcom
➢ Cisco Systems Inc.
➢ Fortinet Inc.
➢ Gemalto NV
➢ Palo Alto Networks Inc.
➢ SecuriThings
➢ Trend Micro Incorporated

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Similar Reports:

1. IoT Cybersecurity Market

2. Security Software Market

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