Global IoT Security market is expected to grow at a robust pace of around 17% until 2027 due to the growing demand for cloud-based services for authentication process and increasing number of malware attacks on IoT devices. Increasing expenditure by the major vendors operating in the industry on Internet of Things and enhancements is anticipated to positively impact the growth of market over the next few years. Acquisitions and product launches are likely to offer lucrative market opportunities for market players during the forecast period. Moreover, increasing government efforts to implement stringent regulations for restricting the amount of data collected by IoT devices and increasing use of 3G and 4G long-term evolution as well as wireless networks and technologies is expected to stimulate the global IoT security market.
However, absence of standardization for IoT devices and lack of awareness of security risks is negatively impacting the market growth. With heterogenous IoT networks and protocols, it becomes challenging for devices connected in one IoT system to communicate with other devices in the system.
The global IoT security market is segmented based on component, deployment, enterprise, security type, application, and region. Based on component, the market can be categorized into Solutions and services.
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Based on application, the market can be fragmented into smart manufacturing, smart energy & utilities, connected logistics, connected healthcare, smart retail, connected healthcare, smart home & consumer electronics, smart transportation and smart government & defense segments. Among these application segments, the smart manufacturing segment accounted for the largest market share of 21.77% in 2021 owing to increasing number of IoT devices coupled with rising security and privacy requirements of such devices. Based on deployment, the market is categorized into Cloud and On-premises segments, with the Cloud segment accounting for a majority market share of 12.19% in 2021.
Regionally, the global IoT security market
The major players operating in the IoT Security market are Broadcom Corporation,
| Attribute | Details |
| Base Year | 2021 |
| Historical Data | 2017 – 2020 |
| Estimated Year | 2022 |
| Forecast Period | 2023 – 2027 |
| Quantitative Units | Revenue in USD Million and CAGR for 2017-2021 and 2022E-2027F | |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends | |
| Segments covered | · Component · Deployment · Enterprise · Security Type · Application |
| Regional scope | North America; Europe; Asia Pacific; South America; Middle East & Africa |
| Country scope | United States, Mexico, Canada, China, India, Japan, Vietnam, Australia; Germany, France, United Kingdom, Spain, Italy, South Africa, UAE, Saudi Arabia, Brazil, Argentina, Colombia |
| Key companies profiled | Broadcom Corporation, Cisco Systems Inc., Fortinet Inc., Gemalto NV, IBM Corporation, Infineon Technologies AG, Intel Corporation, Palo Alto Networks Inc, SecuriThings, Inc, Trend Micro Incorporated, Symantec Corporation, TrustWave Holdings, Inc. |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
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