About Internet of Things Security
IoT security refers to strategies and measures implemented to safeguard Internet of Things (IoT) devices, networks, and data. It ensures that IoT devices function as intended without any malicious manipulation. It safeguards sensitive information from unauthorized access and leaks and protects the entire network ecosystem by preventing potential points of entry for cyber threats. It helps in meeting legal and compliance requirements related to data protection and cybersecurity. It controls the incoming and outgoing network traffic based on a defined set of security rules and monitors network or system activities for malicious activities and security violations. It ensures the integrity and confidentiality of health data collected by wearable fitness trackers and other medical devices. The emergence of industry specific IoT security solutions, tailored to unique regulatory and operational needs of sectors like healthcare, finance, or transportation is strengthening the growth of the market. Some insurance companies are offering reduced premiums for organizations that implement robust IoT security measures, providing financial incentives, which is strengthening the growth of the market. Moreover, governments of various countries are undertaking initiatives to standardize IoT security to ease concerns about compatibility and interoperability, which is augmenting market growth.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Companies are incorporating encryption technologies to secure data transmissions between IoT devices and central platforms. This prevents unauthorized access and ensures data confidentiality. Additionally, many security companies are providing identity and access management solutions to ensure that only authorized individuals or devices can access IoT networks and data. Apart from this, they are focusing on developing AI and machine learning-based solutions that can detect abnormal behavior patterns and potential threats in real-time. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Internet of Things Security market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Cisco Systems (United States), IBM Corporation (United States), Intel (United States), Infineon (Germany), Symantec (United States), Siemens (Germany), Gemalto (Netherlands), Allot (Israel), Fortinet (United States), Zingbox (United States) and Mocana (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Armis (United States), Forgerock (United States), Newsky (United States), Cyber X (United States), Securithings (Israel) and Centri (United States).
Segmentation Overview
AMA Research has segmented the market of Global Internet of Things Security market by Type (Network Security, Endpoint Security, Application Security, Cloud Security and Others) and Region.
On the basis of geography, the market of Internet of Things Security has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Components, the sub-segment i.e. Solution will boost the Internet of Things Security market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Organization Size, the sub-segment i.e. Large Enterprise will boost the Internet of Things Security market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Verticals, the sub-segment i.e. Energy and Utilities will boost the Internet of Things Security market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Development of smart Infrastructure
Market Growth Drivers:
Rise in the number of ransomware attacks on IoT devices and Growing Awareness of Security Risks
Challenges:
Lack of standardization in IoT protocol
Restraints:
Increased in new variants of IoT threats & lack of awareness
Opportunities:
5G Network to accelerate a new wave of IoT applications. and Development new technologies like Artificial Intelligence (AI) and blockchain integrated with IoT systems
Market Leaders and their expansionary development strategies
In May 2023, Allot Ltd. announced its partnership with Eastern European Telecom Group to launch consumer cybersecurity services and deliver hassle-free data protection. The agreement follows the successful implementation of Allot NetworkSecure in one of the group’s mobile service providers
In August 2023, IBM launched the first ad campaign to formally introduce watsonx, the company's next generation enterprise-focused artificial intelligence and data platform. Global business leaders remain unclear about the real, transformative power of AI and how to leverage it. The campaign is designed to define and differentiate watsonx as a force multiplier that can accelerate impact for global business leaders as they look to apply AI solutions in new and innovative ways.
Key Target Audience
Internet of Things Security Developer, IT companies, Organizations, End-Users and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.