IoT Security Market

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. The increase in data volume due to 5G is driving the IoT security market as 5G networks offer higher speeds and lower latency, more devices are being connected, leading to an exponential increase in data traffic. Such massive data creates new security challenges as it becomes more difficult to monitor, analyze, and protect against cyber threats. To address this, robust IoT security solutions are essential for safeguarding sensitive data, preventing unauthorized access, and ensuring the integrity of network operations. The need to secure this expanding data landscape is propelling the growth of the IoT security market.

What is IoT security?

IoT security is the practice of securing IoT devices and networks they are connected to. The interconnectedness of IoT presents a substantial challenge to enterprises in terms of security risks arising from shadow devices connected to the network. IoT security solutions and services minimize IoT security concerns and protect organizations, people, processes, and data from threats, thus lowering the losses caused by cyberattacks on connected devices.

Competitive overview:

The IoT security market is led by some of the globally established players, such as 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). Partnerships, agreements, collaborations, acquisitions, and product developments are some of the various growth strategies these players use to increase their market presence.

Microsoft Corporation (Microsoft) is a multinational technology company which offers software, hardware, and services. Its product portfolio includes software products, hardware, enterprise solutions, gaming, and cloud services. Windows operating system, the Microsoft 365 productivity suite, and the Azure cloud platform are the flagship products of Microsoft. In IoT security, Microsoft offers solutions through its Azure platform. Azure IoT hub provides secure communication with IoT devices, while Azure IoT Edge uses cloud intelligence and analytics to edge devices by AI processing. The company operates in over 190 countries, with data centers in multiple regions across the globe including North America, Europe, Asia Pacific,  Middle East and Africa, and Latin America. The company caters to various industries including financial services, healthcare, manufacturing, energy, government, retail, telecommunications and other industries.

Fortinet, is a cybersecurity solutions and services company which focuses on providing security for networks, endpoints, and cloud environments. The company has a global presence with a strong foothold in North America, Europe, and Asia Pacific.Fortinet offers its solutions to large enterprises and SMEs in various industries such as healthcare, financial services, retail, manufacturing, power, oil and gas, technology, and government. It develops and sells security soutions such as firewalls, endpoint security and intrusion detection systems. Fortinet's products include network security, security access service edge (SASE), enterprise networking, security operations, cloud security, user and device security, application security, and threat response. In IoT security, the FortiGuard Attack Surface Security Service monitors the security posture and identifies IoT device risks. FortiNAC provides network access control for automated device management.

According to MnM’s approach to evaluating the market, most businesses are using various organic and inorganic growth tactics to maintain their position in the evolving market. These strategies cover deals like alliances, acquisitions, collaborations, and partnerships. Moreover, various organizations are focusing on organic growth strategies to provide IoT security solutions to the end consumers, such strategies are boosting market revenue.

Related Reports:

IoT Security Market By Solutions (IAM, Data Encryption and Tokenization, IDS/IPS, Device Authentication, Secure Communication Protocols, PKI Certificate Lifecycle Management, DDOS, Security Analytics, Virtual Firewall) - Global Forecast to 2029

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