IoT Security Market Statistics, 2026
The global IoT security market size was valued at $ 8,472.19 million in 2018, and is projected to reach $ 73,918.82 million by 2026, growing at a CAGR of 31.20% from 2019 to 2026. The IoT security market trends include increase in the number of ransomware attacks on various IoT devices. Rise in number of IoT security regulations among the developing economies and increase in malware and phishing threats among different enterprises propel the growth of the market. However, budget constraints among organizations and expensive IoT security solutions hamper the growth of the market. Furthermore, surge in need for IoT security solution and adoption of IoT security solutions by various developing nations are expected to present major opportunities for the expansion of the market in future.
IoT security is the technological area concerned with mitigating cyber threats regarding connected devices and networks in the Internet of Things. In addition, IoT involves adding of internet connectivity to a system of interrelated computing devices, digital machines, mechanical machine, objects, and people. This interconnectivity of systems through internet has increased various malicious attacks on this device such as virus, hacks, and attacks. The primary goal of IoT security is to provide IoT devices with different features for detecting, resisting, and recovering from various malicious attacks.
By Component
Solution is projected as one of the most lucrative segments.
The energy & utility sector dominated the IoT security market in 2018 and is projected to maintain its dominance during the forecast period, owing to increase in the adoption of IoT in various devices such as smart meters, smart appliances, and renewable energy resources. Furthermore, the IT & telecom sector is expected to grow at a significant CAGR during the forecast period, owing to the rise in demand for advanced IoT devices among the organization and the rise in penetration of IoT devices in household appliances.
By Deployment Model
Cloud is projected as one of the most lucrative segments.
The report focuses on the growth prospects, restraints, and trends of the IoT security market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the IoT security market.
By Organization Size
Large Enterprises is projected as one of the most lucrative segments.
Segment Review
The global IoT security market is segmented into component, deployment model, organization size, product type, security type, industry vertical and region. In terms of component, it is bifurcated into solution and service. Based on deployment model, the market is segmented into on-premise and cloud. By organization size, it is divided into large enterprises and small- and medium-sized enterprises (SMEs). In terms of product type the market is classified into device authentication & management, identity access & management, intrusion detection system & intrusion prevention system, data encryption & tokenization and others.
By Industry Vertical
Manufacturing is projected as one of the most lucrative segments.
By security type, the market is categorized into network security, endpoint security, application security, cloud security and others. As per industry vertical, the market is segmented into manufacturing, retail & e-commerce, government & defence, transportation & logistics, energy & utilities, healthcare and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Product Type
Device Authentication & Management is projected as one of the most lucrative segments.
The report analyses the profiles of key players operating in the market IBM Corporation, Intel Corporation, Infineon Technologies AG, Cisco Systems Inc., Broadcom, Gemalto NV, Fortinet Inc., SecuriThings, Palo Alto Networks Inc., and Trend Micro Incorporated. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
By Region
North America is projected as one of the most significant segments.
Top Impacting Factors
Rise in malware and phishing threats among enterprises
Malwares, including viruses and trojans continue to have distinctive place in the reserves of attackers. Cyber attackers often use malware to take control of devices, or machines, to generate financial gain. This is generally performed to directly use the machine to conduct fraudulent transactions or malicious activities. Furthermore, industries such as, BFSI, healthcare, and government sector are more vulnerable to such attacks due to the criticality of data present in these industries. Therefore, the increase in risk of malware and phishing threats drives the growth of the cyber security market.
Increase in adoption of mobile device applications and platforms
The penetration of mobile devices is growing rapidly due to the increase in acceptance of BYOD among organizations. The variety of applications, services, and functions available on mobile devices leads to large amount of data being stored on devices and transferred to and from devices. Most of the data stored on mobile devices contain sensitive information, such as usernames, credit card numbers, and passwords. This growth in dependency on mobile devices is inspiring organizations to implement effective cyber security solutions, such as identity access management (IAM), asset management, unified threat management (UTM), and monitoring & analytics.
Key Benefits for Stakeholders:
- The study provides an in-depth analysis of the global IoT security market share along with the current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
- The quantitative analysis of the global IoT security market from 2019 to 2026 is provided to determine the market potential.
IoT Security Market Report Highlights
| Aspects | Details |
 By Component |
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 By Deployment Mode |
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 By Organization Size |
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 By Product Type |
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 By Security Type |
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 By Industry Vertical |
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 By Region |
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 Key Market Players | SecuriThings., INTERNATIONAL BUSINESS MACHINES CORPORATION, Intel Corporation, Cisco Systems, Inc., Palo Alto Networks, Inc., Infineon Technologies AG, Fortinet, Inc., Gemalto NV, Broadcom Inc., Trend Micro Inc. |
Analyst Review
IoT security focuses on protecting internet enabled devices which are connected over a combined network. In addition, IoT security provides various advantages such as managing the unpatched vulnerabilities, helps in making a strong authentication method, protect physical harm and data theft. Furthermore, increase in the number of ransomware attacks on various IoT devices and growing number of IoT security regulations among the developing economies drive the growth of the market. In addition, rise in malware and phishing threats among different enterprises propel the growth of the market. However, budget constraints among organizations and expensive IoT security solutions hamper the growth of the market. Furthermore, increase in need for IoT security solution and adoption of IoT security solutions by various developing nations is expected to present major opportunities for the expansion of the market in future.
The IoT security market is consolidated with the presence of key vendors such as IBM Corporation. North America and Europe are the prime consumers of these systems. However, Asia-Pacific is expected to experience significant growth in the near future, owing to the increasing focus by countries on deploying IoT security in various smart cities projects and surge in investment in IoT by developing nations such as India and China. Some of the key players profiled in the report include Intel Corporation, Infineon Technologies AG, Cisco Systems Inc., Broadcom, Gemalto NV, Fortinet Inc., SecuriThings, Palo Alto Networks Inc. and Trend Micro Incorporated. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
The Factors which are anticipated to drive the IoT security market includes Increase in the number of ransomware attacks on various IoT devices and rise in number of IoT security regulations among the developing economies drive the growth of the market. In addition, rise in malware and phishing threats among different enterprises propels the growth of the market.
The CAGR of IoT Security will be 31.20%
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Decision makers of big corporations who are looking to invest in the IoT Security market
The leading players in the IoT Security Market includes Broadcom, Cisco Systems Inc., Fortinet Inc., Gemalto NV, IBM Corporation, Infineon Technologies AG, Intel Corporation, Palo Alto Networks Inc., Securithings and Trend Micro Incorporated.
On the basis of top growing big corporation we select key market players.
North America region is providing major business opportunities for IoT Security market at present. However, Asia-pacific region is expected to grow at highest growth rate during the forecast period of 2019-2026
The application of IoT security market includes policy management, compliance management, audit management, incident management, risk management and other.
The Key Growth Strategies of IoT Security industry players includes partnership, acquistion, mergers, collaboration, product launch and product development
The penetration of mobile devices is growing rapidly due to the increase in acceptance of BYOD among organizations. The variety of applications, services, and functions available on mobile devices leads to large amount of data being stored on devices and transferred to and from devices.
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