IoT Network Security Market To Reach USD 40.3 Billion By 2027

IoT Network Security Market Analysis (2023 - 2030)

At a Compound Annual Growth Rate (CAGR) of 21.5% over the forecast period, the size of the global IoT Network Security Market is estimated to increase from USD 15.1 billion in 2021 to USD 40.3 billion by 2027. A competitive and diverse market has resulted from the ecosystem's presence of numerous significant companies. IoT network security primarily addresses several fraudulent intrusions and malicious cyberattacks against the network of IoT devices.

IoT network security is a field of technology devoted to defending the networks and linked devices in the internet of things (IoT). The Internet of Things (IoT) is a term used to describe a system of networked computing devices, mechanical and digital machinery, objects, animals, and/or people that are connected to the internet (IoT). To operate successfully, IoT devices need secure hardware, software, and communication. Anything connected, from refrigerators to factory automation, can be compromised if IoT network security isn't in place. Once in charge, hackers can manage the object's operation and steal the user's digital information.

Worldwide supply chains and businesses were affected by the COVID-19 epidemic. Numerous economies around the world were adversely impacted by the pandemic, which killed millions of deaths. As a result, the implementation of IoT network security into some organizations' plans has been put off, which has slowed the expansion of the IoT network security industry. Due to the COVID-19 epidemic, many employees adopted a work-from-home operating style, and students embraced virtual and distance learning, which led to the need for enterprise Virtual Private Network (VPN) servers. Such methods' quick acceptance resulted in a rise in security risks and cyberattacks. During the COVID-19 pandemic, the number of spear-phishing emails—personalized emails sent to specific users in an attempt to fool them into disclosing sensitive information—rose dramatically.

Digitally connected objects and services are invading every area of modern life, including homes, workplaces, and automobiles, in the IoT age. To take advantage of the advantages of the internet, every object has been smartly calibrated. By 2025, there will be 25 billion IoT connections worldwide, up from 10.3 billion in 2018, predicts GSMA Intelligence 2018.

IoT cyberattacks have escalated as a result of the spread of IoT devices, the introduction of IPv6, and the widespread use of Wi-Fi networks. For instance, according to Kaspersky, the company detected more than 1.5 billion IoT threats between January and May 2021, up from 639 million during the prior half-year, which is more than twice as much. Additionally, cyberattacks against IoT devices increased by 300% in 2019. IoT network security solutions are being implemented by businesses all over the world to protect connected devices as a result of the worrying vulnerabilities discovered in IoT devices. As a result, IoT providers are forced to create IoT network security solutions for connected devices by the growing IoT deployments and the rising amount of cyberattacks.

Key Market Insights:

• In terms of components, the solutions sector held the greatest market share for IoT network security in 2021. Factors driving the growth of this market include the expanding number of IoT deployments, the increased emphasis on solution-centric security capabilities, and the increasing number of IoT device vulnerabilities. The advantages of IoT network security, such as its high performance, dependability, thorough vulnerability coverage, effectiveness, and security of real-time applications, also contribute to the sector's expansion. To enhance the solution and lower the cost for small and medium-sized businesses, many suppliers are investing in R&D. However, it is anticipated that the service category will expand more quickly during the forecast period.
• The cloud-based category is anticipated to expand at a higher CAGR throughout the projection period based on deployment mode. The use of cloud computing is becoming more and more common among small and medium-sized businesses. Many businesses are gradually switching to cloud infrastructure, and in the upcoming years, this trend is anticipated to intensify. The advantages of cloud infrastructure, such as its simplicity in adoption, low need for internal infrastructure, scalability, and simplicity in installing security solutions, boost the expansion of this market.
• According to the application, the smart manufacturing sector held the greatest market share for IoT network security in 2021. The main drivers influencing the expansion of the smart manufacturing segment are the expanding cybersecurity concerns, the rising demand for real-time security monitoring, and the industry's growing automation.
• The IoT network security market was dominated by North America in 2021, with smaller shares held by Europe, Asia-Pacific, Latin America, the Middle East, and Africa. However, during the forecast period, Asia-Pacific is anticipated to have substantial expansion. The rapid adoption of technologies like AI and ML is the key factor behind the high market growth in the Asia-Pacific region. Additionally, during the projection period, the high IoT penetration, expanding internet and mobile infrastructure, and the rising threat of cyberattacks are anticipated to promote market expansion in the area.

Market Segmentation:

 By Component                                          

• Solutions
  • Identity and Access Management
  • Data Encryption and Tokenization
  • Intrusion Detection System/Intrusion Prevention System
  • Distributed Denial of Service Protection
  • PKI Lifecycle Management
  • Secure Communications
  • Unified Threat Management
  • Security Analytics
  • Other Solutions (Incidence Response System, Device Authentication and Management)
• Services
  • Professional Services
    • Consulting services
    • System Integration Services
    • Training and Maintenance Services
  • Managed Services

by Deployment Mode

• On-premises
• Cloud-based

by Organization Size

• Large Enterprises
• Small & Medium Enterprises

by Application

• Smart Manufacturing
• Smart Retail
• Smart Energy Management
• Smart Supply Chain
• Connected Healthcare
• Connected Logistics
• Connected Cars
• Other

by End-use Industry                               

• Manufacturing
• Government & Public
• Retail
• Smart Consumer Electronics
• Healthcare
• Automotive
• Energy & Utilities
• Supply Chain Logistics
• Transportation
• Others

 by Region

• North America
• Europe
• Asia-Pacific
• Rest of the World

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