The IoT Security Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s IoT Security Global Market Report 2024, The iot security market size has grown exponentially in recent years. It will grow from $6.73 billion in 2023 to $8.86 billion in 2024 at a compound annual growth rate (CAGR) of 31.8%. The growth in the historic period can be attributed to increasing cybersecurity threats, proliferation of iot devices, regulatory compliance requirements, high-profile security breaches, integration with existing it infrastructure.
The iot security market size is expected to see exponential growth in the next few years. It will grow to $26.82 billion in 2028 at a compound annual growth rate (CAGR) of 31.9%. The growth in the forecast period can be attributed to iot expansion in critical infrastructure, growing complexity of iot ecosystems, emphasis on zero trust security models, privacy concerns and data protection, shift to cloud-based iot security. Major trends in the forecast period include supply chain security concerns, incident response planning, integration of security into development lifecycle, quantum-safe security solutions, collaborative security ecosystems.
As the population is growing, the need for sustainable development is of more important. Smart cities are well equipped with handling high traffic, population control, and better security for people. The execution for such a task can be done by installing IoT Devices in the smart cities. This involves connecting devices to one another, exchange data in a secured manner, forming a pattern and then providing a final solution. The remotely connected CCTV and automated incident detection (the use of computers to continuously monitor traffic conditions and detect incidents or traffic queues) allow a quicker response to threats. IoT led crowd management solutions help monitor and manage crowds of people across all sorts of gatherings. Smart street lighting helps to lower crime rates and improve driving conditions. This rising demand for security in the smart cities increases investment in the IoT Security Market. For instance, as on 12 November 2021, Indian Central Government released ₹ 27,235 crore ($ 3.67 billion) to States/Union Territories for the Smart Cities.
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The iot security market covered in this report is segmented –
1) By Type: Network Security, Endpoint Security, Application Security, Cloud Security, Other Types
2) By Component: Solution, Services
3) By Application: Healthcare & Life Sciences, Infrastructure & Cities, Industrial System & Sensors, Smart Home & Consumer, Transport & Urban Mobility
The increasing usage of block chain technology in order to protect data of IoT devices, enhance transparency and security, reduce costs, and increase efficiency is a new trend in the IoT Security market. Block chain is a distributed decentralized ledger and underlying technology of bitcoin (a cryptocurrency) which is shared database (can be saved, owned, updated at different levels), not managed by central authority, comprising secure transactions, authenticated and verifiable. The block chain technology is integrated into IoT networks to provide additional privacy and security. It helps in reduction of processing time and cost, records transactions of all connected IOT devices, ensures tracking connected devices, coordinates these devices and aid smooth transaction process, provides efficiency to compliance issues, avoid re-entries, data leakages and frauds, minimize time to settle losses and ensures cryptographic security. For instance, Atonomi provides IoT security solutions to IoT developers and manufacturers with blockchain based immutable identity and reputation tracking. Moreover, in August 2021, according to an article published by Aksjebloggen, a Norway-based provider of financial information, by 2024, it is anticipated that global spending on blockchain solutions will increase by 188% and reach $19 billion. In 2020, global spending on blockchain solutions is by 66% year over year. According to statistics, this amount is predicted to rise by $2.1 billion in 2021 and then by another $12.4 billion during the following three years.
The iot security market report table of contents includes:
1. Executive Summary
2. IoT Security Market Characteristics
3. IoT Security Market Trends And Strategies
4. IoT Security Market – Macro Economic Scenario
5. Global IoT Security Market Size and Growth
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31. IoT Security Market Other Major And Innovative Companies
32. Global IoT Security Market Competitive Benchmarking
33. Global IoT Security Market Competitive Dashboard
34. Key Mergers And Acquisitions In The IoT Security Market
35. IoT Security Market Future Outlook and Potential Analysis
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