The latest report by IMARC Group, titled “IoT Security Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” offers a comprehensive analysis of the IoT security market trends. The report also includes competitor and regional analysis, along with a breakdown of segments within the industry.The global IoT security market size reached US$ 5.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 40.7 Billion by 2032, exhibiting a growth rate (CAGR) of 25.5% during 2024-2032.
IoT Security Trends:
The rapid adoption of IoT devices across various industries is driving the global market. The increasing number of cyber-attacks and data breaches emphasizes the need for advanced IoT security measures. Governments and regulatory bodies worldwide are implementing stringent regulations and standards to enhance IoT security, further propelling market growth. Moreover, the integration of AI and machine learning technologies in IoT security solutions offers advanced threat detection and response capabilities, enhancing their effectiveness. Furthermore, the growing use of cloud-based services and the expanding IoT ecosystem necessitate comprehensive security frameworks to address potential vulnerabilities.
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Global IoT Security Market Trends:
The scope of the market is expanding due to the escalating adoption of smart devices and the proliferation of connected technologies. Moreover, the rising trend of remote working and the expansion of 5G networks also contribute to the market's growth potential by increasing the need for secure and reliable IoT networks. The growing investment in research and development by key market players aims to enhance the capabilities of IoT security solutions, fostering innovation and improving market competitiveness. Market analysis highlights the significant role of partnerships and collaborations among technology providers, security firms, and enterprises in developing comprehensive IoT security strategies. Additionally, the increasing awareness and education about IoT security risks and solutions among consumers and businesses broaden the market scope.
Key Players in the IoT Security Industry:
The competitive landscape of the industry has also been examined along with the profiles of the key players being:
Allot Ltd.
Armis Inc.
CENTRI Technology
Cisco Systems Inc.
ForgeRock Inc.
Fortinet, Inc.
Gemalto NV
International Business Machines (IBM) Corporation
Infineon Technologies AG
Intel Corporation
Mocana Corporation
Newsky Internet Limited
SecuriThings
NortonLifeLock Inc. (Symantec Corporation)
ZingBox Inc.
Market Segmentation:
Breakup by Component:
Solutions
Services
Breakup by Security Type:
Network Security
Endpoint Security
Application Security
Cloud Security
Others
Breakup by Vertical:
Energy and Utilities
Manufacturing
Automotive
Transport
Consumer Electronics
Healthcare
Others
Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
Market Performance
Market Outlook
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landsc