Vulnerability of IoT Devices is Driving Growth of IoT Security Market to touch USD 85.5 Billion by 2030

According to Intent Market Research, the IoT Security Market is expected to grow from USD 22.3 billion in 2023-e to touch USD 85.5 billion in 2030, growing at a CAGR of 21.2%

Published: February, 2024
| Technology, Media, and Telecommunications
Vulnerability of IoT Devices is Driving Growth of IoT Security Market to touch USD 85.5 Billion by 2030

The vulnerability of Internet of Things (IoT) devices plays a crucial role in driving the IoT security market. As the number of connected devices continues to grow across various industries, the associated vulnerabilities pose significant risks, making robust security measures essential. The sheer number and variety of IoT devices deployed across smart homes, industries, healthcare, and other sectors increase the attack surface for potential cyber threats. The more devices there are the greater the potential vulnerability resulting in a higher need for IoT securities.  

The IoT ecosystem comprises a wide range of devices with varying levels of security maturity. This diversity makes it challenging to implement uniform security measures, leading to potential vulnerabilities across different device types. The vulnerability of IoT devices has become a driving force for the IoT security market, prompting organizations to invest in solutions that can mitigate these risks. As the importance of securing connected devices gains recognition, the IoT security market is expected to grow to meet the increasing demand for comprehensive and adaptive security measures.

Securing connected logistics is critical as IoT technologies play a transformative role in optimizing supply chain and logistics operations. Connected logistics leverage IoT devices and sensors to gather real-time data, monitor shipments, and enhance visibility throughout the supply chain. Protecting the integrity and confidentiality of data transmitted between IoT devices and logistics systems is essential to prevent eavesdropping and data tampering.

Securing connected logistics through effective IoT security practices is vital for maintaining the reliability, efficiency, and integrity of supply chain and logistics operations. A comprehensive and proactive security strategy helps address potential threats and vulnerabilities, ensuring the smooth functioning of IoT-enabled logistics systems. As a result, the connected logistics segment is estimated to show significant growth over the forecast period.

Source: Intent Market Research

North America has been an early adopter of IoT technologies across various industries, including healthcare, manufacturing, construction, and transportation. The widespread adoption of IoT devices increases the demand for robust security solutions. The regulatory landscape in North America, including data protection laws and industry-specific regulations, imposes stringent requirements on organizations to ensure the security and privacy of IoT data. Compliance with these regulations drives the adoption of advanced IoT security measures.

The healthcare industry in North America is rapidly adopting IoT for connected medical devices, telemedicine, and health information systems. The sensitive nature of health data requires robust security measures, driving the growth of IoT security solutions. The combination of technological advancements, regulatory pressures, industry adoption, and a robust cybersecurity ecosystem has positioned North America as a key driver for the growth of the IoT security market. The region's commitment to address cybersecurity challenges associated with IoT devices underscores the importance of securing interconnected systems for the future.  

Major players operating in the global IoT security market are Allot, Check Point, Cisco, Fortinet, IBM, Intel, Microsoft, Palo Alto, Thales, and Trend Micro. Additionally, Afero, Bastille Networks, Claroty, Cybeats, Nozomi Networks, Nubeva Technologies, Ordr, SAM Seamless Network, Xage Security, and Zscaler are emerging companies in the global IoT security market.

These players are adopting organic and inorganic strategies to expand their business. For instance, in March 2023, Palo Alto announced new SD-WAN features in its Prisma SASE solution for IoT device security and to help customers meet industry-specific security compliance requirements. It has also announced advanced URL filtering for the prevention of unknown and evasive man-in-the-middle (MitM) and SaaS platform phishing attacks.

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