The global Internet of Things (IoT) Security market size is projected to reach US$ 7722.1 million by 2028, from US$ 2087.8 million in 2021, at a CAGR of 20.3% during 2022-2028.
Key drivers of the IoT security market include the growing complexity of smart manufacturing systems. As IoT sensors and devices transition into every industry vertical, the need for efficient security solutions is a must. Retailers are heavily dependent on IoT platforms for enhancing customer experience. This makes it all the more feasible for the deployment of security networks. This will augment the growth of the IoT security market.
The IoT security market trends will be positively impacted by its use in the healthcare industry as concerns relating to the privacy of online storage of patient data will keep increasing. The energy sector is rife with significant cyber threats and illegal intrusion by hackers. This will drive the growth prospects of the market in the coming years. As smart building systems arise the need for robust security solutions in IoT connection is imminent. This will drive the expansion of the market in the forthcoming years. The transportation industry will spur the growth of the IoT security market in the upcoming years.
Mitigating risks in Industrial IoT
The growing shift towards industry 4.0 and rising automation in manufacturing systems pose significant security challenges. A smart factory IoT system is complex with many security loopholes. The issues range from device hijacking where a connected device may appear to work fine but is in fact controlled by hackers to infect other devices and gain control of the system. Distributed Denial of service attacks or DDoS attacks is the most common security risk as they block legitimate users from accessing the enterprise management systems. PDoS attacks are the ones carried out to damage the entire organizational workflow. Additionally, disgruntled employees or staff members may intentionally disrupt and break the communication network in an IoT infrastructure. In order to tackle these challenges IoT security software with endpoint encryption and cloud-based security is being deployed for real-time anomaly detection and alerting the authorities of any suspicious activity. These factors will boost the growth of the IoT security market during the forecast period.
Retail sector
Retailers are using IoT-connected devices to study the patterns of consumer buying behaviors and their preferences. Targeted advertisement, digital signage, and smart mirrors are being implemented across the entire retail spectrum for better promotion, conversion, and increased sales. However, security remains a prime concern as most of these devices run on legacy operating systems with weak default passwords. Hackers can easily gain access to the device through advanced scanning tools and see the video camera footage or launch a botnet attack. Moreover, device visibility is an issue with no clear indications of which device is doing what in the entire network. This highly necessitates the demand for IoT security solutions that extract the relevant information and tie it up with the existing security policies. This in turn is expected to fuel the growth of the IoT security market in the forthcoming period.
Healthcare industry
As important and sensitive patient data is stored, shared, and accessed easily through IoT-connected devices the need for robust security solutions is a must. Threat actors usually target the Electronic Health records of patients as they capture a huge black market value. They may also put malware or ransomware in the hospital system for disrupting operational efficiency. A detailed cybersecurity information system needs to be implemented at a granular level to protect a patient’s medical, insurance, and personal data theft. Proper vulnerability disclosure with detailed verification of the software updates, monitoring third-party components throughout the device’s entire product lifecycle, and threat intelligence modeling for maintaining the safety of the device’s performance and its operational stability. Such factors will drive the growth of the IoT security market in the subsequent years.
Energy management
Energy companies come under extensive cybersecurity threats. The geographical diversity creates a distributed attack surface which is all the more challenging. Behavioral analytic tools are used for monitoring any suspicious deviation from the normal course of action. They give real-time security alerts to the concerned authorities beforehand thereby enhancing the protection of the extensive IoT infrastructure. AI and machine learning algorithms detect any abnormal anomalies in the user and device network activity patterns. Moreover, threat intelligence provides real-time detailed reports on the attacking part and provides necessary insights for decision-makers to take timely action. This in turn will spur the growth of the IoT security market in the future.
Building automation
Residential homes and buildings are getting smart with IoT solutions. Energy consumption is reduced along with total ownership and operational costs. The entire lifecycle of utilities is increased with smart building management systems. The comfort of residences will grow further. HVAC systems, lighting control, video surveillance, access control, and elevator control are all connected with their attached sensors, thermostats, cameras, and lighting equipment. The range of security issues is huge such as expanded attack surfaces, and insecure and weak internet protocols with hackers gaining access to disrupt the controllers and other devices running on the premises of the buildings. These demand the need for enhanced visibility, situational awareness, and for mitigating the risks associated with the convergence of IoT technology. The above factors will drive the growth of the IoT security market in the upcoming period.
Transportation sector
A ransomware attack can severely damage the operations of a container shipping company. As the access to control systems for operating terminals is blocked huge amount of money is lost due to business interruption, technical snags, equipment damage, and the effort in reinstalling all the necessary data back into the complex chain of servers, pcs, and controllers. The interconnected operational environment of the transportation and logistics industry is highly vulnerable to malware intrusion. Cyberattacks on these devices pose a huge threat to the safety of billions of passengers transiting through airports, metro systems, and the continuous flow of goods around the world. Behavioral-based anomaly detection identifies the red flags quicker in a connected system. Even if the hackers use proprietary transport control system protocols to send out messages the threat intelligence will detect the abnormal deviation instantly. They invoke new firewall rules to block communication and are able to respond to multiple cyber attacks through existing tools and workflows. This in turn will drive the expansion of the IoT security market in the upcoming period.
Based on type, the endpoint security segment will grow the highest in the IoT security market share as end-to-end security is necessary for organizations to protect their digital assets from vulnerabilities.
Based on application, the building and home automation segment will provide lucrative opportunities for growth in the IoT security market share due to the growing number of connected and smart buildings. There are rising concerns related to data privacy and cyberattacks.
Based on region, North America will dominate in the IoT security market share due to growing awareness regarding IoT security solutions and early adoption of technology.
IoT Security market is segmented by company, region (country), by Type, and by Application. Players, stakeholders, and other participants in the global IoT Security market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on revenue and forecast by Type and by Application in terms of revenue and forecast for the period 2016-2027.
Ans. The market size of IoT security market surpassed USD 7722.1 million by 2028 from USD 2087.8 Million by 2021 with a CAGR of 20.3%.
Ans. The IoT security market is projected to reach USD 7722.1 million by 2028.
Ans. Cisco Systems, IBM, Infineon Technologies, Intel, Symantec, ARM, NXP Semiconductor, INSIDE Secure, Gemalto, Trend Micro are the key players of IoT security market.
Ans. Network Security, Endpoint Security, Cloud Security, Application Security are the types of of IoT security.
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