Global IoT Security Market Report 2023: Forecast Market Size, Growth Rate And Key Drivers

4 May, 2023

The global iot security market size will grow from $5.09 billion in 2022 to $6.68 billion in 2023 at a compound annual growth rate (CAGR) of 31.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global iot security market size is expected to grow to $20.04 billion in 2027 at a CAGR of 31.6%.

Global IoT Security Market Key Driver

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.

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Global IoT Security Market Segments

The global IoT security market is segmented:
1) By Type: Network Security, Endpoint Security, Application Security, Cloud Security, Other Types
2) By Application: Healthcare & Life Sciences, Infrastructure & Cities, Industrial System & Sensors, Smart Home & Consumer, Transport & Urban Mobility
3) By Component: Solution, Services
4) By Geography: The regions covered in the IoT security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, Asia-Pacific accounts for the largest share in the global IoT security market.

Major IoT Security Industry Players

CisCo., IBM, Intel, Infineon, Symantec Corporation, Check Point Security Software, Gemalto, AT&T Inc., Alcatel-Lucent S.A, Allot, Fortinet.

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IoT Security Market Overview

Internet of Things (IoT) security refers to the safeguards and protections provided for cloud-connected devices such as home automation, SCADA machines, security cameras, and any other technology that connects directly to the cloud.
IoT Security Global Market Report 2023 provides data on the global IoT security market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The IoT security market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.