The IoT security sector is poised for significant growth due to factors such as the rapid expansion of the IoT ecosystem, increased cybersecurity risks, regulatory compliance requirements, integration of AI and ML, collaboration between IoT and cybersecurity industries, and a focus on secure IoT deployment and lifecycle management. According to a report by MarketsandMarkets, the IoT Security Market is estimated to be valued at $20.9 billion in 2023, projected to reach $59.2 billion by 2028, with a CAGR of 23.1% during the forecast period. Organizations are investing in comprehensive security solutions to safeguard the expanding number of connected devices and the data they handle.
The report emphasizes the dominance of IoT security solutions, including identity access management, encryption, intrusion detection, device authentication, and more. Identity and access management (IAM) is identified as the largest market segment, as it enables organizations to control network access and prevent unauthorized intrusions. North America leads the market, with significant growth driven by a focus on protecting critical infrastructure and sensitive data. Major players in the IoT Security Market, such as Microsoft, AWS, Google, IBM, and Cisco, are adopting strategies like partnerships and new product launches to expand their presence. Overall, the market’s growth is driven by the pressing need for robust IoT security measures to combat cyber threats and ensure data privacy and integrity.