The CAGR of IoT Security Market is Estimated to Grow at 23.2% Over the Forecast Years (2019 – 2027), Due to Growing Necessity of Device Authentication for IoT Systems: Says Absolute Markets Insights

The synergy of connected devices is providing consumers with greater convenience for managing, controlling, and monitoring their daily lives. This has resulted in an overabundance of IoT use cases as well as IoT products they utilize. Simultaneously, networks are expanding and becoming more powerful as the Internet of Things continues to grow and weaves its way into more and more industries. Vast networks offer a large surface to attackers for unauthorized access. Hence, maintaining privacy and integrity of data is becoming crucial for every IoT project. Incorporation of authentication system is expected to drive the overall IoT security market.

Nowadays, manufacturers are taking multiple approaches for IoT authentication. For instance, PKI (public key infrastructure) uses digital certificates that prove the authenticity of the network or the IoT device. However, IoT authentication faces challenges because of the hardware and software differences with personal computing devices such as desktops, laptops and smartphones. IoT devices usually have lower memory and processing capabilities and hence lack the ability to run endpoint security solutions created for computers. Provision for higher computing power will result in a higher price for the overall system which may not be feasible for consumers. This budget-based approach to security requires deployment of additional resources to bolster security and deter malicious entities. For instance, Infineon Technologies offers the OPTIGA Trust SLS 10ERE that is a turn-key authentication product for cryptographic solution. This solution protects embedded systems from unauthorized accessories, replacement parts or disposables by identifying them and triggering appropriate actions.

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“Internet of Things has the potential to provide convenience to customers in numerous ways. As the adoption of IoT systems is gaining pace, more devices are getting connected to a single network. This calls for the need of IoT authentication systems that are flexible and highly scalable to manage billions of identities for IoT devices of all types. The authentication solutions offered by software vendors is augmenting the global IoT security market.”

In terms of revenue, the IoT security market stood at US$ 2,239.8 Mn in 2018 and is anticipated to reach US$ 14,741.0 Mn by 2027, expanding at a CAGR of 23.2% from 2019 – 2027. This research study aims at providing the reader with quantitative and qualitative analysis of global IoT security market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further, across all the major countries. The supply side analysis covers the prominent players and their regional and global presence and key business strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East, Africa, and Latin America.

Few market participants operating in IoT security market include Check Point Software Technologies Ltd., Cisco Systems Inc., DigiCert, Inc., Gemalto NV, IBM Corporation, Infineon Technologies AG, Intel, Lynx Software Technologies, Inc., McAfee, LLC, PTC, SecureRF Corporation, Sentryo SAS, Sequitur Labs Inc., Sophos Ltd., Symantec Corporation, Trend Micro Incorporated, TRUSTED OBJECTS, Trustwave Holdings, Inc. and Verizon amongst other players.

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IoT security Market:By Offerings

  • Solutions
  • Identity Access Management
  • Device Authentication and Management
  • Manufacturing Analytics
  • Intrusion Detection System/Intrusion Prevention System (IDS/IPS)
  • Distributed Denial of Service Protection
  • Others
  • Services

By Type

  • Network security
  • Endpoint security
  • Application security
  • Cloud security
  • Others

By Industry

  • Energy and Utility
  • Manufacturing
  • Transportation and Logistic
  • Building and Architecture
  • Healthcare
  • Automobile
  • Governance
  • Others (Manufacturing, Tourism, Etc.)

By Geography

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
  • Denmark
  • Finland
  • Iceland
  • Sweden
  • Norway
  • Benelux Union
  • Belgium
  • The Netherlands
  • Luxembourg
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Southeast Asia
  • Indonesia
  • Thailand
  • Malaysia
  • Singapore
  • Rest of Southeast Asia
  • Rest of Asia Pacific

Middle East and Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America


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