IoT Security Market by Type (Network Security & Cloud Security), Component, Solution (Identity Access Management, Security Analytics, & Device Authentication & Management), Service, Application Area, and Region - Global Forecast to 2023

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Date: 16-Apr-2019
No. of pages: 144
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The global IoT security market size to grow at a CAGR of 33.7% during the forecast period

The global Internet of Things (IoT) security market size is expected to grow from USD 8.2 billion in 2018 to USD 35.2 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 33.7% during the forecast period. Major factors driving the growth of the IoT security market are the increasing number of ransom are attacks on IoT devices across the globe, growing IoT security regulations, and rising security concerns over critical infrastructures. However, the new variants of IoT threats, lack of awareness, costly IoT security solutions, and budget constraints among SMEs for IoT security may limit the market growth.

The cloud security segment to grow at the highest CAGR during the forecast period

Cloud security addresses both physical and virtual security across the service models of software, platforms, and infrastructures. Various cloud application security solutions include risk assessment, application governance, identity access management, encryption, malware detection and protection, and Security Information and Event Management (SIEM). Cloud security is one of the most important aspects of IoT security, as IoT data is saved in Virtual Machines (VMs) and susceptible to cyber-attacks.

Asia Pacific (APAC) to grow at the highest growth rate during the forecast period

APAC has witnessed the advanced and dynamic adoption of new technologies, and is expected to record the highest CAGR during the forecast period. The increasing government initiatives; growing requirements for quick computing, virtualized environments, analytics, security, digitalization, and high-volume networking; and rising overall internet speed and responsiveness are the major factors driving the IoT security market growth in this region. For instance, in 2016, the Australian government launched its Research and Development (R&D) IoT Innovation Centre in Melbourne to offer the benefits of IoT platform technologies to various process and discrete industries.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the IoT security market.

The following list provides the breakup of primary respondents’ profile:


  • By company type: Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%

  • By designation: C-Level Executives: 35%,Director Level: 25%, and Others: 40%

  • By region: North America: 45%, Europe: 20%, APAC: 30%, and RoW: 5%


The major vendors in the global IoT security market include International Business Machines Corporation (IBM), Cisco Systems Inc. (Cisco), Infineon Technologies AG (Infineon), Intel Corporation (Intel), Symantec Corporation (Symantec), Gemalto NV (Gemalto), Allot (Allot), Fortinet, Inc. (Fortinet), Zingbox (Zingbox), Mocana(Mocana), SecuriThings(SecuriThings), CENTRI Technology (CENTRI), Armis, Inc., (Armis), ForgeRock (ForgeRock), and NewSky Security (NewSky).

Research Coverage:

The report includes an in-depth competitive analysis of the key players in the IoT security market, along with their company profiles, recent developments, and key market strategies. The report segments the global IoT security market by component, type, solution, services, application area, and region.

Key Benefits of Buying the Report:

The report would provide the market leaders/new entrants in the IoT security market with information about the closest approximations of the revenue numbers for the overall IoT security market and its sub segments. The report would also help stakeholders understand their competitors better and gain more insights to better position their businesses and plan suitable go-to-market strategies. It also helps stakeholders understand the pulse of the market and provides them with information about key market drivers, restraints, challenges, and opportunities.

IoT Security Market by Type (Network Security & Cloud Security), Component, Solution (Identity Access Management, Security Analytics, & Device Authentication & Management), Service, Application Area, and Region - Global Forecast to 2023

Table of Contents

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Regions Covered
1.4 Years Considered for the Study
1.5 Currency Considered
1.6 Stakeholders

2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.2 Primary Data
2.1.2.1 Breakup of Primary Profiles
2.1.2.2 Key Industry Insights
2.2 Market Breakup and Data Triangulation
2.3 Market Size Estimation
2.3.1 Top-Down Approach
2.3.2 Bottom-Up Approach
2.4 Market Forecast
2.5 Competitive Leadership Methodology
2.6 Assumptions for the Study
2.7 Limitations of the Study

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the Market
4.2 Global IoT Security Market, Top 2 Types and Regions
4.3 Market By Region
4.4 Market Global Revenue Share

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Number of Ransomware Attacks on IoT Devices to Be A Critical Threat Across the Globe
5.2.1.2 Growing Number of IoT Security Regulations
5.2.1.3 Rising Security Concerns for Critical Infrastructure
5.2.2 Restraints
5.2.2.1 Significant Increase in New Variants of IoT Threats and Lack of Awareness
5.2.2.2 Expensive IoT Security Solutions and Budget Constraints Among SMEs
5.2.3 Opportunities
5.2.3.1 Increasing Data Risk in IoT Networks
5.2.3.2 Growing Need for IoT Security Solutions With Multiplying Variants of Attacks
5.2.4 Challenges
5.2.4.1 Lack of Understanding About Security Risks and Low Security Budget
5.2.4.2 Lack of Standardization for IoT Solutions
5.3 Regulatory Implications
5.3.1 ISO Standards
5.3.2 ISO/IEC JTC 1
5.3.2.1 ISO/IEC JTC 1/SWG 5
5.3.2.2 ISO/IEC JTC 1/SC 31
5.3.2.3 ISO/IEC JTC 1/ SC 27
5.3.2.4 ISO/IEC JTC 1/WG 7 Sensors
5.3.3 IEEE
5.3.4 CEN/ISO
5.3.5 CEN/CENELEC
5.3.6 ETSI
5.3.7 ITU-T
5.3.8 NIST
5.4 Use Cases
5.4.1 Symantec
5.4.2 Zingbox
5.4.3 Mocana
5.4.4 Trend Micro

6 IoT Security Market, By Component
6.1 Introduction
6.2 Solutions
6.2.1 Solutions Help Customers Meet Specific IoT Security Requirements
6.3 Services
6.3.1 Services Enable Customers to Safeguard the IoT Environment

7 IoT Security Market, By Type
7.1 Introduction
7.2 Network Security
7.2.1 High Level of Data Transfer From IoT Devices to Increase the Demand for Network Security Solutions in the IoT Security Market
7.3 Endpoint Security
7.3.1 Large Number of IoT Devices Deployed on Networks Enforces Enterprises to Adopt Endpoint Security Solutions
7.4 Application Security
7.4.1 Increasing IoT Application Vulnerabilities and Convenience of End-User Enterprises to Drive the Demand for Application Security
7.5 Cloud Security
7.5.1 Large Amount of Data Generated From IoT Devices to Increase Security Concerns
7.6 Others

8 IoT Security Market, By Solution
8.1 Introduction
8.2 Identity Access and Management
8.2.1 Increasing Attacks on IoT Devices to Increase the Demand for Identity Access and Management Solutions
8.3 Data Encryption and Tokenization
8.3.1 Increasing Concerns of Data Security to Drive the Growth of Data Encryption and Tokenization Segment in the IoT Security Market
8.4 Intrusion Detection System and Intrusion Prevention System
8.4.1 Security Vulnerabilities in the IoT Ecosystem to Increase the Demand for Intrusion Detection and Prevention System Solutions
8.5 Device Authentication and Management
8.5.1 Adoption of Different Types of IoT Devices on A Single Platform to Increase Data Security Concerns
8.6 Secure Software and Firmware Update
8.6.1 Need for Robust and Safe IoT Environment to Increase the Demand for Secure Software and Firmware Update Solutions
8.7 Secure Communications
8.7.1 Increasing Data Transfer Between IoT Devices to Enforce Enterprises to Adopt Secure Communications Solutions for Securing IoT Devices
8.8 Public Key Infrastructure Lifecycle Management
8.8.1 Public Key Infrastructure to Help Enterprises Manage Security of Large Number of IoT Devices
8.9 Distributed Denial of Service Protection
8.9.1 Increasing Sophisticated Distributed Denial of Service Attacks on IoT Devices to Surge the Demand for Distributed Denial of Service Protection Solutions
8.10 Security Analytics
8.10.1 Increasing Threats and Attacks on IoT Devices to Drive the Growth of Security Analytics Solutions
8.11 Others

9 IoT Security Market, By Service
9.1 Introduction
9.2 Professional Services
9.2.1 Integration Service
9.2.1.1 Growing Need for Deploying IoT Security Solutions Across Platforms to Increase the Demand for Integration Services
9.2.2 Consulting Service
9.2.2.1 Rising Technological Advancements Across Industries to Increase the Need for Consulting Services
9.2.3 Support and Maintenance Service
9.2.3.1 Need for Continuous Maintenance and Software Updates to Increase the Demand for Support and Maintenance Services
9.3 Managed Services
9.3.1 Rising Niche Requirements From Customers to Increase the Demand for Managed Services

10 IoT Security Market, By Application Area
10.1 Introduction
10.2 Smart Manufacturing
10.2.1 Rise of Industrial IoT and Industry 4.0 Standards Enable Manufacturing Enterprises to Deploy IoT Devices at A Significant Scale
10.3 Smart Energy and Utilities
10.3.1 Malware Injections, Denial of Service, Attacks on Privacy, and Thefts of Data and Energy to Drive the Growth of the Market in the Energy and Utilities Industry
10.4 Connected Logistics
10.4.1 Increasing Trend of Connected Logistics to Drive the Growth of Security Solutions
10.5 Smart Home and Consumer Electronics
10.5.1 Vulnerability of Consumer Electronics to Increase the Demand for IoT Security Solutions
10.6 Connected Healthcare
10.6.1 Increasing Number of Connected Medical Devices to Significantly Contribute to the Growth of IoT Security in Healthcare
10.7 Smart Government and Defense
10.7.1 Increasing Adoption of Digital Solutions and Technologies in Government and Defense Industry to Lead the Demand for IoT Security Solutions and Services
10.8 Smart Transportation
10.8.1 Increasing Number of Connected Cars, Fleet Trucks, and Containers to Drive the Growth of the Market
10.9 Smart Retail
10.9.1 High Risk of Attacks on Monitory Transactions in Retail to Increase the Demand for IoT Security Solution
10.10 Others

11 IoT Security Market, By Region
11.1 Introduction
11.2 North America
11.2.1 United States
11.2.1.1 Increasing Government Investments and Contracts to Drive the Growth of the IoT Security Market in the Us
11.2.2 Canada
11.2.2.1 Canadian Government Invested USD 20.6 Billion to Increase Security Level for Public Safety
11.3 Europe
11.3.1 United Kingdom
11.3.1.1 UK Government to Launch New Initiatives for Integrating IoT With Various Business Processes
11.3.2 Germany
11.3.2.1 Germany Increased IoT Security Activities to Enhance Cybersecurity
11.3.3 Rest of Europe
11.4 Asia Pacific
11.4.1 China
11.4.1.1 Implementation of Smart City Initiatives to Contribute Toward the Growth of the Market
11.4.2 India
11.4.2.1 Initiatives for Developing Smart Cities and Smart Manufacturing to Boost the Growth of the Market in India
11.4.3 Rest of Asia Pacific
11.5 Middle East and Africa
11.5.1 Kingdom of Saudi Arabia
11.5.1.1 Increasing Investments in IoT to Drive the Demand for IoT Security Solutions
11.5.2 United Arab Emirates
11.5.2.1 Dubai IoT Strategy and Data Wealth Initiative to Drive the Growth of the Market
11.5.3 Rest of Middle East and Asia
11.6 Latin America
11.6.1 Brazil
11.6.1.1 Increasing Government Initiatives to Boost the Growth of the IoT Security Market
11.6.2 Mexico
11.6.2.1 Private Organizations to Take Initiatives to Enhance Awareness of IoT Potential in Mexico
11.6.3 Rest of Latin America

12 Competitive Landscape
12.1 Overview
12.2 Competitive Leadership Mapping (Overall Market)
12.2.1 Visionary Leaders
12.2.2 Dynamic Differentiators
12.2.3 Innovators
12.2.4 Emerging Companies
12.2.5 Ranking of Key Players
12.3 Competitive Leadership Mapping Overview (Startup)
12.3.1 Progressive
12.3.2 Responsive
12.3.3 Dynamic Companies
12.3.4 Starting Blocks
12.4 Competitive Scenario
12.4.1 New Product Launches and Product Enhancements
12.4.2 Partnerships, Collaborations, and Agreements
12.4.3 Mergers and Acquisitions

13 Company Profiles
(Business Overview, Products & Services, Recent Developments, SWOT Analysis and MnM View)*
13.1 Cisco
13.2 IBM
13.3 Intel
13.4 Infineon
13.5 Symantec
13.6 Gemalto
13.7 Allot
13.8 Fortinet
13.9 Zingbox
13.10 Mocana
13.11 Securithings
13.12 CENTRI
13.13 Armis
13.14 Forgerock
13.15 Newsky

*Details on Business Overview, Products & Services, Recent Developments, SWOT Analysis and MnM View Might Not Be Captured in Case of Unlisted Companies.

14 Appendix
14.1 Discussion Guide
14.2 Knowledge Store: Marketsandmarkets’ Subscription Portal
14.3 Available Customizations
14.4 Related Reports
14.5 Author Details

List of Tables

Table 1 United States Dollar Exchange Rate, 2015–2017
Table 2 Factor Analysis
Table 3 IoT Security Market Size and Growth Rate, 2016–2023 (USD Million, Y-O-Y %)
Table 4 Market Size By Component, 2016–2023 (USD Million)
Table 5 Solutions: Market Size By Region, 2016–2023 (USD Million)
Table 6 Services: Market Size, By Region, 2016–2023 (USD Million)
Table 7 IoT Security Market Size, By Type, 2016–2023 (USD Million)
Table 8 Network Security: Market Size By Region, 2016–2023 (USD Million)
Table 9 Endpoint Security: Market Size By Region, 2016–2023 (USD Million)
Table 10 Application Security: Market Size By Region, 2016–2023 (USD Million)
Table 11 Cloud Security: Market Size By Region, 2016–2023 (USD Million)
Table 12 Others: Market Size By Region , 2016–2023 (USD Million)
Table 13 IoT Security Market Size, By Solution, 2016–2023 (USD Million)
Table 14 Identity Access and Management: Market Size By Region, 2016–2023 (USD Million)
Table 15 Data Encryption and Tokenization: Market Size By Region, 2016–2023 (USD Million)
Table 16 Intrusion Detection System and Intrusion Prevention System: Market Size By Region, 2016–2023 (USD Million)
Table 17 Device Authentication and Management: Market Size By Region, 2016–2023 (USD Million)
Table 18 Secure Software and Firmware Update: Market Size By Region, 2016–2023 (USD Million)
Table 19 Secure Communications: Market Size By Region, 2016–2023 (USD Million)
Table 20 Public Key Infrastructure Lifecycle Management: Market Size By Region, 2016–2023 (USD Million)
Table 21 Distributed Denial of Service Protection: Market Size By Region, 2016–2023 (USD Million)
Table 22 Security Analytics: Market Size By Region, 2016–2023 (USD Million)
Table 23 Otehrs: Market Size By Region, 2016–2023 (USD Million)
Table 24 IoT Security Market Size, By Service, 2016–2023 (USD Million)
Table 25 Professional Services: Market Size By Region, 2016–2023 (USD Million)
Table 26 Professional Services: Market Size By Type, 2016–2023 (USD Million)
Table 27 Integration Service Market Size, By Region, 2016–2023 (USD Million)
Table 28 Consulting Service Market Size, By Region, 2016–2023 (USD Million)
Table 29 Support and Maintenance Service Market Size, By Region, 2016–2023 (USD Million)
Table 30 Managed Services Market Size, By Region, 2016–2023 (USD Million)
Table 31 IoT Security Market Size, By Application Area, 2016–2023 (USD Million)
Table 32 Smart Manufacturing: Market Size By Region, 2016–2023 (USD Million)
Table 33 Smart Energy and Utilities: Market Size By Region, 2016–2023 (USD Million)
Table 34 Connected Logistics: Market Size By Region, 2016–2023 (USD Million)
Table 35 Smart Home and Consumer Electronics: Market Size By Region, 2016–2023 (USD Million)
Table 36 Connected Healthcare: Market Size By Region, 2016–2023 (USD Million)
Table 37 Smart Government and Defense: Market Size By Region, 2016–2023 (USD Million)
Table 38 Smart Transportation: Market Size By Region, 2016–2023 (USD Million)
Table 39 Smart Retail: Market Size By Region, 2016–2023 (USD Million)
Table 40 Others: Market Size By Region, 2016–2023 (USD Million)
Table 41 IoT Security Market Size, By Region, 2016–2023 (USD Million)
Table 42 North America: IoT Security Market Size, By Component, 2016–2023 (USD Million)
Table 43 North America: Market Size By Type, 2016–2023 (USD Million)
Table 44 North America: Market Size By Solution, 2016–2023 (USD Million)
Table 45 North America: Market Size By Service, 2016–2023 (USD Million)
Table 46 North America: Market Size By Professional Service Type, 2016–2023 (USD Million)
Table 47 North America: Market Size By Application Area, 2016–2023 (USD Million)
Table 48 North America: Market Size By Country, 2016–2023 (USD Million)
Table 49 Europe: IoT Security Market Size, By Component, 2016–2023 (USD Million)
Table 50 Europe: Market Size By Type, 2016–2023 (USD Million)
Table 51 Europe: Market Size By Solution, 2016–2023 (USD Million)
Table 52 Europe: Market Size By Service, 2016–2023 (USD Million)
Table 53 Europe: Market Size By Professional Service Type, 2016–2023 (USD Million)
Table 54 Europe: Market Size By Application Area, 2016–2023 (USD Million)
Table 55 Europe: Market Size By Country, 2016–2023 (USD Million)
Table 56 Asia Pacific: IoT Security Market Size, By Component, 2016–2023 (USD Million)
Table 57 Asia Pacific: Market Size By Type, 2016–2023 (USD Million)
Table 58 Asia Pacific: Market Size By Solution, 2016–2023 (USD Million)
Table 59 Asia Pacific: Market Size By Service, 2016–2023 (USD Million)
Table 60 Asia Pacific: Market Size By Professional Service Type, 2016–2023 (USD Million)
Table 61 Asia Pacific: Market Size By Application Area, 2016–2023 (USD Million)
Table 62 Asia Pacific: Market Size By Country, 2016–2023 (USD Million)
Table 63 Middle East and Africa: IoT Security Market Size, By Component, 2016–2023 (USD Million)
Table 64 Middle East and Africa: Market Size By Type, 2016–2023 (USD Million)
Table 65 Middle East and Africa: Market Size By Solution, 2016–2023 (USD Million)
Table 66 Middle East and Africa: Market Size By Service, 2016–2023 (USD Million)
Table 67 Middle East and Africa: Market Size By Professional Service Type, 2016–2023 (USD Million)
Table 68 Middle East and Africa: Market Size By Application Area, 2016–2023 (USD Million)
Table 69 Middle East and Africa: Market Size By Country, 2016–2023 (USD Million)
Table 70 Latin America: IoT Security Market Size, By Component, 2016–2023 (USD Million)
Table 71 Latin America: Market Size By Type, 2016–2023 (USD Million)
Table 72 Latin America: Market Size By Solution, 2016–2023 (USD Million)
Table 73 Latin America: Market Size By Service, 2016–2023 (USD Million)
Table 74 Latin America: Market Size By Professional Service Type, 2016–2023 (USD Million)
Table 75 Latin America: Market Size By Application Area, 2016–2023 (USD Million)
Table 76 Latin America: Market Size By Country, 2016–2023 (USD Million)
Table 77 Evaluation Criteria
Table 78 New Product Launches and Product Enhancements, 2017–2018
Table 79 Partnerships, Collaborations, and Agreements, 2016–2019
Table 80 Mergers and Acquisitions, 2016–2018

List of Figures

Figure 1 IoT Security Market: Research Design
Figure 2 Market Estimation and Forecast Methodology
Figure 3 Competitive Leadership Mapping Matrix: Criteria Weightage
Figure 4 IoT Security Market, Top 3 Segments, 2018
Figure 5 Solutions Segment to Account for A Higher Market Share in 2018
Figure 6 Increasing Risks to Data Privacy in Vast IoT Networks to Act as an Opportunity in the IoT Security Market
Figure 7 Network Security Segment and North America to Hold the Highest Market Shares in 2018
Figure 8 Asia Pacific to Grow at the Highest CAGR During the Forecast Period
Figure 9 North America to Emerge as the Best Market for Investment Over the Next 5 Years
Figure 10 Drivers, Restraints, Opportunities, and Challenges: IoT Security Market
Figure 11 Trend of IoT Attacks in 2017, By Region
Figure 12 Services Segment to Grow at A Higher CAGR During the Forecast Period
Figure 13 Cloud Security Segment to Grow at the Highest CAGR During the Forecast Period
Figure 14 Identity Access Management Segment to Hold the Largest Market Size During the Forecast Period
Figure 15 Managed Services Segment to Grow at A Higher CAGR During the Forecast Period
Figure 16 Smart Manufacturing Segment to Hold the Largest Market Size During the Forecast Period
Figure 17 North America to Hold the Largest Market Size During the Forecast Period
Figure 18 North America: Market Snapshot
Figure 19 Asia Pacific: Market Snapshot
Figure 20 IoT Security Market (Global), Competitive Leadership Mapping, 2018
Figure 21 Ranking of Key Players in the IoT Security Market, 2018
Figure 22 Market (Global), Startup Competitive Leadership Mapping, 2018
Figure 23 Key Developments By the Leading Players in the IoT Security Market During 2016–2018
Figure 24 Cisco: Company Snapshot
Figure 25 SWOT Analysis: Cisco
Figure 26 IBM: Company Snapshot
Figure 27 SWOT Analysis: IBM
Figure 28 Intel: Company Snapshot
Figure 29 SWOT Analysis: Intel
Figure 30 Infineon: Company Snapshot
Figure 31 SWOT Analysis: Infineon
Figure 32 Symantec: Company Snapshot
Figure 33 SWOT Analysis: Symantec
Figure 34 Gemalto: Company Snapshot
Figure 35 Allot: Company Snapshot
Figure 36 Fortinet: Company Snapshot

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