IoT Security Market Size, Share, Growth, Forecast 2032

Internet of Things (IoT) security refers to the practices, measures, and technologies implemented to protect IoT devices, networks, and data from unauthorized access, cyber threats, and potential breaches. As the number of interconnected devices and systems in the IoT ecosystem continues to grow, ensuring their security is of paramount importance to prevent data breaches, privacy violations, and disruptions to critical operations.

The rapid increase in the number of IoT devices being deployed across industries creates a larger attack surface for potential cyber threats. The growing IoT ecosystem drives the demand for robust security solutions to protect these devices and the data they generate.

The global IoT security market size was evaluated at US$ 26.06 Billion in 2023, set to reach US$ 348.59 Billion by 2032 at a CAGR of about 33.4% from 2024 to 2032.

the IoT security market was a CAGR of nearly 33.4% between 2024 to 2032

North America is projected to hold a notable chunk of the global IoT Security market during the estimated timespan. The U.S. is estimated to make major contributions in the IoT security market owing to the increasing demand in the IT & telecom sector. Further, the presence of market players such as IBM Corporation, PTC Inc., Symantec Corporation, and many more in the U.S., it is expected that the market in this region will propel over the coming years. Europe is expected to witness notable rise in the demand for IoT security solution due to the growing demand in manufacturing sector. Several automotive manufacturers in UK and Germany are focusing on the usage of IoT technology for manufacturing cars.

Major players in the IoT Security market are IBM Corporation, Symantec Corporation, PTC Inc., Trustwave, Verizon Enterprises Solutions, Gemalto NV, Cisco Systems, Inc., Check Point Security Software Technologies Ltd., Infineon Technologies, and AT&T Inc. among others. Key market players are focusing on acquisition to leverage their product offerings and expand their business at a global level.