More on News
The future of the IoT security sector looks promising, driven by the rapid expansion of the IoT ecosystem, heightened cybersecurity risks, regulatory and compliance requirements, integration of AI and ML technologies, collaboration between the IoT and cybersecurity industries, and a growing emphasis on secure IoT deployment and lifecycle management. As organizations increasingly invest in comprehensive security solutions to protect the growing number of connected devices and the data they manage, the market is projected to experience significant growth.
According to a new report by MarketsandMarkets, the IoT security market is estimated to be valued at $20.9 billion in 2023. It is expected to reach $59.2 billion by 2028, exhibiting a compound annual growth rate (CAGR) of 23.1% during the forecast period from 2023 to 2028. The IoT ecosystem consolidates various connected devices into one smart device, such as smartphones, PCs, or tablets.
However, for hackers, the IoT landscape presents many opportunities, as billions of interconnected devices exchange and share data, creating a vast playground for tinkering, crafting, exploiting, and pushing these systems to their limits. Consequently, ensuring IoT security becomes essential for organizations, governments, utilities, and individuals to safeguard data and infrastructure.
The report highlights a range of IoT security solutions currently offered in the market. These include identity access management, data encryption and tokenization, intrusion detection system/intrusion prevention system, device authentication and management, secure software, and firmware update, secure communications, PKI lifecycle management, DDoS protection, security analytics, as well as other solutions such as virtual firewall and incidence response systems. These solutions enable enterprises worldwide to secure their IoT devices effectively.
Identity and access management, a critical aspect of IoT security, encompasses a business process framework consisting of policies and technologies that help organizations control the appropriate access of all employees to technology resources. It manages attributes like phone numbers, email addresses, and social security numbers while authenticating identities.
The IoT is gaining traction across industries due to its robust offerings. With the expanding reach of IoT, multiple end users and devices can connect to networks. Unauthorized access to networks through intrusions is a significant cause of cyberattacks. Identity access management plays a crucial role by allowing users in the network to be given limited access based on their requirements, thereby protecting networks from fraudulent events.
Key players in the IoT security market include Microsoft, AWS, Google, IBM, Intel, Cisco, Ericsson, Thales, Allot, Infineon, Atos, and more. These industry leaders have implemented various growth strategies, including partnerships, agreements, collaborations, new product launches and enhancements, and acquisitions, to expand their presence and strengthen their position in the IoT security market.