US IoT Security Market Overview
US IoT Security Market Size was valued at USD 5.8 Billion in 2022. The IoT security market industry is projected to grow from USD 7.18 Billion in 2023 to USD 39.619 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 23.80% during the forecast period (2023 - 2032). The primary market drivers of the IoT security market's growth are the expanding use of IoT devices, the rise in ransomware attacks on IoT devices, the need to safeguard connected network infrastructure, the number of IoT security regulations, and the growing significance of security and privacy issues.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
IoT Security Market Trends
Increase in Data Breach Incidents to Boost the Market Growth
The cyber world is predicted to experience an increase in the frequency and appearance of new threats and attacks as the number of devices linked to the Internet rises. Data breaches in a variety of end-user sectors have increased over the previous few years throughout the US area, proving this. Potentially devastating financial and personal losses could result from these attacks, which directly target people and business systems. as a result, consumer gadgets that are very vulnerable to data breaches require an increased demand for IoT security. In addition, the surge in data breaches in the region's end-user sectors—healthcare, manufacturing, BFSI, automotive, etc.—is putting a premium on IoT security solutions to shield connected devices from hackers. For instance, the Identity Theft Resource Center's ITRC 2022 Annual Data Breach Report states that there were 1802 instances of data intrusions in the US in 2022. From 157 incidents in 2005 to 1802 cases in 2022, there was a notable increase in data compromises in the US. Furthermore, it is anticipated that the industry would expand even more as a result of growing government attempts to safeguard companies against cyberattacks. To safeguard Americans from the numerous security dangers tied to internet-connected gadgets, the Biden administration, for example, initiated an Internet of Things (IoT) cybersecurity labeling program in July 2023. The show "U.S. The goal of "Cyber Trust Mark" is to assist Americans in making sure they purchase internet-connected gadgets that have robust cybersecurity defenses against cyberattacks.
The key to cutting-edge security solutions is blockchain technology, a decentralized distributed ledger. Direct information exchange between connected devices is made possible by blockchain applications in the ecosystem of linked devices, as opposed to communication via centralized networks. IoT networks and devices are less vulnerable to cyberattacks thanks to these links. Additionally, the IoT security solution greatly improves security by utilizing blockchain technology and sensor-embedded chips. To establish a dispersed Internet of things network, IBM Corporation and Samsung have created Autonomous Decentralized Peer-to-Peer Telemetry (ADEPT), a blockchain-enabled IoT system. Blockchain applications like these would guarantee success in the international market. Thus, driving the IoT security market revenue.
IoT Security Market Segment Insights
IoT Security Component Insights
The US IoT Security market segmentation, based on component includes Solutions (Identity Access & Management, Data Encryption & Tokenization, Device Management, Security Analytics, Unified Threat Management (UTM), Others) and Services (Consulting & Implementation, Training and Education, Support and Maintenance, Professional, Managed Security Services). The solutions segment dominated the market mostly. The need for IoT security solutions is growing as more IoT devices are being connected to botnets and as IoT vulnerabilities arise. Strong security architecture is provided by IoT security solutions for linked devices. Moreover, over the projection period, the segment's expansion is anticipated to be driven by increased security issues with machine learning.
IoT Security Deployment Insights
The US IoT Security market segmentation, based on deployment, includes Cloud and On-premise. The cloud category generated the most income. The need for cloud-based solutions is anticipated to increase due to the growing popularity of security analytics and real-time threat detection. Since most IoT devices are wirelessly connected, on-premise solutions could see consistent development.
IoT Security Enterprise Size Insights
The US IoT Security market segmentation, based on enterprise size, includes SME's and Large Enterprises. The large enterprises category generated the most income. The large market share can be ascribed to the well-established businesses' extensive communication network. On the other hand, small and medium-sized businesses are probably going to spend more money on network security.
Figure 1: US IoT Security Market, by Enterprise Size, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
IoT Security Product Type Insights
The US IoT Security market segmentation, based on product type, includes Network Security, Endpoint Security, Application Security, Cloud Security and Others (Web Security, Data Security). The endpoint security category generated the most income. The increasing adoption of IoT technology by both large corporations and small and medium-sized businesses (SMEs) has resulted in the storage of copious amounts of personal data on cloud platforms, raising the risk of data breaches and cyberattacks. These businesses therefore require strong data security to prevent cyberattacks and data theft. Therefore, increasing IT security spending is anticipated to have a big effect on market expansion.
IoT Security End-user Industry Insights
The US IoT Security market segmentation, based on end-user industry, includes Automotive, Healthcare, Government, Manufacturing, Energy & Power, Retail, BFSI and Others. The manufacturing category generated the most income. It is anticipated that the use of IoT security solutions will exhibit an exponential trend in the manufacturing sector. Some of the factors driving the growth of the IoT security market throughout the industry are the introduction of Industry 4.0, smart factories, industrial bots, and smart manufacturing.
IoT Security Application Insights
The US IoT Security market segmentation, based on application, includes Smart Homes, Smart Manufacturing, Connected Logistics, Connected Healthcare, Smart Retail, and Others (Smart Education, Smart Meters). The smart homes category generated the most income. The use of smart electronics, smart fire and alarm systems, and intelligent security systems has expanded due to the growing number of smart houses being built across US, particularly in developed areas. Thus, the necessity for security solutions has grown as IoT systems are increasingly being used in consumer goods and smart homes.
IoT Security Country Insights
High adoption of cutting-edge technologies, an increase in cyberattacks, and an increase in the number of connected devices in the nation are the main driving forces behind the growth of the IoT security market in the United States. Regarding IoT deployment, the nation is among the leading regions. In addition, the region's spending on IoT security and digitization are growing trends. Additionally, a number of major IoT security vendors are based in the area, including Palo Alto Networks Inc., IBM Corporation, Symantec Corporation, and FireEye Inc. Through increasing product innovation, the vendors are fortifying both their market presence and range of offerings. For instance, in March 2022, network firewall manufacturer Palo Alto Networks announced that it has partnered with Amazon Web Services to launch the new Palo Alto Networks Cloud NGFW for AWS, a managed Next-Generation Firewall (NGFW) service made to make securing AWS deployments easier and allow businesses to innovate more quickly while maintaining high security.
IoT Security Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the IoT security market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, IoT security industry must offer cost-effective items.
Major players in the IoT security market are attempting to increase market demand by investing in research and development operations includes Microsoft (US), AWS (US), Google (US), IBM (US), Intel (US), Cisco (US), Ericsson (Sweden), Thales (France), Allot (Israel), Infenion (Germany), and Atos (France).
Key Companies in the IoT security market include
-
-
AWS (US)
-
Google (US)
-
-
Intel (US)
-
-
Ericsson (Sweden)
-
Thales (France)
-
Allot (Israel)
-
Infenion (Germany)
-
Atos (France)
IoT Security Industry Developments
May 2023: AWS announces that Configurable Endpoints will support Transport Layer Security (TLS) 1.3. TLS 1.3 offers two significant security and performance enhancements: it gets rid of older cipher suites and legacy features from earlier TLS versions, and it performs better thanks to a streamlined handshake procedure.
April 2023: Cisco unveiled new industrial loT application cloud management capabilities, streamlined dashboards to unify IT and OT operations, and adaptable network intelligence to monitor and safeguard all industrial assets.
June 2020: The United States-based technology corporation Microsoft Corporation purchased Cyber X, Inc. for a value of $165 million. Microsoft Corporation develops, produces, licenses, supports, and distributes computer software, personal computers, consumer electronics, and related services. Azure loT security solutions from Microsoft Corporation, including as Azure Sentinel, will now cover devices in a range of industrial environments thanks to this acquisition. A computer and network security company established in the USA is called Cyber X, Inc.
IoT Security Market Segmentation
IoT Security Component Outlook
-
Solutions
-
Identity Access & Management
-
Data Encryption & Tokenization
-
Device Management
-
Security Analytics
-
Unified Threat Management (UTM)
-
Others
-
Services
IoT Security Deployment Outlook
IoT Security Enterprise Size Outlook
IoT Security Product Type Outlook
IoT Security End-user Industry Outlook
-
Automotive
-
Healthcare
-
Government
-
Manufacturing
-
Energy & Power
-
Retail
-
BFSI
-
Others
IoT Security Application Outlook
| Report Attribute/Metric |
Details |
| Market Size 2022 |
USD 5.8 Billion |
| Market Size 2023 |
USD 7.18 Billion |
| Market Size 2032 |
USD 39.619 Billion |
| Compound Annual Growth Rate (CAGR) |
23.80% (2023-2032) |
| Base Year |
2022 |
| Market Forecast Period |
2023-2032 |
| Historical Data |
2018- 2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Component, Deployment, Enterprise Size, Product Type, End-user Industry, Application, and Region |
| Countries Covered |
US |
| Key Companies Profiled |
Microsoft (US), AWS (US), Google (US), IBM (US), Intel (US), Cisco (US), Ericsson (Sweden), Thales (France), Allot (Israel), Infenion (Germany), and Atos (France) |
| Key Market Opportunities |
Intensification of cyber-attacks on IoT devices |
| Key Market Dynamics |
Industry 4.0-related loT security incidents are increasing quickly Rising government programs for smart city initiatives |
Frequently Asked Questions (FAQ) :
The US IoT Security market size was valued at USD 5.8 Billion in 2022.
The market is projected to grow at a CAGR of 23.80% during the forecast period, 2023-2032.
The key players in the market are Microsoft (US), AWS (US), Google (US), IBM (US), Intel (US), Cisco (US), Ericsson (Sweden), Thales (France), Allot (Israel), Infenion (Germany), and Atos (France).
The solutions category dominated the market in 2022.
The endpoint security category had the largest share in the market.
