IoT Security Market to Reach USD 43.11 billion by 2031, Growing at 29.8% CAGR | SkyQuest Technology

Skyquest Technology

IoT security refers to the security measures taken to safeguard the Internet of Things (IoT) devices and components from different cyber threats and cyberattacks. The rapidly evolving cyber threat landscape and surging use of IoT technologies and devices are forecasted to alter the IoT security market growth trajectory in the long run. The interconnected nature of IoT technology makes high security a priority to safeguard systems and data, thereby augmenting the need for IoT security.

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The high use of IoT devices for automation applications in multiple industry verticals has propelled the demand for IoT security and created a new business scope for security providers. Integration of Blockchain and other decentralized technologies is a key aspect opening new business opportunities for multiple IoT security market players.  IoT security providers are focusing on reducing the time-to-market for IoT technologies and products through their offerings as it has gone up significantly in recent years. Integration of IoT technologies with other smart technologies will also create new opportunities for IoT security solution providers in the days to come.

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New IoT Security Standards Solidifying Business Scope for New and Established IoT Security Companies

IoT security providers should focus on developing new offerings continuously as the threat landscape keeps evolving. Government efforts to improve cybersecurity and the launch of new security standards and certifications for IoT security are also projected to influentially augment the global IoT security landscape. These companies are also focusing on opting for a zero-trust approach and utilizing other advanced technologies to improve IoT security in the future. The growing use of interconnected devices and rising emphasis on improving their security are slated to primarily drive business for most IoT security providers.

• In July 2023, the government of the United States, announced the launch of its much-awaited IoT security labeling program called Cyber Trust Mark. The initiative aims to help safeguard Americans from the threats associated with interconnected devices and bolster IoT security in the country.
• In April 2024, CyberKnight, a renowned provider of cybersecurity services and solutions based in the United Arab Emirates (UAE), unveiled its Zero Trust OT/IoT Security business unit at the GISEC 2024 event. In the same year, CyberKnight achieved the value-added distributor for TXOne Networks by their Zero Trust OT business unit.
• Infineon Technologies announced the launch of their new NFC I2C Bridge Tag for IoT device security in May 2023. This product, namely, OPTIGA Authenticate NBT, offers secured configuration and single-tap authentication for different IoT devices. 
• In March 2024, The Connectivity Standards Alliance’s Product Security Working Group, revealed a new IoT device security specification. This was aimed at setting a universal IoT cybersecurity standard and certification program.

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The rapid hike in the adoption of IoT devices accompanied by an increase in the incidence of cyberattacks and data breaches is setting the tone for IoT security market growth. IoT security providers are continually developing new solutions and products to keep up with the rapidly evolving threat landscape. Innovation is highly vital for any IoT security business to prosper.

Related Report:

Global Internet Of Things (IoT) Market

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