The IoT security market will see a CAGR of 23.1%, taking it from $20.9bn in 2023 to $59.2bn in 2028, according to Markets & Markets.

For hackers, the IoT ecosystem is a world of opportunities, where billions of interconnected devices transfer and share data, creating a massive playground for tinkering, crafting, exploiting and taking these systems to their limits. Hence, IoT security becomes essential for organisations, governments, utilities and individuals to protect data and infrastructure.

Some of the key players are Microsoft (USA), AWS (USA), Google (USA), IBM (USA), Intel (USA), Cisco (USA), Ericsson (Sweden) and Thales (France).

IoT security products that are being offered include identity access management, data encryption and tokenisation, intrusion detection and prevention systems, device authentication and management, secure software and firmware updates, secure communications, PKI lifecycle management, DDoS protection, security analytics, and virtual firewall and incidence response systems. These enable enterprises to secure IoT devices around the world.

The IAM (identity and access management) segment is expected to account for the largest market size during the forecast period.

IAM refers to a business process framework. This framework consists of policies and technologies that help organisations control the appropriate access of all employees to technology resources. It manages attributes, such as phone numbers, email addresses and social security numbers, and authenticates 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 be connected to networks. One of the main causes of cyber attacks is unauthorised access to networks through intrusions. With the help of identity access management, users in the network can be given limited access as per their requirements. This would protect networks from fraudulent events.

North America is expected to dominate the market during the forecast period.

North America has witnessed significant growth in the IoT security market, leading the market in market share. The area has led in witnessing cyber-attack incidents globally. It is regarded as the most advanced region regarding information technology security adoption and infrastructure.

The rising concern about safeguarding critical infrastructure and sensitive data has enlarged government intermediacy in recent years. Numerous government industry-collaborative efforts have been considered to boost the IoT security market. Peculiar budget allocation, mandated information consulting policies and collaboration with the private sector are expected to make North America the most lucrative market.