Europe IoT Security Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 11.85 % |
| Market Concentration | Low |
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*Disclaimer: Major Players sorted in no particular order |
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Europe IoT Security Market Analysis
The European IoT Security Market is expected to register a CAGR of approximately 11.85% during the forecast period. The increasing number of IoT devices in the region boosts the adoption of IoT security solutions.
- In the previous year, European Union Agency for Cybersecurity (ENISA) released its Guidelines for Securing the IoT - Secure Supply Chain for IoT, which covers the entire Internet of Things (IoT) supply chain - hardware, software, and services. EU Agency for Cybersecurity conducted a survey that identifies untrusted third-party components and vendors and the vulnerability management of third-party components as the two main threats to the IoT supply chain and offers additional resources from other initiatives, standards, and guidelines.
- Further, the emergence of 5G is expected to expedite the use of connected devices in the industries already pushing toward the industrial revolution 4.0. Industrial revolution 4.0, aiding cellular connectivity throughout the sector through the rise of IoT and machine-to-machine connections, has also been instrumental in driving market traction.
- Several other innovative city projects and initiatives are ongoing. By the forecasted period, it is expected that there will be around 30 global smart cities, and 50% of these will be located in North America and Europe (source: OECD). According to the OECD, these steps are supported by global investments, which would be about USD 18,00,000 million between 2010 and 2030 for all infrastructure projects in urban cities.
- IoT security solutions are costly, as security adds expense due to longer development times and increased complexity. Smart cars primarily use IoT for smart manufacturing, connected homes, and building automation solutions. This can lead to inefficient data management and a reduced interoperability mechanism. The increase in the risk of malware and phishing threats drives the growth of the cyber security market.
- Moreover, the Covid-19 pandemic impacts resulted in securing smart homes and smart buildings from cybersecurity risks has become more relevant. People spend considerable time at home using smart cameras, wearables, and telecommunications, including IoT technology. With the increasing usage of connected devices during the Covid-19 pandemic, these devices have become more susceptible to attacks from threat actors, thereby increasing the demand for IoT security in the region.
Europe IoT Security Market Trends
This section covers the major market trends shaping the Europe IoT Security Market according to our research experts:
Increasing Number of Data Breaches is Expected to Boost the Demand
- Data breaches have increased substantially with the increase in technology adoption across enterprises. The threat of distributed denial of service (DDoS) and ransomware attacks has increased because of the ready access to easy-to-use tools and a broader criminal understanding of its potential for profit through extortion. These attacks, which directly target business systems and individuals, may potentially lead to enormous financial and personal losses.
- With new devices being rolled out constantly for both home and business automation, the pace of attacks generated by IoT botnets is likely to continue to increase. CSO Online prediction puts that the healthcare industry is being attacked more than most other sectors, thus, alerting the various end-user verticals of the IoT market to advance their security solutions.
- Infrastructures that are critical such as electricity, water, and other essential resources, as well as all the industry verticals, are adopting IoT and are in the phase of automation. Automation makes operations more reliable and efficient but also makes systems prone to attacks on cybersecurity. The attacks on these critical systems are now a primary concern for governments and organizations.
- Further, to address the concern, new regulations came into effect and have been formulated. For instance, in the United Kingdom, the official statistics regarding the most common cybersecurity breaches are published annually by DCMS in the cybersecurity Breaches Survey.
- According to DCMS, over the past 12 months, the demand for cybersecurity professionals has increased significantly. On average, there were 4,400 core cyber security postings each month of the last year, which resulted in an increase of 58% from 2020. This depicts an estimated annual shortfall of a14,000 cyber security professionals.
United Kingdom Expected to Hold a Considerable Share
- The United Kingdom has been at the forefront of technology adoption in the European region, substantially increasing the threat of cyber attacks. According to data from the global insurer Hiscox, small businesses in the United Kingdom target an estimated 65,000 attempted cyber attacks every day. According to the insurer, almost one in three (30%) UK small businesses suffered a cyber breach last year - equivalent to over 4,500 successful attacks per day or every 19 seconds.
- The department for Digital, Culture, Media, and Sport (DCMS) of the United Kingdom government has published reports showing that almost 49% of consumers in the United Kingdom have bought at least one smart device since the outbreak of the Covid-19 pandemic. In November last year, the Department for Digital, Culture, Media, and Sport introduced the Product Security and Telecommunications Infrastructure (PSTI) Bill. The Bill applies to the whole IoT industry, including manufacturers, retailers, and importers of foreign-manufactured devices, who must ensure that no unsafe IoT products go to market if they do not meet the required security standards.
- In the previous year, the European Telecommunications Standards Institute (ETSI) released a new cybersecurity standard for consumer Internet of Things devices (TS 303 645). The measure establishes a security baseline for internet-connected consumer products, provides a basis for future IoT certification schemes, and specifies 13 provisions for the security of internet-connected consumer devices and their associated services. The scope of the products includes connected children's toys, baby monitors, and connected safety-relevant products.
- Also, the Smart home, a significant trend in the smart city concept, offers several benefits. However, the resource-constrained nature of various IoT devices in a smart home environment, such as meters, thermostats, and entertainment units, does not permit the implementation of standardized security solutions. Therefore, currently, smart homes are vulnerable to security threats. Such developments and adopting of smart home technology are also expected to boost the market growth in the region.
- Moreover, companies are gaining investments to develop new technologies and collaborate in producing smart home security solutions. In May last year, Arlo launched Arlo Go 2 security camera in the United Kingdom for GBP 309.99, including a 2-year Arlo secure subscription. This camera can be connected to Wi-Fi or through a 3G or 4G SIM card. It provides a 100% wireless installation and offers 1080p color HD video live streaming capabilities, automatic connectivity switching from Wi-Fi to cellular in case of Wi-Fi drop, and many more.
Europe IoT Security Industry Overview
The competitive landscape of the European IoT Security Market is expected to move towards fragmentation over the forecast period due to the emergence of new market players and innovation and development activities by the existing players. The market players are also strategically collaborating to expand their market presence.
- October 2022 - Telefonica Tech acquired BE-terna, building a scaled European Tech Services. BE-terna is a European Microsoft Cloud solutions provider with cloud-based industry-specific solutions. The acquisition results in Telefonica Tech as a relevant Tech services player by securing a European presence.
- September 2022 - Telefonica Tech acquired Incremental to strengthen its position in the market for IT and security services. Incremental is a digital transformation and data analytics company. With this acquisition, Telefonica Tech & Incremental has a broader footprint in the United Kingdom market and a more comprehensive range of Microsoft technologies to choose from, including 16 Gold Competencies and 5 Advanced Specializations.
Europe IoT Security Market Leaders
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Symantec Corporation
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Sophos Ltd.
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IBM Corporation
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Intel Corporation
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Hewlett Packard Enterprise Company
*Disclaimer: Major Players sorted in no particular order
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Europe IoT Security Market News
- November 2022 - Sophos Launched Managed Detection and Response (MDR) Service from an endpoint security provider that integrates vendor-agnostic telemetry. MDR is capable of threat detection and response capabilities. MDR offers unprecedented visibility and detection across diverse operating environments.
- November 2022 - Wipro launches European cyber security consultancy services. Wipro, a technology services and consulting provider has launched a strategic cyber security consulting service in Europe that is intended to give clients a complete solution to cope with security threats. Customers will have access to the whole range of cyber security capabilities offered by the organization, from strategy and execution to managed services, owing to the new offering accessible through Wipro CRS Europe.
- September 2022 - The European Commission launches a new Cyber Resilience Act to secure IoT devices in Europe. The Act prescribes minimum security standards for connected devices during product development and throughout the product life cycle to increase the security of European IoT software and hardware. In addition to holding manufacturers responsible for ensuring that their products are digitally secure, the Act will provide customers with further information about the security of their gadgets.
- January 2022- Based on Govt. United Kingdom report, the government of the United Kingdom provides software and technical assistance to Unite Kingdom entrepreneurs to help their growth. From the beginning of January 2022, applications are set to be open for the government's Help to Grow: Digital schemes, which assist smaller businesses in implementing digital technologies in favor of growth. Moreover, the project also provides businesses with discounts of up to £5,000 ( USD 5266.50) on approved Digital Accounting and Customer Relations Management (CRM) software. The government provides a dedicated website for this scheme, which offers free and impartial support and is currently operational to boost businesses' digital skills.
Europe IoT Security Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHT
- 4.1 Market Overview
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4.2 Industry Attractiveness - Porter's Five Forces Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Consumers
- 4.2.3 Threat of New Entrants
- 4.2.4 Intensity of Competitive Rivalry
- 4.2.5 Threat of Substitutes
- 4.3 Industry Value Chain Analysis
- 4.4 Assessment of Impact of COVID-19 on the Industry
5. MARKET DYNAMICS
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5.1 Market Drivers
- 5.1.1 Increasing Number of Data Breaches
- 5.1.2 Emergence of Smart Cities
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5.2 Market Restraints
- 5.2.1 Growing Complexity among Devices, Coupled with the Lack of Ubiquitous Legislation
6. MARKET SEGMENTATION
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6.1 Security
- 6.1.1 Network Security
- 6.1.2 End-point Security
- 6.1.3 Application Security
- 6.1.4 Cloud Security
- 6.1.5 Other Securities
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6.2 Solution
- 6.2.1 Software
- 6.2.2 Services
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6.3 End-user Industry
- 6.3.1 Automotive
- 6.3.2 Healthcare
- 6.3.3 Government
- 6.3.4 Manufacturing
- 6.3.5 Energy and Power
- 6.3.6 Retail
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6.4 Country
- 6.4.1 United Kingdom
- 6.4.2 Germany
- 6.4.3 France
- 6.4.4 Italy
- 6.4.5 Rest of Europe
7. COMPETITIVE LANDSCAPE
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7.1 Company Profiles
- 7.1.1 Symantec Corporation
- 7.1.2 IBM Corporation
- 7.1.3 Sophos Group PLC
- 7.1.4 Intel Corporation
- 7.1.5 Hewlett Packard Enterprise Company
- 7.1.6 FORTINET INC
- 7.1.7 Infineon Technologies AG
- 7.1.8 Palo Alto Networks Inc
- 7.1.9 Gemalto NV (Thales Group)
- 7.1.10 SecureIoT
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Europe IoT Security Industry Segmentation
IoT security is becoming a significant focus for businesses, consumers, and regulators. Following such increasing prominence, enterprises offering IoT-based solutions are investing heavily in the security aspect of these solutions. The resolution considered in the scope of the study comprises the software and the services provided by the vendors in the European market.
Internet of Things (IoT) security helps consumers and businesses defend their networks against threats increased by internet-connected gadgets, which often have advanced security protections that protect networks from compromise or data breaches. IoT security is essential for businesses and users that use various smart devices on their corporate networks to safeguard confidential information and high-end software.
The European IoT Security Market is Segmented by Type of Security (Network Security, End-point Security, Application Security, Cloud Security, Other Securities), Solution (Software, Services), End-user Industry (Automotive, Healthcare, Government, Manufacturing, Energy, and power, Retail, BFSI), and Country.
The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
| Security | Network Security |
| End-point Security | |
| Application Security | |
| Cloud Security | |
| Other Securities | |
| Solution | Software |
| Services | |
| End-user Industry | Automotive |
| Healthcare | |
| Government | |
| Manufacturing | |
| Energy and Power | |
| Retail | |
| Country | United Kingdom |
| Germany | |
| France | |
| Italy | |
| Rest of Europe |
Europe IoT Security Market Research FAQs
What is the current Europe IoT Security Market size?
The Europe IoT Security Market is projected to register a CAGR of 11.85% during the forecast period (2024-2029)
Who are the key players in Europe IoT Security Market?
Symantec Corporation, Sophos Ltd., IBM Corporation, Intel Corporation and Hewlett Packard Enterprise Company are the major companies operating in the Europe IoT Security Market.
What years does this Europe IoT Security Market cover?
The report covers the Europe IoT Security Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Europe IoT Security Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Europe IoT Security Industry Report
Statistics for the 2024 Europe IoT Security market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe IoT Security analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
