Market Size of Europe IoT Security Industry
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 |
Major Players*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 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 Size Summary
The European IoT Security Market is poised for significant growth, driven by the increasing proliferation of IoT devices across the region. The adoption of IoT security solutions is being propelled by the European Union Agency for Cybersecurity's comprehensive guidelines, which address vulnerabilities in the IoT supply chain. The advent of 5G technology is further accelerating the integration of connected devices, particularly in industries embracing the fourth industrial revolution. This technological advancement is enhancing cellular connectivity and fostering the development of smart cities, with a substantial portion of these urban innovations expected to emerge in Europe. However, the market faces challenges such as the high cost of IoT security solutions and the complexity of integrating standardized security measures in resource-constrained environments like smart homes. The COVID-19 pandemic has also underscored the importance of securing smart homes and buildings, as the increased use of connected devices has made them more susceptible to cyber threats.
The competitive landscape of the European IoT Security Market is becoming increasingly fragmented, with new entrants and existing players engaging in strategic collaborations to enhance their market presence. Notable acquisitions, such as Telefonica Tech's purchase of BE-terna and Incremental, highlight the trend towards expanding technological capabilities and market reach. Major companies like Symantec, Sophos, IBM, and Wipro are actively launching new services and solutions to address evolving security threats. Regulatory developments, such as the European Commission's Cyber Resilience Act and the UK's Product Security and Telecommunications Infrastructure Bill, are setting minimum security standards for IoT devices, holding manufacturers accountable for product security. These regulatory measures, along with government initiatives to support digital transformation, are expected to further drive the demand for IoT security solutions in Europe.
Europe IoT Security Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Increasing Number of Data Breaches
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1.1.2 Emergence of Smart Cities
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1.2 Market Restraints
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1.2.1 Growing Complexity among Devices, Coupled with the Lack of Ubiquitous Legislation
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2. MARKET SEGMENTATION
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2.1 Security
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2.1.1 Network Security
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2.1.2 End-point Security
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2.1.3 Application Security
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2.1.4 Cloud Security
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2.1.5 Other Securities
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2.2 Solution
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2.2.1 Software
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2.2.2 Services
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2.3 End-user Industry
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2.3.1 Automotive
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2.3.2 Healthcare
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2.3.3 Government
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2.3.4 Manufacturing
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2.3.5 Energy and Power
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2.3.6 Retail
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2.4 Country
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2.4.1 United Kingdom
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2.4.2 Germany
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2.4.3 France
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2.4.4 Italy
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2.4.5 Rest of Europe
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Europe IoT Security Market Size 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.