North America IoT Security Market Size (2024 - 2029)

The North America IoT Security Market is experiencing significant growth driven by the increasing adoption of connected devices and the rising focus on securing these devices from cyber threats. The market's expansion is fueled by the development of new business models and the decreasing costs of IoT devices, which have led to a surge in connected machines, wearables, and consumer electronics. Despite the challenges posed by the growing complexity of devices and the lack of comprehensive legislation, the market is poised for growth due to the heightened emphasis on IoT security by businesses, consumers, and regulators. The post-COVID-19 era is expected to offer substantial opportunities for market expansion, particularly with the introduction of affordable cloud-based and hybrid solutions.

Market Size of North America IoT Security Industry

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North America IoT Security Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 9.79 Billion
Market Size (2029) USD 26.44 Billion
CAGR (2024 - 2029) 21.97 %
Market Concentration Low

Major Players

North America IoT Security Market Major Players

*Disclaimer: Major Players sorted in no particular order

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North America IoT Security Market Analysis

The North America IoT Security Market size is estimated at USD 9.79 billion in 2024, and is expected to reach USD 26.44 billion by 2029, growing at a CAGR of 21.97% during the forecast period (2024-2029).

  • The emerging business models and applications, coupled with the reducing device costs, have been instrumental in driving the adoption of IoT, consequently, the number of connected devices, such as connected machines, wearables, cars, meters, and consumer electronics.
  • Attacks on consumer IoT devices are prevalent, and the overall possibility of disruption in manufacturing and similar industries makes the threat more serious. Various end-user industries in the United States and Canada have faced considerable security attacks in various industries in the past few years. IoT security is becoming a significant focus area for businesses, consumers, and regulators. Following such increasing prominence, enterprises that are offering IoT-based solutions worldwide are investing heavily in the security aspect of these solutions.
  • For instance, in October 2022, Datadog, Inc., the monitoring and security platform for cloud applications, declared the general availability of Cloud Security Management. This product brings together capabilities from Cloud Security Posture Management (CSPM), Cloud Workload Security (CWS), alerting, incident management, and reporting in a single platform to enable DevOps and Security teams to identify misconfigurations, detect threats, and secure cloud-native applications.
  • Moreover, the increasing dependency on connected devices is creating the need to keep the connected devices secure. This significant growth is anticipated to be driven by the growing industry focus on deploying a connected ecosystem as well as the standardization of 3GPP cellular IoT technologies.
  • With the growing number of devices connected to the Internet, the cyber world is anticipated to witness a significant rise in the occurrence and emergence of new threats and attacks. IoT devices are particularly vulnerable to various network attacks, such as data theft, spoofing, phishing attacks, and DDoS attacks (denial of service attacks). These can lead to various cybersecurity-related threats like ransomware attacks and other serious data breaches that can take businesses a lot of money and effort to recover from.
  • However, the growing complexity among devices, coupled with the lack of ubiquitous legislation, could be a major matter of concern that can limit the overall market’s growth throughout the forecast period.
  • Since the beginning of COVID-19, there has been an increase in IoT attacks, and hence, countries worldwide have implemented several preventive measures. With communities being asked to stay at home and schools being closed, multiple organizations have found a way to allow their employees to work from their homes. This has resulted in a rise in the adoption of video communication platforms. Moreover, during the post-COVID-19 period, the market is expected to witness significant growth opportunities, especially due to the introduction of various cost-effective cloud-based and hybrid solutions by the leading major market participants.

North America IoT Security Industry Segmentation

IoT is a network of internet-connected objects. These objects collect and exchange data using sensors embedded within them. Attacks on these IoT devices are prevalent; however, the possibility of disruption in manufacturing and similar industries makes the threat more serious. IoT security is becoming a significant focus for businesses, consumers, and regulators. Following such increasing prominence, enterprises offering IoT-based solutions worldwide are investing heavily in the security aspect of these solutions.

The solution that has been considered in the scope of the study comprises the software and the services offered by the vendors in the North American market. The vendors profiled in the market even provide an embedded solution, a crucial strategy followed by the vendors to offer a one-point solution for end-users who want to deal with a single responsible party to have better control over the business flow.

The North America IoT security market is segmented by type of security (network security and end-point security), solution (software and services), end-user industry (automotive, healthcare, government, manufacturing, energy & power, retail, BFSI, and other end-user industries), and geography (United States and Canada).

The market sizes and forecasts are provided in terms of value USD for all the above segments.

Type of Security
Network Security
End-point Security
Solution
Software
Services
End-user Industry
Automotive
Healthcare
Government
Manufacturing
Energy and Power
Retail
BFSI
Others End-user Industries
Geography
United States
Canada
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North America IoT Security Market Size Summary

The North American IoT Security Market is poised for significant expansion, driven by the increasing adoption of IoT devices across various sectors such as healthcare, manufacturing, and automotive. The proliferation of connected devices, including wearables, smart cars, and consumer electronics, has heightened the focus on IoT security due to the rising incidence of cyberattacks targeting these devices. The market is characterized by a robust demand for security solutions to safeguard against threats like data breaches, phishing, and DDoS attacks. This demand is further fueled by the growing dependency on cloud services and the need for a unified security platform to protect these systems. The introduction of government initiatives, such as the U.S. Cyber Trust Mark, underscores the importance of enhancing cybersecurity measures for internet-connected devices.

The competitive landscape of the North American IoT Security Market is marked by the presence of numerous regional players and significant investments in product innovation and strategic collaborations. Major companies like Symantec, IBM, and Palo Alto Networks are actively enhancing their offerings to address the evolving security challenges posed by the increasing number of IoT connections. The market is witnessing a trend towards the integration of advanced technologies, such as artificial intelligence and zero-trust security models, to bolster IoT device protection. As the market continues to grow, driven by technological advancements and the need for robust security solutions, it presents substantial opportunities for both established and emerging players in the industry.

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North America IoT Security Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.2.1 Threat of New Entrants

      2. 1.2.2 Bargaining Power of Buyers/Consumers

      3. 1.2.3 Bargaining Power of Suppliers

      4. 1.2.4 Threat of Substitute Products

      5. 1.2.5 Intensity of Competitive Rivalry

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Assessment of Impact of Covid-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type of Security

      1. 2.1.1 Network Security

      2. 2.1.2 End-point Security

    2. 2.2 Solution

      1. 2.2.1 Software

      2. 2.2.2 Services

    3. 2.3 End-user Industry

      1. 2.3.1 Automotive

      2. 2.3.2 Healthcare

      3. 2.3.3 Government

      4. 2.3.4 Manufacturing

      5. 2.3.5 Energy and Power

      6. 2.3.6 Retail

      7. 2.3.7 BFSI

      8. 2.3.8 Others End-user Industries

    4. 2.4 Geography

      1. 2.4.1 United States

      2. 2.4.2 Canada

North America IoT Security Market Size FAQs

The North America IoT Security Market size is expected to reach USD 9.79 billion in 2024 and grow at a CAGR of 21.97% to reach USD 26.44 billion by 2029.

In 2024, the North America IoT Security Market size is expected to reach USD 9.79 billion.

North America IoT Security Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)