Europe IoT Security Market Size (2024 - 2029)

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.