Asia Pacific IoT Security Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2024-2032)

Asia Pacific IoT Security Market Growth

The Asia Pacific is witnessing a significant surge in cyberattacks relative to other regions worldwide. An IBM report indicates that in 2022, the Asia Pacific was the most targeted area, accounting for 31% of global cyberattacks. Furthermore, a survey conducted by Cloudflare in July 2023, which included over 4,000 cybersecurity professionals from countries such as Australia, China, Japan, Malaysia, Singapore, South Korea, Taiwan, Thailand, and Vietnam, among others, revealed that 78% of respondents had encountered at least one cybersecurity incident within the past year.

The proliferation of Internet of things (IoT) devices has transformed the way people interact with technology, leading to increased connectivity and convenience in daily lives. As more devices become interconnected, the potential attack surface for cybercriminals expands, making it easier for them to exploit vulnerabilities in IoT networks.

In the BFSI sector, the security of Internet of Things IoT devices is essential for protecting the expanding network of interconnected devices and safeguarding sensitive financial information and operations. Over 40 of the largest 100 banks globally, ranked by assets, are located in Asia, representing nearly 50% of the market capitalisation of these top banks. Additionally, for the past decade, Asia has maintained its position as the largest regional banking market worldwide. As IoT devices become increasingly integrated into financial processes, including ATMs, mobile payment systems, and contactless payment solutions, the importance of IoT security escalates to defend these transactions against fraud, data breaches, and cyber threats is increasing. Implementing secure encryption, robust authentication, and continuous monitoring is crucial to maintaining the integrity of financial transactions.

Key Trends and Developments

Increasing adoption of IoT devices, rise in cyberattacks, strict regulatory compliance, technological advancements, and growing e-commerce and online sales are the major trends impacting the Asia Pacific IoT security market growth

May 2024

The Indian Institute of Technology, Madras, along with Mindgrove, commemorated the successful design, production, and activation of India’s inaugural commercial high-performance RISC-V based System on Chip (SoC) known as ‘Secure IoT’. The solution aims to support OEMs to use indigenous SoCs in their products while lowering the cost of devices.

May 2024

Tata Communications partnered with Cisco to launch Webex Calling integrated with a cloud PSTN for enterprises in India. This service, called Webex Calling by Tata Communications, combined Cisco’s Webex capabilities with Tata's GlobalRapide cloud voice services, marking a pioneering initiative in the country.

August 2024

ASRock Industrial Computer Corporation signed a Memorandum of Understanding (MoU) with VinCSS, a leading cybersecurity firm in Vietnam, to enhance IoT security solutions and achieve FIDO Device Onboard certification, addressing the security needs of the rapidly growing IoT sector.

Increased Adoption of IoT Devices

The swift expansion of interconnected devices in sectors like manufacturing, healthcare, and transportation is increasing the need for strong security measures to safeguard sensitive information and maintain the integrity of networks.

Rise in Cyberattacks

With the rising proliferation of IoT devices, there is a corresponding increase in cyber threats aimed at these systems. The growing frequency of data breaches and malware incidents has intensified the demand for effective IoT security solutions.

Strict Regulatory Compliance

Governments across the Asia Pacific region are implementing rigorous regulations, including the Malaysia Cyber Security Act 2024, the Chinese Cybersecurity Law, and the Digital Personal Data Protection Act of 2023 (DPDPA), among others, which pertain to data protection and cybersecurity. This development requires companies to adopt improved security measures for Internet of Things (IoT) devices.

Technological Advancements

Ongoing progress in artificial intelligence and machine learning is facilitating the development of more advanced IoT security solutions, which are increasingly proficient in detecting and addressing potential threats.

Growing E-commerce and Online Sales

The growth of e-commerce and digital services throughout the Asia Pacific region has led to a heightened utilisation of IoT in logistics, supply chains, and payment systems, thereby intensifying the need for improved IoT security.

Asia Pacific IoT Security Market Trends

The rapid proliferation of interconnected devices across various sectors, including BFSI, government, manufacturing, healthcare, and transportation, is significantly driving the demand for robust security measures. As these sectors increasingly rely on the Internet of things (IoT) and smart technologies to enhance efficiency, streamline operations, and improve service delivery, the volume of sensitive information being transmitted and processed has surged, consequently driving the demand for IoT security solutions.

Asia Pacific IoT Security Industry Segmentation

Asia Pacific IoT Security Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Component

• Solutions
  • Identity and Access Management
  • Device Management
  • Data Encryption and Tokenization
  • Unified Threat Management (UTM)
  • Security Analytics
  • Others
• Services

Market Breakup by Deployment Mode

• On-Premises
• Cloud

Market Breakup by Organisation Size

• Large Enterprises
• Small and Medium Enterprise (SMEs)

Market Breakup by Security

• Network Security
• Cloud Security
• End Point Security
• Application Security
• Others

Market Breakup by Industry Vertical

• BFSI
• Government
• Healthcare and Life Sciences
• Energy and Power
• Manufacturing
• Others

Market Breakup by Country

• China
• Japan
• India
• ASEAN
• Australia

Asia Pacific IoT Security Market Share

Based on the deployment mode, the market is segmented into on-premises and cloud. The cloud segment is projected to grow at a CAGR of 29.2% during the forecast period of 2024-2032. Security for cloud IoT encompasses the protection of Internet of things devices and their associated data within cloud environments. As IoT devices become increasingly integrated with cloud computing, it is essential to implement strong security protocols to defend against a range of potential threats and vulnerabilities.

Leading Companies in the Asia Pacific IoT Security Market

Major players are focusing on the adoption of artificial intelligence and machine learning to gain a competitive edge in the market.

• IBM Corporation
• Cisco Systems Inc.
• Broadcom Inc.
• Intel Corp.
• HP Inc.
• Trend Micro Inc.
• AT&T Inc.
• Infineon Technologies AG
• Palo Alto Networks Inc.
• Thales S.A. (Gemalto)
• Sophos Ltd.
• Others

The comprehensive report looks into the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.