The Italy IoT security market size reached around USD 392.31 Million in 2023. The market is projected to grow at a CAGR of 15.00% between 2024 and 2032 to reach nearly USD 1380.10 Million by 2032.
Base Year
Historical Year
Forecast Year
Nearly 91.5% of all European companies view IoT as a business imperative as compared to just 85% of all American organisations. Italian businesses are leading users of IoT tools with an adoption rate of 95%. The manufacturing sector accounts for 26% of all ongoing IoT projects in Italy, where solutions mainly focus on accelerating the rate of industrial automation to boost quality of products. This results in significant operational efficiency and increases in production capacity which drives competitive advantage. As per the Italy IoT security market analysis, while 90.8% of all European businesses use IoT, Italy is expected to dominate the region, thereby witnessing a substantial demand for IoT security solutions.
The Italian BFSI industry is expected to make increasing investments in digital technology to modernise their existing infrastructure, thereby achieving smoother workflow and operational efficiency. Intesa Sanpaolo, Italy’s largest bank, is planning to spend nearly EUR 5 billion on switching towards a cloud-based banking system. UniCredit, Italy’s second largest bank, has invested around EUR 2 billion between 2022 and 2024 for adopting various new technologies. Online bank accounts can enable Italians to save 40% more money on maintenance, as compared to conventional bank accounts. This is expected to increase the use of IoT by Italy’s BFSI industry, thereby fuelling the Italy IoT security market development.
Value in USD Million
2024-2032
Italy IoT Security Market Outlook
*this image is indicative*
Increasing focus on embedded security services; rising preference for edge AI; growth of agricultural sector; and increasing incidence of cyber-attacks are factors favouring the Italy IoT security market growth.
Edge AI can enable real-time threat detection of IoT devices operational across numerous industries, including the aerospace and automotive sectors, thereby enhancing response capabilities.
Major IoT companies advocate security-by-design to drive their product adoption, which has emerged as a one of the key Italy IoT security market trends over time.
The adoption of IoT devices for ensuring adequate crop irrigation and nutrient delivery to the roots is expected to accelerate the demand for reliable IoT security solutions.
In 2023, Italy witnessed a year-on-year surge of 29% in the number of cyberattacks. Rising number of cyberattacks has contributed to the market expansion.
In 2023, Italy saw a significant rise in cyberattacks, with over 85% of organisations experiencing at least one successful attack within a year, and 72.4% of companies anticipating further attacks in the next 12 months. The prevalence of ransomware is particularly concerning, as 68% of organisations reported being targeted by such attacks. Additionally, the financial sector remains highly vulnerable, with a notable increase in phishing incidents, which affected 96% of businesses. The Clusit 2024 Report highlighted that Italy recorded 2,779 serious cyber incidents in 2023, marking a 12% increase from the previous year. As the threat landscape continues to evolve, Italian companies are allocating over 10% of their IT budgets to IoT security measures in 2024, leading to Italy IoT security market growth. Moreover, in response, the Italian government is enhancing national cybersecurity measures through the National Cybersecurity Authority (ACN) and by investing in over 80 initiatives aimed at strengthening defense against these threats.
The EMR’s report titled “Italy IoT Security Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Breakup by Component
Breakup by Deployment Mode
Breakup by Organization Size
Breakup by Security
Breakup by Industry Vertical
Breakup by Region
Based on region, the market is segmented into North-West, North-East, the Central region, and the South region. The Central region is projected to dominate the market, representing 21% of the overall market share. Over the forecast period, the North-West region is expected to grow at a CAGR of 17.1% because of increasing incidence of state-sponsored cyberattacks in the country and the widespread adoption of smart IoT devices by households and individuals.
Major players are improving their Italy IoT security market share by catering to the demand for IoT security solutions in data encryption and tokenisation applications.
Cisco Systems Inc. is a software development company headquartered in California. United States. It was formed in 1984 and specialises in manufacturing and selling high-tech services and products, such as networking hardware solutions.
Infineon Technologies AG is a German multinational company which was formed in April 1999. According to Italy ...
IBM Corporation is a multinational company that was established in June 1911 and is based in New York, United ...
Sophos Ltd. was established in 1985 and is based in Abingdon, United Kingdom. It operates in the software deve...
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other players included in the Italy IoT security market report are Broadcom Inc., Intel Corp., HP Inc., Trend Micro Inc., AT&T Inc., Palo Alto Networks Inc., and Thales S.A. (Gemalto), among others.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the market reached an approximate value of USD 392.31 Million.
The market is projected to grow at a CAGR of 15.00% between 2024 and 2032.
The different components of IoT security in the market are solutions and services.
The different deployment modes considered in the market report are on-premises and cloud.
The different sizes of organisations using IoT security in Italy are large enterprises, and small and medium enterprises.
The different segments considered in the market report are network security, cloud security, end point security, and application security, among others.
Key players in the market are 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), and Sophos Ltd., among others.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of around USD 1380.10 Million by 2032.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment
|
| Breakup by Offering |
|
| Breakup by Deployment Mode |
|
| Breakup by Organisation Size |
|
| Breakup by Security |
|
| Breakup by Industry Vertical |
|
| Breakup by Region |
|
| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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