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

North America IoT Security Market Growth

By 2023, North America established itself as a leader in the adoption of 5G technology, with connections in the area accounting for 29% of all connections across the region. Remarkably, the region witnessed an impressive year-over-year increase of 64% in 5G connections, resulting in the addition of 77 million new connections to its network. IoT security plays a crucial role in the 5G network ecosystem due to the increased scale, speed, and complexity of connectivity that 5G enables. As 5G networks drive the proliferation of IoT devices, ensuring robust security becomes essential to protect against evolving cyber threats.

From July 2020 to June 2021, the United States emerged as the primary target for cyberattacks, representing 46% of the global total. In 2022, individual losses attributed to cybercrime in the US exceeded $10.2 billion. Additionally, ransomware poses a significant security risk for businesses, with 60% of organisations in the US experiencing successful attacks that resulted in data encryption.

The increasing complexity and prevalence of these cyber threats are driving a heightened sense of urgency among businesses and government entities. In response to this escalating threat environment, various organisations are making substantial investments in Internet of things (IoT) security measures.

Key Trends and Developments

Proliferation of IoT devices, increasing cybersecurity threats, strict regulatory compliance, expansion of 5G network, and technological advancements are the major trends impacting the North America IoT security market growth

July 2024

The Federal Communications Commission of the United States established a voluntary cybersecurity labelling initiative for wireless consumer Internet of Things (IoT) devices. This aims to assist consumers in making well-informed purchasing choices and distinguishing reliable IoT products.

July 2024

IBM Consulting and Microsoft collaborated to support clients in enhancing their security operations and protecting against threats to cloud identity. Through the collaboration, the companies aim to combine their cybersecurity services and technology to help clients improve security operations, utilise cloud capabilities, protect data, and drive business growth.

April 2024

Cisco Investments, a leading American multinational technology company, allocated funds to Upstream's Mobility and IoT Cybersecurity Platform. Through this, the company aims to connect with various automobile manufacturers worldwide to enhance vehicle intelligence through advanced connectivity solutions.

Increasing Cybersecurity Threats

North America is experiencing a significant rise in cyberattacks, which encompass ransomware, data breaches, and Distributed Denial of Service (DDoS) attacks. The increasing complexity and prevalence of these threats are prompting both businesses and government entities to make substantial investments in IoT security to safeguard sensitive information and critical infrastructure.

Strict Regulatory Compliance

Strict data protection laws, including the California Consumer Privacy Act (CCPA) and the Health Insurance Portability and Accountability Act (HIPAA), are necessitating that organisations adopt more robust security measures for IoT devices.

Proliferation of IoT Devices

The swift proliferation of Internet of Things (IoT) devices in various sectors is a major catalyst for the market. The extensive deployment of interconnected devices amplifies the potential vulnerabilities, necessitating the implementation of strong security measures to safeguard against unauthorised access and data breaches.

Expansion of 5G Network

The implementation of 5G technology in North America is significantly enhancing the development of IoT ecosystems by providing quicker and more dependable connectivity. This advancement also broadens the potential vulnerabilities to cyber threats, thereby heightening the necessity for IoT security measures to safeguard these newly interconnected devices and networks.

Technological Advancements

North America serves as a centre for technological advancement, especially in areas such as artificial intelligence, blockchain technology, and 5G networks. These innovations are significantly improving the security features of the Internet of Things (IoT) by facilitating enhanced threat detection, real-time surveillance, and more secure interactions among IoT devices and their respective networks.

North America IoT Security Market Trends

North America is experiencing a significant increase in cyberattacks aimed at organisations in multiple sectors, such as healthcare, finance, and education. This rise in cyber threats is leading to a substantial transformation in the strategies organisations employ for cybersecurity, especially in relation to IoT security. The increasing complexity and frequency of these cyber threats are encouraging both businesses and government entities to take proactive measures to enhance their cybersecurity.

To safeguard sensitive information and protect critical infrastructure, organisations are allocating substantial resources towards implementing robust IoT security measures. This includes deploying advanced security protocols, conducting regular vulnerability assessments, and ensuring that all connected devices are properly secured against unauthorised access.

North America IoT Security Industry Segmentation

North America 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

• United States
• Canada

North America 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 26.3% during the forecast period of 2024-2032. The security of cloud IoT presents a complex challenge that necessitates a holistic strategy, integrating technology, processes, and policies to safeguard against continuously evolving threats.

Leading Companies in the North America IoT Security Market

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

• IBM Corporation
• Cisco Systems Inc.
• Broadcom Inc.
• Intel Corp.
• HP Inc.
• Fortinet Inc.
• AT&T Inc.
• Check Point Software Technologies Ltd.
• Palo Alto Networks Inc.
• Trustwave Holdings, Inc.
• 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.