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

United Kingdom IoT Security Market Growth

In 2022, financial and related professional services made a significant contribution to the gross value added in the United Kingdom. In 2021, 65% of the population was engaged in online banking, while 57% utilised mobile banking services. Furthermore, data from the Association of British Insurers indicates that the UK insurance sector disbursed £98.2 billion in long-term insurance benefits in 2020, encompassing pensions, retirement income, protection, and long-term care.

IoT security in the banking, financial services, and insurance sectors is crucial, as it is essential for protecting financial data, preventing fraud, ensuring compliance with regulatory requirements, and safeguarding interconnected devices against cyber threats. As the BFSI sector increasingly embraces IoT technologies to improve service delivery and operational efficiency, the implementation of robust IoT security measures is crucial for preserving trust and integrity within the financial ecosystem.

The significance of IoT security has escalated concerning cybercrime, as the increasing number of connected devices introduces new vulnerabilities and potential attack vectors for malicious actors. In the United Kingdom, over 560,000 new cyber threats are identified each day. Furthermore, the 2024 UK Government Cyber Security Breaches Survey indicated that 50% of UK businesses had encountered a cyberattack or security breach within the past year. IoT security is essential in mitigating the escalating threat of cybercrime by safeguarding connected devices, networks, and the data they process.

Key Trends and Developments

Increasing adoption of IoT devices, stringent government regulations, rising threat of cyberattacks, and advancements in artificial intelligence and machine learning are the major trends impacting the United Kingdom IoT security market growth

April 2021

The ioXt Alliance, recognised as the Global Standard for IoT Security, supported the UK’s Department for Digital, Culture, Media and Sport (DCMS) in validating its proposed legislation, affirming measures to enhance the security of consumer devices. The proposed regulations by the DCMS concentrate on three fundamental aspects, the prohibition of universal passwords, the establishment of published expiration dates, and the implementation of vulnerability disclosure programs.

May 2024

The United Kingdom established itself as the first nation to officially introduce cybersecurity standards for IoT devices. These new regulations are designed to protect consumers from cyber threats and enhance the country's resilience against increasing cybercrime.

May 2024

Axians UK, a technology services provider, formed a partnership with Nozomi Networks Inc., the global leader in operational technology (OT) and Internet of Things (IoT) security, to expand its range of security services tailored for industrial and critical infrastructure organisations in the United Kingdom and the Republic of Ireland.

Increasing Adoption of IoT Devices

The extensive adoption of Internet of things (IoT) devices in various sectors, including healthcare, manufacturing, smart homes, and retail, is increasing the need for strong security measures to safeguard against cyber threats.

Stringent Government Regulations

The initiatives undertaken by the UK government to enhance cybersecurity, including the IoT Code of Practice and the Product Security and Telecommunications Infrastructure (PSTI) Bill, are encouraging businesses to allocate resources towards IoT security solutions to comply with regulatory standards.

Rising Threat of Cyberattacks

The rise in the number of IoT devices has resulted in a surge of targeted cyberattacks, such as botnet attacks, ransomware incidents, and unauthorised access to IoT networks, thereby prompting the implementation of enhanced security measures.

Advancements in Artificial Intelligence and Machine Learning

The deployment of artificial intelligence and machine learning in IoT security solutions is enhancing the efficiency of threat detection, facilitating real-time monitoring, and enabling automated responses, thereby rendering security systems more resilient and capable of adapting to emerging threats.

Rising Consumer Awareness Regarding IoT Security

With the growing awareness among UK consumers regarding the potential risks linked to unsecured IoT devices within smart homes, there is a rising demand for user-friendly IoT security solutions aimed at safeguarding personal data and privacy.

United Kingdom IoT Security Market Trends

The extensive adoption of IoT devices across a multitude of sectors, such as healthcare, manufacturing, smart homes, and retail, is significantly transforming the landscape of technology and connectivity. As these devices become more integrated into everyday operations and personal lives, they generate vast amounts of data and facilitate real-time communication between systems. This interconnectedness, while offering numerous benefits such as improved efficiency, enhanced user experiences, and streamlined processes, also brings with it a heightened vulnerability to cyber threats.

As these technologies continue to evolve and proliferate, organisations must adopt a proactive approach to cybersecurity, investing in advanced security solutions, conducting regular risk assessments, and fostering a culture of security awareness among users.

United Kingdom IoT Security Industry Segmentation

United Kingdom 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 Region

• England
• Wales
• Northern-Ireland
• Scotland

United Kingdom 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 26.8% during the forecast period of 2024-2032. Security for cloud IoT encompasses the protection of Internet of things (IoT) 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 United Kingdom 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.
• Fortinet Inc.
• AT&T Inc.
• Infineon Technologies AG
• Palo Alto Networks Inc.
• Thales S.A. (Gemalto)
• Sophos Ltd.
• 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.