Straits Research predicts that the global IoT cybersecurity market size will grow from USD 16.07 billion in 2025 to USD 39.6 billion by 2033. The predominant driver of this growth is the rising number of IoT endpoints across segments in recent years. This growth is manifesting in both the enterprise as well as consumer IoT segments. There is a rapid explosion in real-time streaming data volume from all these connected devices, leading to a direct increase in the attack surface and potential vulnerabilities in the value chain – device connectivity to the Cloud application layers.

The scale and complexities of cyber threats are directly proportional to the acceleration of digital transformation across sectors. What were once isolated attacks are now sophisticated, coordinated exploits capable of crippling entire ecosystems. As per a report published by IBM, around 80% of the reported data breaches resulted in the exposure of Personally Identifiable Information (PII) of customers to cyber actors. The rising cost of these threats is staggering, not only in financial terms but also in operational downtime, reputational damage, and regulatory penalties.

The overarching goal of cybersecurity regulations and standards is to ensure increasingly secure hardware and software products in the market. Assessing risks and implementing security measures from the very start helps enterprises safeguard themselves from reputational risk, business risk, and financial risk.