IoT Security Market Worth $59.16 Billion by 2029 - Exclusive Report by Meticulous Research®

According to a new market research report titled, "IoT Security Market by Component (Solutions, Services), Type (Network Security, Cloud Security), Deployment Mode, Organization Size, Application (Smart Manufacturing, Smart Retail), End-use Industry (Manufacturing, Retail, and Others) - Global Forecasts to 2029", published by Meticulous Research®, the IoT security market is expected to grow at a CAGR of 21.2% from 2022-2029 to reach $59.16 billion by 2029.

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The Internet of Things (IoT) security is a technological solution used for safeguarding networks of connected devices. The security solutions aim to eradicate vulnerabilities and equip devices to identify, resist and recover from cyber-attacks. Several industries and organizations, including manufacturing, government, retail, and healthcare, are deploying this technology worldwide on a considerable scale. Growing IoT deployment, the increasing number of ransomware attacks on IoT devices, and growing IoT security regulations are the key factors driving the growth of the IoT security market. However, the increase in new variants of IoT threats and the negative impacts of the COVID-19 pandemic on the global economy are expected to restrain the growth of this market to some extent.

Impact of COVID-19 on the IoT Security Market

The COVID-19 pandemic adversely impacted the global economy. Several countries imposed strict lockdowns to contain the infection, leading to the closure of manufacturing industries and disruptions in supply chains and production schedules. There have been significant impacts on technology supply chains globally. Uncertainty regarding the duration of the lockdowns and supply chain disruptions made it an arduous task for industry players to anticipate the resurgence in the IoT security industry. Thus, the crisis caused structural shifts that had significant implications on this industry.

The lockdown negatively impacted the manufacturing, automotive, retail, and transportation industries. However, the adoption of IoT security witnessed a significant rise in the healthcare sector. The rapid spread of the COVID-19 outbreak strained the global healthcare networks and systems, affecting critical, life-saving operations and processes. Also, with the rise of telemedicine and remote working due to the COVID-19 pandemic, vigilance became an even greater priority in the healthcare sector. Therefore, healthcare facilities increasingly adopted IoT security technology to control fraud related to health devices and patient data security. Also, IoT security solutions play a significant role in handling uncertainties in the manufacturing sector. These solutions facilitate secure communication, unified threat management, and identity and access management. Such applications have helped the IoT security market sustain during the COVID-19 crisis.

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IoT Security Market Overview

The IoT security market is segmented based on component (solutions, services), type (network security, endpoint security, application security, cloud security, other security types), deployment mode (on-premises, cloud-based), organization size (small & medium enterprises, large enterprises), application (smart manufacturing, smart retail, smart energy management, connected cars, connected logistics, connected healthcare, smart supply chain, other applications), end user (manufacturing, government & public, retail, consumer electronics, automotive, healthcare, energy & utilities, supply chain & logistics, transportation, and other end users), and geography. The study also evaluates industry competitors and analyses the market at the country level.

Based on component, the solutions segment accounted for the largest share of the overall IoT security market in 2021. The large share of this segment is mainly attributed to the growing number of IoT deployments, the increasing focus on solution-centric security capabilities, and the rising vulnerabilities on IoT devices. In addition, the benefits offered by IoT security, such as high performance, reliability, comprehensive vulnerability coverage, efficiency, and real-time applications, further augment the growth of this segment. However, the service segment is expected to record the fastest growth during the forecast period due to the wide adoption of IoT security services across numerous industry verticals.

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Based on type, the network security segment accounted for the largest share of the overall IoT security market in 2021. The large share of this segment is mainly attributed to the rising incidences of data breaches, the growing demand for filtering and monitoring network traffic, and the increasing need to protect connected network infrastructure. However, the cloud security segment is expected to record the fastest growth during the forecast period. The rising need to secure workload on the cloud is expected to support the growth of this segment.

Based on application, the smart manufacturing segment accounted for the largest share of the overall IoT security market in 2021. The large share of this segment is mainly attributed to the growing cybersecurity risks, the rising demand for real-time security monitoring, and the growing automation in the industry. However, the connected logistics segment is expected to record the fastest growth during the forecast period.

Based on geography, North America accounted for the largest share of the global IoT security market in 2021. The large share of this region is attributed to the presence of prominent players offering advanced IoT security solutions and services to various sectors in the region. Also, in 2020, the U.S. government passed a new IoT cybersecurity law, the NIST Internet of Things Cybersecurity Improvement Act, to increase cybersecurity for IoT devices. Thus, favorable government initiatives across the region and investments by major IoT security companies are further accelerating the growth of this market in the region.
However, Asia-Pacific region is expected to witness rapid growth during the forecast period. The region is transforming dynamically with respect to the adoption of new technologies across various sectors. The infrastructural growth in APAC, especially in China, South Korea, Australia, Singapore, Japan, and India, and the high IoT penetration provide huge opportunities for the IoT security solutions. For instance, according to GSMA Intelligence, the number of IoT connections in Asia-Pacific is expected to grow to 11.5 billion by 2025.

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The key players operating in the global IoT security market are Cisco Systems, Inc. (U.S.), Forescout Technologies, Inc. (U.S.), Fortinet, Inc. (U.S.), Palo Alto Networks, Inc. (U.S.), Rapid7, Inc. (U.S.), Armis, Inc. (U.S.), Microsoft Corporation (U.S.) Entrust Corporation (U.S.), Karamba Security Ltd. (Israel), ForgeRock, Inc. (U.S.), IBM Corporation (U.S.), Checkpoint Software Technologies, Ltd. (Israel), Allot Communications Ltd. (Israel), JFrog, Inc. (U.S.), Broadcom, Inc. (U.S.), and PTC, Inc. (U.S.) among others.

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