IoT Security Market Projected to Reach a Valuation of $59.16 Billion by 2029, Unveils Meticulous Research®

Meticulous Research®, a global leader in market research, has unveiled its latest report titled "IoT Security Market by Component (Solution, Services), Type (Network Security, Cloud Security), Deployment Mode, Organization Size, Application (Smart Manufacturing, Smart Retail), End User (Manufacturing, Retail, and Others) - Global Forecasts to 2029." According to this comprehensive study, the global IoT security market is poised to experience a remarkable CAGR of 21.2%, reaching an estimated $59.16 billion by 2029.

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The robust growth of the IoT security market is attributed to key factors, including the widespread deployment of IoT across diverse sectors, a surge in ransomware attacks targeting IoT devices, and the formulation of dynamic regulations governing IoT security. The increasing demand for security solutions, particularly in developed countries, presents substantial growth opportunities for the IoT security market.

Despite these promising indicators, challenges such as the emergence of new variants of IoT threats and the adverse economic impacts of the COVID-19 pandemic pose potential obstacles. Moreover, issues related to shadow IoT devices, misconceptions, and a lack of awareness regarding IoT security solutions could impede market growth.

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The report delves into the segmentation of the global IoT security market based on components (solutions, services), types (network security, endpoint security, application security, cloud security, among others), deployment modes (on-premises, cloud-based), organization sizes (small & medium enterprises, large enterprises), applications (smart manufacturing, smart retail, smart energy management, connected cars, connected logistics, connected healthcare, smart supply chain, among others), and end-use industries (manufacturing, government & public, retail, consumer electronics, automotive, healthcare, energy & utilities, supply chain & logistics, transportation, and others).

Key Highlights:

1. Component Segmentation: In 2021, the solutions segment dominated the IoT security market due to an escalating number of IoT deployments across various sectors, a heightened focus on solution-centric security capabilities, and increasing vulnerabilities in IoT devices. However, the services segment is projected to exhibit a higher CAGR during the forecast period, driven by widespread adoption across manufacturing, automotive, and healthcare sectors.

2. Deployment Mode Insights: The on-premises segment accounted for a larger share of the IoT security market in 2021, offering greater control over IoT security infrastructure. Conversely, the cloud-based segment is anticipated to witness a higher CAGR, propelled by the growing sophistication in cloud deployments, scalability, and enhanced flexibility.

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3. Organization Size Impact: Large enterprises claimed a larger share of the IoT security market in 2021, leveraging their robust infrastructure managed by skilled IT personnel. Small & medium enterprises are expected to exhibit a higher CAGR during the forecast period.

4. Type Dynamics: The network security segment held the largest share in 2021, addressing rising concerns related to data breaches and the need to monitor network traffic. However, the cloud security segment is poised for the fastest growth, fueled by increasing cybercrime sophistication and the demand for securing cloud workloads.

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5. Application Scenarios: Smart manufacturing dominated the market in 2021, driven by escalating cybersecurity risks, a surge in demand for real-time security monitoring, and increased automation. Meanwhile, the connected logistics segment is forecasted to witness the highest growth, fueled by the increasing adoption of IoT-connected devices and the demand for multi-layered security in supply chain operations.

6. Regional Overview: North America claimed the largest market share in 2021, driven by a high adoption rate of IoT security solutions to enhance IT infrastructure. The region benefits from established IoT players, startups, and a proactive approach to adopting new technologies such as AI and ML.

This insightful report provides a detailed analysis of the IoT security market at both global and country levels, offering valuable insights for industry players, stakeholders, and investors.
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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

This release was published on openPR.