IoT Security Market Projected to Reach $59.16 Billion by 2029

Meticulous Research® Charts the Future: IoT Security Market Projected to Surpass $59.16 Billion by 2029
Meticulous Research®, a trailblazing global market research company, unveils 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 set to achieve a compelling CAGR of 21.2% from 2022-2029, reaching an estimated value of $59.16 billion by 2029. The driving forces behind this growth include the expanding deployments of IoT across various sectors, a surge in ransomware attacks on IoT devices, and the formulation of dynamic IoT security regulations. The escalating demand for security solutions in developed countries presents substantial growth opportunities for the IoT security market.

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Growth Drivers and Challenges: Navigating the Dynamics of IoT Security
While the report highlights the positive trajectory fueled by increased IoT deployments and regulatory measures, it also sheds light on challenges such as the emergence of new IoT threats, the lingering impacts of the COVID-19 pandemic on the global economy, and obstacles posed by shadow IoT devices. Additionally, misconceptions and a lack of awareness regarding IoT security solutions pose significant challenges to widespread adoption, potentially hindering market growth.

Segmentation Insights: Unveiling Market Dynamics
• Component Segmentation: In 2021, the solutions segment dominated the IoT security market, driven by the growing number of IoT deployments across diverse sectors. The rising focus on solution-centric security capabilities and an increase in vulnerabilities on IoT devices contribute to the segment's large market share.

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• Services Segment: The services segment is anticipated to witness a higher CAGR during the forecast period, reflecting the widespread adoption of IoT security services across manufacturing, automotive, and healthcare sectors. Consulting, training & support, and integration services are expected to witness increased demand.

• Deployment Mode: While on-premises solutions accounted for a larger share in 2021 due to the greater control they offer over IoT security infrastructure, cloud-based deployment is expected to exhibit a higher CAGR. Factors driving cloud-based growth include sophistication in cloud deployments, high scalability, and superior flexibility.

• Organization Size: Large enterprises held a larger share in 2021, leveraging strong infrastructure and skilled IT personnel for managing IoT security platforms. However, small & medium enterprises are expected to witness a higher CAGR, reflecting their increasing adoption of IoT security solutions.

• Type Segmentation: Network security claimed the largest share in 2021, addressing rising data breaches and the need for filtering and monitoring network traffic. Cloud security is expected to record the fastest growth during the forecast period, driven by the sophistication of cybercrimes and the increasing need to secure workload on the cloud.

• Application Segmentation: In 2021, the smart manufacturing segment led the global IoT security market, driven by increasing cybersecurity risks, demand for real-time security monitoring, and growing automation in the industry. The connected logistics segment is projected to experience the fastest growth, supported by the emergence of IoT connecting devices and rising demand for multi-layered security in supply chain operations.

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• Geographical Overview: North America dominated the IoT security market in 2021, with high adoption rates of IoT security solutions and a concentration of established players and startups. Asia-Pacific is expected to witness the highest growth rate during the forecast period, driven by developing economies, high IoT penetration, and the increasing prevalence of cybercrimes.

Key Players in the IoT Security Market
Prominent players shaping the IoT security landscape include Cisco Systems, Inc., Forescout Technologies, Inc., Fortinet, Inc., Palo Alto Networks, Inc., Rapid7, Inc., Armis, Inc., Microsoft Corporation, Entrust Corporation, Karamba Security Ltd., ForgeRock, Inc., IBM Corporation, Checkpoint Software Technologies, Ltd., Allot Communications Ltd., JFrog, Inc., Broadcom, Inc., and PTC, Inc.

Meticulous Research® continues to lead the charge in providing comprehensive insights, guiding businesses through the intricacies of the ever-evolving IoT security market.

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This release was published on openPR.