Global IoT Security Market Projected to Surpass $35.99 Billion by 2029 with 33.4% Annual Growth

Which drivers are expected to have the greatest impact on the over the iot security market's growth?
The trend towards smart cities is anticipated to fuel the expansion of the IoT security market. As our population continues to grow, the importance of sustainable development increases. Smart cities have the necessary infrastructure to manage high traffic volumes, control population growth, and provide robust security measures for their residents. This outcome can be achieved by integrating IoT devices within these smart cities. This entails not only connecting devices to each other but also ensuring a secure exchange of data, adopting certain patterns, and offering comprehensive solutions. The advent of remotely connected CCTV and automated incident detection systems - which use computers for constant traffic monitoring and incident or traffic queue detection - facilitate rapid threat response times. Crowd management solutions powered by IoT aid in the effective monitoring and control of large groups at various events. Intelligent street lighting systems reduce crime levels and enhance driving conditions. With the growing demand for security in smart cities, there will be an escalation in the investment towards the IoT Security Market. In June 2022, the SmartAmerica Challenge, spearheaded by the National Institute of Standards and Technology (NIST), a US governmental entity, stated that city governments will allocate $41 trillion over the subsequent two decades towards infrastructure development, inclusive of smart city projects. Hence, the evolution of smart cities is contributing significantly to the growth of the IoT security market.

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What is the future CAGR of the iot security market, and how will it impact industry expansion?
The size of the IoT security market has seen significant expansion in the past few years. The value of this market is projected to increase from $8.7 billion in 2024 to $11.36 billion in 2025, indicating a compound annual growth rate (CAGR) of 30.6%. Factors such as escalating cybersecurity threats, surge in IoT devices, need for regulatory compliance, high-profile security violations, and necessity for integration with current IT infrastructure have substantially contributed to this historical growth.

Anticipations are high for considerable enlargement of the IoT security market in the coming years. With a compound annual growth rate (CAGR) of 33.4%, the market looks to increase to an impressive $35.99 billion by 2029. The expected surge in the prediction period can be linked to the widening of IoT in vital infrastructure, the escalating complexity of IoT systems, focus on zero trust security framework, apprehension over privacy and data safeguards, and the shift towards cloud-based IoT protection. The forecast period also points to trends such as concerns over supply chain security, planning for incident response, incorporating security in the development cycle, solutions geared towards quantum-safe security, and collaborative security ecosystems.

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What are the most significant trends transforming the iot security market today?
Leading corporations in the IoT security market are diligently working on the creation of innovative solutions, such as Cyber security platform, in order to solidify their competitive advantage. The concept behind a Cyber security platform is a unified solution that streamlines security visibility, analysis, and controls across diverse security layers and data sources, thereby amplifying protection, scalability, and performance. For example, Trend Micro Inc., a prominent IT security organization from the US, unveiled its product, Trend Vision One, in May 2023. Designed as a consolidated cybersecurity platform, Trend Micro One enables organizations to anticipate, endure, and swiftly rebound from threats while fortifying their security team. Remarkably, Trend Vision One offers support for IoT security. The platform's design ensures wide-ranging protection across several domains, inclusive of operational technology (OT), which considers IoT devices. It upholds hybrid environments, providing robust security across various interfaces such as servers, cloud services, endpoints, and networks. Moreover, the platform comes equipped with an exhaustive set of inherent security sensors, offering all-encompassing protection against a plethora of threats.

Which key market segments comprise the iot security market and drive its revenue growth?
The IoT security market covered in this report is segmented -

1) By Type: Network Security, Endpoint Security, Application Security, Cloud Security, Other Types
2) By Component: Solution, Services
3) By Application: Healthcare And Life Sciences, Infrastructure And Cities, Industrial System And Sensors, Smart Home And Consumer, Transport And Urban Mobility

Subsegments:
1) By Network Security: Firewalls, Intrusion Detection And Prevention Systems (IDPS), Virtual Private Networks (VPNs), Network Encryption
2) By Endpoint Security: Anti-Malware Solutions, Device Authentication And Access Control, Endpoint Detection And Response (EDR)
3) By Application Security: Application Testing (Static And Dynamic), Runtime Application Self-Protection (RASP), Secure Application Development
4) By Cloud Security: Cloud Access Security Brokers (CASB), Cloud Data Encryption, Identity And Access Management (IAM) For Cloud
5) By Other Types: Identity Management And Authentication, Data Privacy And Protection Solutions, Security Analytics And Threat Intelligence

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What regions are at the forefront of iot security market expansion?
Asia-Pacific was the largest region in the Internet of Things IoT security market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global IoT security market share report during the forecast period. The regions covered in the IoT security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Who are the leading players fueling growth in the iot security market?
Major companies operating in the IoT security market include AT&T Inc., Huawei Technologies Co. Ltd., Siemens AG, Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Verizon Enterprises Solutions LLC, HP Enterprise Company LLC, Infineon Technologies AG, Fortinet Inc., Gemalto NV, ARM Holdings plc, Check Point Software Technologies Ltd., PTC Inc., Forgerock Inc., Trustwave Holdings Inc., NSIDE Secure Inc., Allot Communications Ltd., Armis Inc., Sophos Group plc, Broadcom Inc., Wurldtech Security Inc., Centri Security Inc., SecuriThings, Mocana Corporation, Newsky Security Inc., NETCOM On-Line Communication Services Inc., Palo Alto Networks Inc., Rapid7 Inc., SimpliSafe Inc., Cradlepoint Inc., SonicWall Inc., Medigate Corporation, CyberMDX Healthcare Cybersecurity, Entrust Datacard Corporation, Microsoft Corporation, Amazon Web Services, Google LLC, Ericsson AB, Thales Group, Atos SE

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What Is Covered In The IoT Security Global Market Report?

•Market Size Forecast: Examine the iot security market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the iot security market for a structured understanding.
•Key Players Overview: Analyze major players in the iot security market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the iot security market.
•Segment Contributions: Evaluate how different segments drive overall growth in the iot security market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the iot security market.
•Industry Challenges: Identify potential risks and obstacles affecting the iot security market.
•Competitive Landscape: Review strategic developments in the iot security market, including expansions, agreements, and new product launches.

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