Meticulous Research®, a leading global market research and consulting company, has released a new report titled “IoT Security Market by Component (Solutions, 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”. The report highlights significant growth prospects within the global IoT security market, projecting a robust compound annual growth rate (CAGR) of 21.2% from 2022 to 2029, with market size expected to reach $59.16 billion by 2029.
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Key Drivers and Market Dynamics
The rapid expansion of the Internet of Things (IoT) across diverse sectors is a primary driver of growth in the IoT security market. As IoT deployments increase, the vulnerability of devices to cyber threats such as ransomware attacks escalates, necessitating advanced security measures. Moreover, the evolving regulatory landscape, with new IoT security regulations being formulated, is contributing to the market's upward trajectory. In developed regions, the rising demand for sophisticated security solutions is poised to create substantial growth opportunities for industry players.
However, the market is not without its challenges. The emergence of new IoT threat variants, alongside the lingering economic impacts of the COVID-19 pandemic, is expected to impede growth to some extent. Additionally, the proliferation of shadow IoT devices, coupled with widespread misconceptions and lack of awareness regarding IoT security, poses significant challenges to the broader adoption of these essential solutions.
Market Segmentation and Growth Insights
The report provides a detailed segmentation of the global IoT security market:
• By Component: The market is divided into solutions and services. In 2021, the solutions segment held the largest market share, driven by the increasing focus on solution-centric security measures and the rising vulnerabilities associated with IoT devices. While the solutions segment continues to dominate, the services segment is expected to exhibit a higher CAGR over the forecast period, fueled by the growing adoption of IoT security services across manufacturing, automotive, and healthcare sectors.
• By Deployment Mode: The market is segmented into on-premises and cloud-based deployments. On-premises solutions accounted for the larger market share in 2021, primarily due to the greater control they offer over IoT security infrastructure. Nevertheless, cloud-based deployments are anticipated to grow at a faster pace, driven by their scalability, flexibility, and the increasing sophistication of cloud-based security solutions.
• By Organization Size: Large enterprises dominated the market in 2021, benefiting from robust infrastructure and the expertise of skilled IT personnel. These enterprises are focused on maintaining secure channels to mitigate cyber threats and ensure business continuity. However, small and medium-sized enterprises (SMEs) are expected to outpace large enterprises in terms of growth rate, as they increasingly adopt IoT security solutions to protect their operations.
• By Type: The market is categorized into network security, endpoint security, application security, cloud security, and other security types. In 2021, network security held the largest share, driven by the growing need for robust protection of connected networks. Cloud security, however, is expected to experience the highest growth rate, supported by the increasing complexity of cybercrimes and the critical need to secure cloud-based workloads.
• By Application: The report identifies key application areas, including smart manufacturing, smart retail, smart energy management, connected cars, connected logistics, connected healthcare, and smart supply chain. Smart manufacturing emerged as the leading application segment in 2021, attributed to the rising demand for real-time security monitoring and increased automation. Meanwhile, the connected logistics segment is projected to grow the fastest, driven by the need for multi-layered security in managing supply chain operations.
Regional Insights
Geographically, North America led the global IoT security market in 2021, a position bolstered by the region’s high adoption rate of IoT security solutions and the presence of numerous established IoT companies. The region's advanced IT infrastructure and integration of cutting-edge technologies such as artificial intelligence (AI) and machine learning (ML) further enhance its market dominance.
Conversely, the Asia-Pacific region is expected to witness the highest growth rate during the forecast period. Rapid economic development, increasing IoT penetration, and the surge in cybercrimes are key factors driving the demand for IoT security solutions across the region.
Key Market Players
The IoT security market is highly competitive, with several key players making significant contributions to its development. Prominent companies operating in this space include 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.).
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