Meticulous Research® - a leading global market research company published a research 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 latest publication from Meticulous Research®, the global IoT security market is expected to grow at a CAGR of 21.2% from 2022–2029 to reach $59.16 billion by 2029. The growth of the IoT security market is driven by factors, such as the growing IoT deployments across different sectors, the increasing number of ransomware attacks on IoT devices, and the formulation of dynamic IoT security regulations. The growing demand for security solutions in developed countries is expected to offer significant growth opportunities for the IoT security market.
However, the rise 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. Additionally, the shadow IoT devices, misconceptions and lack of awareness associated with IoT security solutions pose serious challenges to the adoption of IoT security solutions, thereby hampering the growth of this market.
The global 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-use industry (manufacturing, government & public, retail, consumer electronics, automotive, healthcare, energy & utilities, supply chain & logistics, transportation, and other end-use industries). The study also evaluates industry competitors and analyses the market at the country level.
Based on component, the IoT security market is segmented into solutions and services. In 2021, the solutions segment accounted for the larger share of the IoT security market. The large share of this segment is attributed to the growing number of IoT deployments across different end-use sectors, the increasing focus on solution-centric security capabilities, and the rising vulnerabilities on IoT devices.
In addition, the benefits associated with IoT security, such as high performance, reliability, comprehensive vulnerability coverage, efficiency, and real-time applications, further augment the growth of this segment. However, the services segment is expected to grow at a higher CAGR during the forecast period due to the wide adoption of IoT security services across manufacturing, automotive, and healthcare sectors, resulting in the increased demand for consulting, training & support, and integration services.
Based on deployment mode, the IoT security market is segmented into on-premises and cloud-based. In 2021, the on-premises segment accounted for a larger share of the IoT security market. The large market share of this segment is due to the greater control of IoT security infrastructure offered by on-premises solutions.
However, the cloud-based segment is expected to grow at a higher CAGR during the forecast period. Growing sophistication in cloud deployments, high scalability, the increasing use of cloud, and superior flexibility offered by cloud deployments are the factors driving the growth of this segment.
Based on organization size, the IoT security market is segmented into small & medium enterprises and large enterprises. In 2021, the large enterprises segment accounted for the larger share of the IoT security market due to its strong infrastructure and management of IoT security platforms by skilled IT personnel. Furthermore, large enterprises focus on desired security channels against cyber threats to retain their customers, boost sales, and validate necessary steps to overcome market interruptions, such as the COVID-19 outbreak. However, the small & medium enterprises segment is expected to grow at a higher CAGR during the forecast period.
Based on type, the IoT security market is segmented into network security, endpoint security, application security, cloud security, and other security type. In 2021, the network security segment accounted for the largest share of the IoT security market. The large share of this segment is mainly attributed to rising data breaches, growing demand for filtering and monitoring network traffic, and increasing need to protect connected network infrastructure. However, the cloud security segment is expected to record the fastest growth during the forecast period. The growing sophistication of cybercrimes and the rising need to secure workload on the cloud are expected to support the growth of this segment.
Based on application, the IoT security market is segmented into smart manufacturing, smart retail, smart energy management, connected cars, connected logistics, connected healthcare, smart supply chain, and other applications. In 2021, the smart manufacturing segment accounted for the largest share in the global IoT security market. The large share of this segment is mainly attributed to the increasing cybersecurity risks, the rising demand for real-time security monitoring, and growing automation in the industry. However, the connected logistics segment is expected to record the fastest growth during the forecast period. The emergence of IoT connecting devices and the rising demand for multi-layered security of sensors to manage supply chain operations are expected to support the growth of this segment.
Based on geography, North America accounted for the largest share of the IoT security market in 2021. The large market share of North America is attributed to the high adoption rate of IoT security solutions to enhance its IT infrastructure and leverage the benefits of new technologies, such as AI and ML, and the presence of numerous established IoT players and start-ups in the region.
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However, Asia-Pacific is expected to witness the highest growth rate during the forecast period. The high market growth in Asia-Pacific is attributed to the rapid growth rate of developing economies, high IoT penetration, and growing cybercrimes, driving the demand for IoT security in the region.
The key players operating in the 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.).
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