IoT Security Market Worth $59.16 billion by 2029- Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

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Apr 28, 2022, 09:00 ET

REDDING, Calif, April 28, 2022 /PRNewswire/ -- According to a new market 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 Forecast to 2029," the global IoT security market is expected to grow at a CAGR of 21.2% from 2022 to 2029 to reach $59.16 billion by 2029.

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The Internet of Things (IoT) security is a technological solution used for safeguarding networks and connected devices. IoT security enables organizations to eradicate vulnerabilities and equip devices to identify, resist, and recover from cyber-attacks. Besides, IoT security offers several benefits such as high performance, reliability, comprehensive vulnerability coverage, zero process disruption, and secure real-time applications.

The growth of this market is primarily attributed to the growing IoT deployment, growing number of IoT security regulations, and rising ransomware attacks on IoT devices. In addition, the development of smart infrastructure and the growing need for IoT security among SMEs provides significant growth opportunities for vendors operating in the IoT security market. However, the rising number of shadow IoT devices and misconceptions & lack of knowledge regarding IoT security solutions are challenging the adoption of IoT security solutions.

The Impact of COVID-19 on the IoT Security Market

The COVID-19 pandemic disrupted businesses and supply chains worldwide. The pandemic claimed millions of lives and severely affected several economies globally. Thus, several organizations' plans to incorporate IoT security have been delayed, which hampered the growth of the IoT security market. Enterprise Virtual Private Network (VPN) servers became a lifeline for organizations and institutions as numerous employees shifted to a work-from-home operating model and students adopted virtual and distance learning due to the COVID-19 pandemic. The rapid adoption of such approaches led to an increase in cyber-attacks and security threats. Spear-phishing emails (personalized emails sent to targeted users to trick them into sharing sensitive information) increased tremendously amidst the COVID-19 pandemic. For instance, spear-phishing email attacks related to COVID-19 increased by 667% in 2020.

The COVID-19 pandemic hindered the growth of the IoT security market to a notable extent. However, the demand for digital transformation is expected to stay elevated. The digitally-driven intermediaries are proving to be effective, benefiting the IoT security market. Thus, the IoT security market is projected to witness exponential growth amidst the pandemic.

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However, several businesses are exerting extensively to move the IoT security market in the right direction. Local governments are also undertaking several relief steps to mitigate the negative impacts of the COVID-19 pandemic. As a result, the IoT security market is expected to recover to its original track after 2023.

Growing IoT security regulations driving the growth of the market

The regulatory landscape for IoT is evolving rapidly as governments seek to mitigate growing cyber risk and protect. The government of various countries has undertaken initiatives to achieve desired IoT security benefits, driving the growth of the IoT security market. For instance:

In 2021, the U.K. government introduced the Product Security and Telecommunications Infrastructure (PSTI) Bill to secure consumers from IoT threats and protect IoT devices.
In 2020, the U.S. government passed a new IoT cybersecurity law, the NIST Internet of Things Cybersecurity Improvement Act, to increase cybersecurity for IoT devices.
In 2020, the Australian government released a voluntary code of practice to improve the internet of things (IoT) security in Australia, including smart devices.
In 2020, ETSI (France) released ETSI EN 303 645, a standard for cybersecurity in the Internet of Things that establishes a security baseline for internet-connected consumer products.

A myriad of standards, regulations, and baseline requirements are introduced to enhance security across the IoT value chain. The regulatory framework for IoT security is becoming progressively stringent as governments are considering connected device-associated issues of enterprises as a serious risk. Thus, growing IoT security regulations are expected to drive the growth of the IoT security market over the coming years.

The global IoT security market is segmented based on component (solutions and services), type (network security, endpoint security, application security, cloud security, and other security types), deployment mode (on-premise and cloud-based), organization size (small & medium enterprises and large enterprises), application (smart manufacturing, smart retail, smart energy management, connected cars, connected logistics, connected healthcare, smart supply chain, and other applications), and 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 2022, the solutions segment is expected to account for the larger share of the IoT security market. The large share of this segment is attributed to the rising investments in R&D, increasing focus on software solution-centric security capabilities, and rising data & security breaches. However, the services segment is expected to grow at a higher CAGR during the forecast period due to the growing demand for IoT security services among small & medium enterprises and the rising need to improve business processes and optimize business infrastructure.

Based on security type, the IoT security market is segmented into network security, endpoint security, application security, cloud security, and other security types. In 2022, the network security segment is expected to account for the largest share of the IoT security market. The large share of this segment is mainly attributed to the growing number of network-connected devices, rising network security breaches, and increasing focus on solution-centric network security capabilities. However, the cloud security segment is expected to grow at the highest CAGR during the forecast period due to the rising need to secure workload on the cloud and the growing trend of BYOD devices and WFH. Besides, the benefits of cloud infrastructure in the form of ease of adoption, minimal requirement of in-house infrastructure, scalability, and easy installation of security solutions support the faster growth of this segment.

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Based on organization size, the IoT security market is segmented into small & medium and large enterprises. In 2022, the large enterprises segment is expected to account for the largest 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 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 2022, the smart manufacturing segment is expected to account for the largest share of 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.

Geographically, the IoT security market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to witness rapid growth during the forecast period. The region is transforming dynamically with respect to the adoption of new technologies across various sectors. The infrastructural growth in APAC, especially in China, South Korea, Australia, Singapore, Japan, and India, and the high IoT penetration creates huge opportunities for the IoT security solution. For instance, according to GSMA Intelligence, the number of IoT connections in Asia-Pacific will grow to 11.5 billion by 2025. Besides, developing internet & mobile infrastructure and the growing threat of cyberattacks are expected to help the region grow rapidly over the coming years.

The key players operating in the IoT security market are Cisco Systems, Inc. (U.S.), Armis, Inc. (U.S.), Fortinet, Inc. (U.S.), Forescout Technologies, Inc. (U.S.), Karamba Security Ltd. (Israel), Rapid7, Inc. (U.S.), Microsoft Corporation (U.S.), Check Point Software Technologies Ltd. (Israel), Palo Alto Networks, Inc. (U.S.), Entrust Corporation (U.S.), ForgeRock, Inc. (U.S.), Allot Ltd. (Israel), JFrog, Inc. (U.S.), Broadcom, Inc. (U.S.), SonicWall, Inc. (U.S.), and PTC, Inc. (U.S.).

Browse in-depth TOC on "IoT Security Market - Global Opportunity Analysis And Industry Forecast (2022-2029)"
311 – Tables
38 – Figures
200 – Pages
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Scope of the Report:

IoT Security Market, by Component

Solutions

Identity and Access Management
Data Encryption and Tokenization
Intrusion Detection System/Intrusion Prevention System
Distributed Denial of Service Protection
PKI Lifecycle Management
Secure Communications
Unified Threat Management
Security Analytics
Other Solutions (Incidence Response System, Device Authentication and Management)

Services

Professional Services

Consulting services
System Integration Services
Training and Maintenance Services

Managed Services

IoT Security Market, by Type

Network Security
Application Security
Cloud Security
Endpoint Security
Other Security Types (Email Security, Web Security)

IoT Security Market, by Deployment Mode

On-premises
Cloud-based

IoT Security Market, by Organization Size

Large Enterprises
Small & Medium Enterprises

IoT Security Market, by Application

Smart Manufacturing
Smart Retail
Smart Energy Management
Smart Supply Chain
Connected Healthcare
Connected Logistics
Connected Cars
Other Applications (Smart Education, Smart Agriculture)

IoT Security Market, by End-use Industry

Manufacturing
Government & Public
Retail
Smart Consumer Electronics
Healthcare
Automotive
Energy & Utilities
Supply Chain Logistics
Transportation
Other End-use Industries (Education, BFSI, Agriculture, etc.)

IoT Security Market, by Region

North America

U.S.
Canada

Europe

U.K.
Germany
France
Italy
Spain
Sweden
Rest of Europe

Asia-Pacific

China
Japan
India
South Korea
Australia and New Zealand
Singapore
Rest of Asia-Pacific

Latin America

Brazil
Mexico
Rest of Latin America

Middle East & Africa

Saudi Arabia
UAE
Israel
Rest of MEA

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