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 Forecast to 2029

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 research report titled “IoT Security Market by Component (Solutions, Services), Type (Network Security, Cloud Security), Deployment Mode, Organization Size, Application (Smart Manufacturing, Smart Retail), End-use Industry (Manufacturing, Retail, and Others) - Global Forecasts to 2029”, provides an in-depth analysis of the IoT security market in five major geographies and emphasizes on the current market trends, market sizes, market shares, recent developments, and forecasts till 2029. The global IoT security market is expected to reach $59.16 billion by 2029, at a CAGR of 21.2% during the forecast period of 2022 to 2029.

The growth of this market is mainly attributed to the growing IoT deployments, the increasing incidences of ransomware attacks on IoT devices, the rising necessity to protect connected network infrastructure, and the increasing number of IoT security regulations.

The study offers a comprehensive analysis of the global application security market concerning components, type, deployment mode, organization size, application, end user, and geography. 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 services segment is expected to record a faster growth rate during the forecast period. The growth of this segment is mainly driven by the rising need to improve business processes and optimize enterprise performance and the growing adoption of integrated security services. Also, the wide adoption of IoT security services across retail, government, and healthcare sectors, resulting in the growing demand for consulting services, training & support services, and integration services, are expected to support the growth of this segment during the forecast period.

Based on end-use industry, in 2021, the manufacturing sector accounted for the largest share of the IoT security market. Factors such as the constantly evolving threats in the manufacturing sector, the increasing focus on integrating IoT into industrial control systems, and the growing adoption of wireless sensors networks are driving the growth of the manufacturing segment. However, the government & public sector is expected to record the fastest growth rate during the forecast period.

Based on geography, the IoT security market is segmented into five major regions, namely North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2021, North America accounted for the largest share of the IoT security market. However, Asia-Pacific is expected to witness rapid growth during the forecast period. The rapid growth of this region is mainly driven by the increasing adoption of advanced technologies across a wide range of industries in countries, such as China, Japan, and India, to counter the rising labor costs; high penetration of IoT, supporting government initiatives across the region; and investments by major IoT security companies.

The global IoT security market is consolidated and dominated by a few major players, namely 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.).

Key questions answered in the report:

Which are the high-growth market segments in terms of the components, types, deployment mode, organization size, application, end-use industry, and countries?
What is the historical market for IoT security across the globe?
What are the market forecasts and estimates from the period 2020–2029?
What are the major drivers, restraints, and opportunities in the global IoT security market?
Who are the major players in the global IoT security market, and what shares of the market do they hold?
Who are the major players in various countries, and what shares of the market do they hold?
How is the competitive landscape?
What are the recent developments in the global IoT security market?
What are the different strategies adopted by the major players in the global IoT security market?
What are the geographical trends and high growth countries?
Who are the local emerging players in the global IoT security market and how do they compete with the other players?

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 Industries

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

IoT Security Market - Report Summary

Report Metrics	Details
Years Considered	2020 - 2029
Base Year	2021
Forecast Period	2022-2029
Page Count	350
Units Referenced	Value (USD Million)
Segments/Key Topics	Market by Component, Market by Type, Market by Deployment Mode, Market by Organization Size, Market by Application, Market by End user Industry, Market by Geography
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Key Companies Mentioned	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.)

FAQs About the Report

What is the value of revenue generated from the sale of IoT security across the globe? At what rate is their demand expected to grow for the next 5–7 years?

The global IoT security market is projected to reach $59.16 billion by 2029, at a CAGR of 21.2% during the forecast period.

Which type segment showcases high growth opportunities for the IoT security market players?

Based on the type, the network security segment accounted for the largest share of the IoT security market in 2021. The rising incidences of data and security breaches, the growing demand for filtering and monitoring network traffic, and the increasing need to protect connected network infrastructure are the key factors driving the growth of the network security segment. However, the cloud security segment is expected to record the fastest growth during the forecast period.

Which application segments of the market are projected to create more traction in the global IoT security market?

The connected logistics segment is expected to grow at the fastest CAGR during the forecast period, mainly due to the emergence of IoT connecting devices and the rising demand for multi-layered security of sensors to manage supply chain operations.

What are the key factors driving the growth of the IoT security market? What are major opportunities for existing market players and new entrants in the market?

The growing IoT deployment, the increasing incidences of ransomware attacks on IoT devices, and the increasing number of IoT security regulations are the major factors driving the growth of the IoT security market. Moreover, the adoption of IoT security by small and medium-sized businesses and the development of smart infrastructure provide significant growth opportunities in the global IoT security market.

Which regions/countries are expected to witness significant demand for IoT security in the coming years?

At present, Asia-Pacific dominates the global IoT security market. However, countries such as Germany, China, South Korea, India, and the U.K. are expected to witness strong growth in the demand for IoT security.