IoT Security Market by Component, Type, Deployment Mode, Organization Size, Application, End-use Industry - Global Forecast to 2029

IoT Security Market Worth $59.16 Billion by 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