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IoT Security Market Size (2024 - 2029)

The IoT Security Market is experiencing significant growth, driven by the increasing adoption of connected devices and the need for enhanced security measures. The expansion of IoT applications and the reduction in device costs are contributing to the rise in the number of connected devices, which in turn is boosting the demand for IoT security solutions. The growing dependency on these devices underscores the importance of securing them, as evidenced by the rapid increase in IoT devices with cellular connections. However, challenges such as a shortage of skilled professionals and limited awareness about IoT security solutions are hindering the market's expansion.

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Market Size of IoT Security Industry

iot security market size
Study Period 2019 - 2029
Market Size (2024) USD 6.60 Billion
Market Size (2029) USD 28.01 Billion
CAGR (2024 - 2029) 33.53 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

iot security marketmajor players

*Disclaimer: Major Players sorted in no particular order

IoT Security Market Analysis

The IoT Security Market size is estimated at USD 6.60 billion in 2024, and is expected to reach USD 28.01 billion by 2029, growing at a CAGR of 33.53% during the forecast period (2024-2029).

The emerging applications and business models, coupled with the falling device costs, have been driving the adoption rate of IoT, which is, consequently, influencing the number of connected devices, such asconnected cars, machines, meters, wearable, and consumer electronics.

  • Increasing dependency on the connected devices is creating the need to keep the connected device secure. According to Ericsson, it is estimated that nearly 400 million IoT devices, with cellular connections in 2016, are projected to reach 1.5 billion by 2022. This robust growth is expected to be driven by the increased industry focus on deploying a connected ecosystem and the standardization of 3GPP cellular IoT technologies.
  • In 2019, for instance, Symantec Corp. announced a new service that enables its Cloud Workload Protection (CWP) solution and AMZN GuardDuty from Amazon, to provide automated remediation and enhanced threat intelligence for Amazon Web Services (AWS) workloads and storage. This new service is anticipated to help enterprises to navigate the complex security landscape, allowing AWS customers to automate and streamline critical components of cloud security.
  • Increasing number data breaches, emergence of smart cities, are some of the factors driving the market.
  • .However, factors, such as the dearth of skilled workforce and less awareness about the importance of the IoT security solutions hinder the market growth.

IoT Security Industry Segmentation

IoT security is the technological area concerned with mitigating cyber threats regarding connected devices and networks in the internet of things. IoT involves adding internet connectivity to a system of interrelated computing devices, mechanical and digital machines, objects, and/or people. This interconnectivity of devices through the internet opens them up to a number of serious vulnerabilities if they are not properly protected. This market is characterized by growing levels of product penetration, moderate/high product differentiation, and high levels of competition. 

By Type of Security
Network Security
End-point Security
By Solution
Software
Services
By End-user Industry
Automotive
Healthcare
Government
Manufacturing
Energy & power
Retail
BFSI
Others End-user Industries
Geography
North America
United States
Canada
Europe
United Kingdom
Germany
France
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
United Arab Emirates
Saudi Arabia
Rest of Middle-East & Africa
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IoT Security Market Size Summary

The IoT Security Market is poised for significant expansion, driven by the increasing adoption of connected devices across various sectors. As the number of IoT devices continues to rise, so does the necessity for robust security solutions to protect these devices from cyber threats. The market is experiencing a surge in demand due to the growing dependency on IoT technologies, such as connected cars, smart meters, wearables, and consumer electronics. This trend is further fueled by the emergence of smart cities and the standardization of cellular IoT technologies. However, challenges such as a shortage of skilled professionals and limited awareness about IoT security solutions pose hurdles to market growth.

Regionally, Asia-Pacific stands out as a key player in the IoT security landscape, driven by extensive smart city projects and a burgeoning number of mobile device users. The region's rapid industrialization and increasing internet penetration make it a focal point for IoT adoption, albeit with a higher susceptibility to cyberattacks. The competitive landscape of the IoT security market is characterized by the presence of major players like Symantec, IBM, and Cisco, alongside emerging companies expanding their footprint in developing economies. These companies are actively developing innovative solutions to address network security challenges, thereby propelling market growth during the forecast period.

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IoT Security Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Introduction to Market Drivers and Restraints

    3. 1.3 Market Drivers

      1. 1.3.1 Increasing Number of Data Breaches

      2. 1.3.2 Emergence of Smart Cities

    4. 1.4 Market Restraints

      1. 1.4.1 Growing Complexity among Devices, Coupled with the Lack of Ubiquitous Legislation

    5. 1.5 Industry Value Chain Analysis

    6. 1.6 Industry Attractiveness - Porter's Five Force Analysis

      1. 1.6.1 Bargaining Power of Buyers/Consumers

      2. 1.6.2 Bargaining Power of Suppliers

      3. 1.6.3 Threat of New Entrants

      4. 1.6.4 Threat of Substitute Products

      5. 1.6.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type of Security

      1. 2.1.1 Network Security

      2. 2.1.2 End-point Security

    2. 2.2 By Solution

      1. 2.2.1 Software

      2. 2.2.2 Services

    3. 2.3 By End-user Industry

      1. 2.3.1 Automotive

      2. 2.3.2 Healthcare

      3. 2.3.3 Government

      4. 2.3.4 Manufacturing

      5. 2.3.5 Energy & power

      6. 2.3.6 Retail

      7. 2.3.7 BFSI

      8. 2.3.8 Others End-user Industries

    4. 2.4 Geography

      1. 2.4.1 North America

        1. 2.4.1.1 United States

        2. 2.4.1.2 Canada

      2. 2.4.2 Europe

        1. 2.4.2.1 United Kingdom

        2. 2.4.2.2 Germany

        3. 2.4.2.3 France

        4. 2.4.2.4 Rest of Europe

      3. 2.4.3 Asia-Pacific

        1. 2.4.3.1 China

        2. 2.4.3.2 Japan

        3. 2.4.3.3 India

        4. 2.4.3.4 South Korea

        5. 2.4.3.5 Rest of Asia-Pacific

      4. 2.4.4 Latin America

        1. 2.4.4.1 Mexico

        2. 2.4.4.2 Brazil

        3. 2.4.4.3 Rest of Latin America

      5. 2.4.5 Middle East & Africa

        1. 2.4.5.1 United Arab Emirates

        2. 2.4.5.2 Saudi Arabia

        3. 2.4.5.3 Rest of Middle-East & Africa

IoT Security Market Size FAQs

The IoT Security Market size is expected to reach USD 6.60 billion in 2024 and grow at a CAGR of 33.53% to reach USD 28.01 billion by 2029.

In 2024, the IoT Security Market size is expected to reach USD 6.60 billion.

IoT Security Market Report Snapshots

IoT (Internet of Things) Security Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)