Meticulous Research®, a leading global market research and consulting company, has released its latest report titled “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 report provides critical insights into the dynamic IoT security market, highlighting significant growth opportunities. The global IoT security market is projected to grow at a robust compound annual growth rate (CAGR) of 21.2% from 2022 to 2029, reaching a market size of $59.16 billion by 2029.

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Key Drivers and Market Dynamics

The rapid expansion of the Internet of Things (IoT) across industries drives the demand for advanced IoT security solutions. With the increasing deployment of IoT devices, vulnerabilities to cyber threats such as ransomware are rising, necessitating robust security measures. Furthermore, evolving IoT security regulations and heightened demand for sophisticated security solutions in developed regions are creating new growth opportunities for market players.

However, challenges persist. Emerging IoT threat variants, economic aftereffects of the COVID-19 pandemic, the proliferation of shadow IoT devices, and low awareness levels regarding IoT security are expected to hinder the market's growth to some extent.

Market Segmentation and Growth Insights

The report segments the global IoT security market as follows:

By Component:
The market comprises solutions and services. Solutions dominated the market in 2021 due to the rising focus on solution-centric security measures and the increasing vulnerabilities of IoT devices. However, the services segment is expected to grow at a higher CAGR during the forecast period, driven by adoption across sectors like manufacturing, automotive, and healthcare.
By Deployment Mode:
The market includes on-premises and cloud-based deployments. On-premises solutions held the larger market share in 2021 due to greater control over IoT security infrastructure. Nevertheless, cloud-based deployments are projected to grow faster, owing to their scalability, flexibility, and advanced security features.
By Organization Size:
Large enterprises dominated in 2021, leveraging robust infrastructure and skilled IT personnel to secure operations. However, small and medium-sized enterprises (SMEs) are anticipated to grow at a faster pace as they increasingly adopt IoT security solutions to safeguard their businesses.
By Type:
Network security accounted for the largest market share in 2021, driven by the need for robust protection of connected networks. Cloud security is forecast to witness the highest growth rate, propelled by the increasing complexity of cyber threats targeting cloud-based workloads.
By Application:
Key applications include smart manufacturing, smart retail, connected logistics, connected healthcare, and more. Smart manufacturing led in 2021, driven by automation and real-time security monitoring demands. The connected logistics segment is expected to grow the fastest, fueled by the need for multi-layered security in supply chain operations.
Regional Insights

In 2021, North America dominated the global IoT security market, supported by the high adoption rate of IoT security solutions and the presence of established IoT companies. Advanced IT infrastructure and the integration of AI and ML further enhance the region's dominance.

The Asia-Pacific region is poised to grow at the highest rate during the forecast period, driven by rapid economic development, increased IoT penetration, and rising instances of cybercrimes.

Key Market Players

The IoT security market is highly competitive, with prominent players contributing to its growth. Key companies include:

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.)
PTC, Inc. (U.S.)
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Founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013, Meticulous Research® has established itself as a leading provider of premium market intelligence. With a commitment to delivering meticulously analyzed data, the company serves industries across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

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