IoT Security Market to Witness Notable Growth Analysis, Opportunities, and Future Scope Forecast 2029
The size of the global IoT security market is expected to increase at a Compound Annual Growth Rate (CAGR) of 18.4% from USD 24.2 billion in 2024 to USD 56.2 billion by 2029. Since 5G networks provide faster speeds and reduced latency, more devices are connecting, which causes data traffic to grow exponentially. This is boosting the IoT security industry. Because it becomes increasingly difficult to monitor, analyze, and defend against cyber attacks, such large data poses new security challenges. To solve this, strong IoT security solutions are necessary to protect private information, stop illegal access, and guarantee network integrity.
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Based on the Offerings, the Solutions segment accounts for the highest market size during the forecast period.
Organizations across industries experience the benefits of IoT, the complexity and vulnerability of their networks increase exponentially. For this, Providers such as IBM, Microsoft, Check Point, Fortinet, Atos offer IoT security solutions such as device authentication, data encryption, secure communication protocols, and advanced threat detection. These solutions are beneficial to prevent unauthorized access, data breaches, and other cyber attacks. Comprehensive security measures are necessary to safeguard sensitive data, protect critical infrastructure, and maintain operational resilience. The dynamic nature of the IoT landscape demands continuous adaptation and innovation in security solutions to counter evolving threats.
Based on the Services, the Professional services accounts for the highest market size during the forecast period.
Organizations increasingly rely on expert assistance for IoT asset protection Professional service providers offer comprehensive solutions, from risk assessments to ongoing monitoring, helping organizations mitigate security risks and comply with industry regulations. The demand for professional guidance in implementing and managing IoT security solutions increases because of the complexities in IoT ecosystems. The need for tailored security solutions, the intricacy of IoT systems, and the lack of in-house expertise that drive this demand. Professional services, including consulting, integration, and managed services, are crucial for organizations tackling IoT security challenges. The increasing frequency of ransomware attacks on IoT devices and concerns about critical infrastructure further highlight the need for professional services.
By region, North America accounts for the highest market size.
North America is one of the main geographic contributors to the global lot security market, even when it comes to market size. Economically strong nations like the US and Canada, the region offers the most substantial and cutting-edge technological infrastructure. One of the main factors driving the lot security market’s growth in North America is the existence of major regional players such as Microsoft, Fortinet, IBM, and others. Government agencies such as National Institute of Standards and Technology (NIST) are investigating loT security technology on a number of fronts, including protocols, security assurances, use cases, applications, and current services.
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Unique Features in the IoT Security Market
IoT security is uniquely characterized by its emphasis on securing a vast number of connected devices, ranging from sensors and cameras to industrial machines. Unlike traditional IT environments, IoT devices often lack built-in security, prompting the development of lightweight, embedded security solutions tailored to resource-constrained endpoints.
To manage the increased risk of lateral movement across interconnected IoT environments, the market features advanced network segmentation techniques. Micro-segmentation enables dynamic, policy-based isolation of devices, ensuring that compromised devices do not jeopardize the integrity of the broader network.
IoT security platforms now integrate AI and machine learning for real-time anomaly detection, enabling proactive identification of suspicious patterns across massive device ecosystems. These solutions continuously monitor device behavior to swiftly detect threats such as botnets, firmware tampering, or command-and-control attacks.
The market features robust IAM capabilities adapted for non-human entities. This includes secure device onboarding, certificate-based authentication, and granular access control policies to ensure that only authorized devices and users can communicate within the network.
Major Highlights of the IoT Security Market
The IoT Security market is experiencing accelerated growth due to the explosive proliferation of IoT devices across industries such as manufacturing, healthcare, smart cities, and connected vehicles. As attack surfaces expand, organizations are investing more in securing these complex, distributed environments.
There is a notable rise in cyberattacks targeting IoT ecosystems, including DDoS attacks, botnets (like Mirai), and ransomware. This has pushed cybersecurity to the forefront of IoT deployment strategies, spurring demand for more resilient and adaptive security solutions.
The integration of artificial intelligence and machine learning in security tools is becoming a key trend. These technologies enhance threat detection capabilities, automate incident response, and enable predictive analysis, helping businesses stay ahead of evolving attack vectors.
Government regulations and sector-specific security standards are becoming stricter, compelling enterprises to adopt IoT security solutions. Frameworks like GDPR, NIST IoT Cybersecurity Framework, and regional laws across Europe, North America, and Asia-Pacific are influencing market dynamics.
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Top Companies in the IoT Security Market
Key Players Microsoft (US), Fortinet (US), AWS (US), IBM (US), Intel (US), Cisco (US), Thales Group (France), Infineon (Germany) , Allot (Israel), Atos (France), Checkpoint (US), Palo Alto Networks (US), Mobileum (US), Entrust (US), NXP Semiconductors (Netherlands), and Kaspersky (Switzerland), MagicCube (US), Claroty (US), Ordr (US), Armis (US), Nozomi Networks (US), Keyfactor (US), Particle Industries (US), Karamba Security (Israel), and Forescout (US) are the key players and other players in the IoT security market.
Microsoft (US)
Microsoft is a multinational technology company which offers software, hardware, and services. Its product portfolio includes software products, hardware, enterprise solutions, gaming, and cloud services. Windows operating system, the Microsoft 365 productivity suite, and the Azure cloud platform are the flagship products of Microsoft. In IoT security, Microsoft offers solutions through its Azure platform. Azure IoT hub provides secure communication with IoT devices, while Azure IoT Edge uses cloud intelligence and analytics to edge devices by AI processing. The company operates in over 190 countries, with data centers in multiple regions across the globe including North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. The company caters to various industries including financial services, healthcare, manufacturing, energy, government, retail, telecommunications and other industries.
Fortinet (US)
Fortinet is a cybersecurity solutions and services company which focuses on providing security for networks, endpoints, and cloud environments. The company has a global presence with a strong foothold in North America, Europe, and Asia Pacific.Fortinet offers its solutions to large enterprises and SMEs in various industries such as healthcare, financial services, retail, manufacturing, power, oil and gas, technology, and government. It develops and sells security soutions such as firewalls, endpoint security and intrusion detection systems. Fortinet’s products include network security, security access service edge (SASE), enterprise networking, security operations, cloud security, user and device security, application security, and threat response. In IoT security, the FortiGuard Attack Surface Security Service monitors the security posture and identifies IoT device risks. FortiNAC provides network access control for automated device management.
AWS (US)
AWS is a leading provider in the IoT security market, offering robust cloud-based security solutions for IoT devices and networks. Their services include real-time threat detection, data protection, and scalable security frameworks to safeguard connected devices across industries.
Thales Group (France)
Thales Group is a leading provider of IoT security solutions, specializing in protecting connected devices and networks. They offer advanced encryption, authentication, and secure data management technologies, ensuring the integrity and privacy of IoT systems across various industries.
Allot (Israel)
Allot (Israel) is a leading provider of IoT security solutions, offering advanced protection against cyber threats targeting connected devices. Their platform delivers real-time threat detection, network visibility, and policy enforcement, ensuring the safety and privacy of IoT networks across industries.
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