The IoT Security Market, Expected to Reach $59.16 Billion by 2029 at a CAGR of 21.2%”

1. "The IoT Security Market, Expected to Reach $59.16 Billion by 2029 at a CAGR of 21.2%” J

2. IoT Security Market 2020-2029 Meticulous Research®, a renowned global market research firm, has published a comprehensive report titled “IoT Security Market by Component (Solution, 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.” This report anticipates that the global IoT security market will witness significant growth, with a projected compound annual growth rate (CAGR) of 21.2%, reaching a value of $59.16 billion by 2029. Download Sample Copy Here : https://www.meticulousresearch.com/download-sample- report/cp_id=5254?utm_source=article&utm_medium=social&utm_campaign =product&utm_content=08-10-2024 1.Key Growth Drivers The projected expansion of the IoT security market can be attributed to several pivotal factors: • Proliferation of IoT Devices: The escalating integration of IoT technologies across various sectors necessitates effective security solutions. As organizations deploy more IoT devices, the urgency for robust protection of these assets intensifies. • Rising Cybersecurity Threats: The surge in ransomware attacks targeting IoT devices has highlighted the critical need for enhanced security measures, thereby fueling demand in the IoT security market. • Dynamic Regulatory Frameworks: The introduction of comprehensive IoT security regulations is compelling organizations to adopt advanced security solutions to safeguard their digital ecosystems. Moreover, the escalating demand for innovative security solutions in developed markets is anticipated to create substantial growth opportunities for the IoT security industry. 2.Challenges Impacting Growth Despite the favorable growth outlook, the IoT security market encounters several challenges. The emergence of new IoT threat variants complicates the security landscape, posing difficulties for organizations striving to keep up with evolving risks. Additionally, shadow IoT devices, which operate outside corporate oversight, introduce vulnerabilities that can undermine security efforts. Page 1 of 5 © Meticulous Research| sales@meticulousresearch.com

3. IoT Security Market 2020-2029 The ongoing repercussions of the COVID-19 pandemic on the global economy also contribute to uncertainties that may impede the adoption of IoT security solutions in certain sectors. Furthermore, widespread misconceptions regarding IoT security and a lack of awareness in some industries continue to pose barriers to market expansion. 3.Detailed Market Segmentation The report provides an extensive analysis of the IoT security market, segmented into various categories to reflect its diverse landscape: 4.By Component: The market is classified into solutions and services. The solutions segment dominated the market in 2021, driven by the increasing number of IoT deployments and the necessity for solution-centric security measures. The growth of this segment is further supported by the reliability and efficiency of IoT security solutions. Conversely, the services segment is expected to experience higher growth during the forecast period, propelled by the rising demand for consulting, training, and support services in sectors such as manufacturing and healthcare. 5.By Deployment Mode: The IoT security market is segmented into on-premises and cloud-based deployment modes. In 2021, on-premises solutions accounted for a larger market share, offering organizations enhanced control over their security infrastructure. However, the cloud-based segment is projected to witness faster growth, driven by the increasing adoption of cloud technologies and the advantages of scalability and flexibility that cloud solutions provide. Request Sample Report Here @ https://www.meticulousresearch.com/request- sample- report/cp_id=5254?utm_source=article&utm_medium=social&utm_campaign =product&utm_content=08-10-2024 6.By Organization Size: The market is categorized by organization size into large enterprises and small & medium enterprises (SMEs). Large enterprises captured a significant market share in 2021 due to their robust IT infrastructure and skilled personnel managing IoT security. Page 2 of 5 © Meticulous Research| sales@meticulousresearch.com

4. IoT Security Market 2020-2029 In contrast, the SME segment is anticipated to experience accelerated growth as these organizations increasingly recognize the importance of adopting scalable and cost- effective IoT security solutions to safeguard their operations. 7.4. By Type: The IoT security market encompasses several types of security, including network security, endpoint security, application security, cloud security, and others. The network security segment held the largest market share in 2021, primarily driven by the urgent need to protect connected infrastructure against data breaches. However, cloud security is expected to record the fastest growth, as organizations prioritize securing cloud workloads amid rising cyber threats. 8.5. By Application: The IoT security market is segmented by application, including smart manufacturing, smart retail, smart energy management, connected cars, connected logistics, connected healthcare, and smart supply chains. The smart manufacturing segment led the market in 2021, driven by increasing demand for real-time security monitoring and heightened automation within the industry. The connected logistics segment is expected to experience the most rapid growth, driven by the proliferation of IoT devices in supply chain operations and the demand for comprehensive security measures. 9.Regional Market Insights North America emerged as the leading region in the IoT security market in 2021, attributed to a high adoption rate of IoT technologies and a strong emphasis on leveraging cutting-edge technologies such as AI and machine learning to bolster security infrastructure. The presence of numerous established players in the region further solidifies its market dominance. Conversely, the Asia-Pacific region is poised for the highest growth rate during the forecast period, driven by rapid economic development, increased IoT penetration, and a rising incidence of cybercrimes fueling demand for IoT security solutions. 10.Competitive Landscape Page 3 of 5 © Meticulous Research| sales@meticulousresearch.com

5. IoT Security Market 2020-2029 The global IoT security market is highly competitive, characterized by significant investments in innovation and strategic partnerships among key players. Major companies operating in this sector include: • Cisco Systems, Inc. • Forescout Technologies, Inc. • Fortinet, Inc. • Palo Alto Networks, Inc. • Rapid7, Inc. • Microsoft Corporation • IBM Corporation • Armis, Inc. These industry leaders are committed to developing cutting-edge IoT security solutions, ensuring they remain at the forefront of this rapidly evolving market. 11.Conclusion As the IoT landscape continues to evolve, the need for robust security solutions becomes increasingly paramount. The IoT security market is set for impressive growth, driven by rising deployments, escalating cyber threats, and dynamic regulatory requirements. Organizations that proactively invest in comprehensive IoT security strategies will be well-positioned to protect their digital assets and maintain a competitive edge in an interconnected world. Quick Buy @ https://www.meticulousresearch.com/Checkout/52985404?utm_source=articl e&utm_medium=social&utm_campaign=product&utm_content=08-10-2024 About Meticulous Research® Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Page 4 of 5 © Meticulous Research| sales@meticulousresearch.com

6. IoT Security Market 2020-2029 The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth. Contact Us: Meticulous Research® Email- sales@meticulousresearch.com Contact Sales- +1-646-781-8004 Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Page 5 of 5 © Meticulous Research| sales@meticulousresearch.com