Delray Beach, FL, May 19, 2025 (GLOBE NEWSWIRE) — The global IoT Security Market size is projected to grow from USD 24.2 billion in 2024 to USD 56.2 billion by 2029 at a Compound Annual Growth Rate (CAGR) of 18.4% during the forecast period, according to a new report by MarketsandMarkets™.
Network advancements and developments such as 5G deployments, development in smart projects like smart cities, smart manufacturing, connected healthcare, and logistics are some of the trends driving the need to secure IoT devices.
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IoT Security Market Dynamics:
Drivers:
- Rapid increase in IoT security incidents related to Industry 4.0
- Need to deal with IoT vulnerabilities effectively
- Growing number of IoT security regulations
- Rising security concerns related to critical infrastructure
- Increase in data volumes due to 5G
- Standardization of IPv6
Restraints:
- Lack of awareness about new variants of IoT threats
- Budgetary constraints of SMEs in developing economies
Opportunities:
- New wave of IoT applications due to 5G networks
- Development of smart infrastructure
List of Key Companies in IoT Security Market:
- Microsoft (US)
- Fortinet (US)
- AWS (US)
- IBM (US)
- Intel (US)
- Cisco (US)
- Thales Group (France)
- Infineon (Germany)
- Allot (Israel)
- Atos (France) and more…
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Trend 1: Advancement in Cellular Networks
Globally, the advancement in cellular networks is increasing due to the need to build connections in the IT ecosystem within the premises as well as remotely. This trend of remote work with the support of digital technologies has urged the need of high-speed and secured cellular networks, globally. Security solutions such as access management, device authentication, zero trust approach, encryption and security analytics are gaining momentum in the end-user sectors to secure their IT and IoT environment.
Trend 2: Growing use of cloud solution and services
The trend of deploying cloud-based solution or platforms has significantly increased since covid-19. The cloud platforms brings easy access and low cost capability which is the primary reason of the cloud platforms deployment by the industries. However, security is also one of the concerns amongst end-users. Security companies such as Palo Alto Networks, Check Point, AA range of security tools such as encryption, access controls, and threat detection, enable organizations to focus on their core competencies while ensuring the security of their IoT deployments.
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By solution, device authentication and management is expected to grow at second highest CAGR during the forecast period
Device authentication and management solutions will contribute in mitigating the growing risks associated with IoT deployments by establishing a strong foundation of trust and control. Because of the surging demand of IoT devices, securing the identities and interactions of the numerous connected devices has become critical. Cryptographic keys and digital certificates are the authentication mechanisms which verify device authenticity and prevent unauthorized access. Effective management platforms offer secure provisioning, configuring, monitoring, and updating these devices throughout their lifecycle. Addressing challenges like device onboarding, secure firmware updates, and remote device management will also be important.
By Application, Smart Manufacturing is expected to grow as highest market share during forecast period
As industries adopt Industry 4.0, the demand for robust IoT security solutions will continue to increase, positioning smart manufacturing as the leading segment in the IoT Security Market. This growth is mostly due to the rising integration of IoT devices in industrial settings. Secure manufacturing processes prevent disruptions, data breaches, and financial losses. IoT security solutions designed for smart manufacturing address challenges such as device authentication, data privacy, network protection, and anomaly detection. The need for operational efficiency and data security is fueling the demand for such solutions in the smart manufacturing segment.
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