The Internet of Things (IoT) security market is poised to reach $59.16 billion by 2029, according to a new report from Meticulous Market Research.
In addition to eliminating vulnerabilities, IoT security solutions enable connected devices to identify, respond to, and recover from cyber attacks.
A compound annual growth rate (CAGR) of 21.2% is estimated for the market between 2022 and 2029, driven by rising IoT deployments, ransomware attacks targeting connected devices, and increased IoT security regulations.
However, emerging IoT threats and COVID-19's detrimental effects on the global economy pose challenges to the market's growth. That said, the healthcare industry has been a prominent adopter of IoT security to combat fraud and protect patient data.
By geography, North America held the largest share of the global IoT security market in 2021. The rapid growth in the region is attributable to key players providing advanced IoT security solutions and services across a wide range of industries.
Furthermore, the US government passed the NIST Internet of Things Cybersecurity Improvement Act in 2020 to strengthen cyber security for IoT devices.
Together, favorable government initiatives and investments by key IoT security companies have helped accelerate growth in the North American market.
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The Asia Pacific region, however, is projected to lead the market during the forecast period. The high growth of infrastructure in the Asia Pacific, particularly in China, South Korea, Australia, Singapore, Japan, and India, and the penetration of IoT in these countries create tremendous opportunities for IoT security solutions, according to Meticulous Market Research.
Globally, GSMA Intelligence estimates that the Asia Pacific region will support 11.5 billion IoT connections by 2025.
Cisco, Forescout Technologies, and Fortinet are among the leading vendors in the IoT security market.
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