Meticulous Research®, a renowned global leader in market research, has unveiled its latest report on the IoT security landscape, 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". The comprehensive study anticipates a robust growth trajectory for the IoT security market, forecasting a compound annual growth rate (CAGR) of 21.2% from 2022 to 2029, reaching a valuation of $59.16 billion by 2029.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5254?utm_source=article&utm_medium=social&utm_campaign=product&utm_content=09-12-2024

Key Drivers of Market Growth

The IoT security market's expansion is fueled by a confluence of factors including the rapid deployment of IoT technologies across diverse sectors, the escalating frequency of ransomware attacks targeting IoT devices, and the development of dynamic IoT security regulations. The increasing demand for advanced security solutions in developed regions presents significant opportunities for market growth.

Challenges and Restraints

Despite its promising outlook, the market faces several challenges. The emergence of new IoT threat variants and the residual economic impacts of the COVID-19 pandemic are likely to impede growth. Additionally, the prevalence of shadow IoT devices, along with misconceptions and limited awareness about IoT security solutions, poses substantial barriers to widespread adoption.

Market Segmentation and Insights

The report categorizes the IoT security market into several segments:

By Component: Solutions and Services
In 2021, Solutions led the market due to their ability to address increasing vulnerabilities and offer high performance. However, the Services segment is projected to grow at a higher CAGR, driven by the rising demand for consulting, training, and integration services.
By Deployment Mode: On-Premises and Cloud-Based
On-Premises solutions held a larger market share in 2021, offering superior control over IoT security infrastructure. Nonetheless, Cloud-Based deployments are expected to experience higher growth rates, thanks to their scalability and flexibility.
By Organization Size: Small & Medium Enterprises (SMEs) and Large Enterprises
Large Enterprises dominated the market in 2021 due to their robust infrastructure and skilled IT management. However, SMEs are anticipated to see a faster growth rate, reflecting a broader adoption of IoT security solutions across smaller organizations.
By Type: Network Security, Endpoint Security, Application Security, Cloud Security, and Other Types
Network Security led the market in 2021, driven by the need to protect connected network infrastructure. The Cloud Security segment is set to grow the fastest, propelled by increasing cyber threats and the need for securing cloud workloads.
By Application: Smart Manufacturing, Smart Retail, Smart Energy Management, Connected Cars, Connected Logistics, Connected Healthcare, Smart Supply Chain, and Other Applications
Smart Manufacturing held the largest share in 2021 due to heightened cybersecurity risks and growing automation. The Connected Logistics segment is expected to achieve the fastest growth, supported by rising demand for multi-layered security in supply chain operations.
By Geography: North America and Asia-Pacific
North America led the global market in 2021, driven by high IoT security adoption and the presence of numerous industry players. Asia-Pacific is projected to exhibit the highest growth rate, fueled by rapid economic development, high IoT penetration, and increasing cybercrime rates.
Leading Market Players

Prominent companies operating in the IoT security market include Cisco Systems, Inc., Forescout Technologies, Inc., Fortinet, Inc., Palo Alto Networks, Inc., Rapid7, Inc., Armis, Inc., Microsoft Corporation, Entrust Corporation, Karamba Security Ltd., ForgeRock, Inc., IBM Corporation, Checkpoint Software Technologies, Ltd., Allot Communications Ltd., JFrog, Inc., Broadcom, Inc., and PTC, Inc.

Quick Buy @ https://www.meticulousresearch.com/Checkout/52985404?utm_source=article&utm_medium=social&utm_campaign=product&utm_content=09-12-2024

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.

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- [email protected]
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research