IoT Cybersecurity Market to Reach $60 Billion Globally by 2029
Hampshire, UK., November 20, 2024 - A new study from Juniper Research, the foremost experts in the Internet of Things (IoT) market, has found that global IoT cybersecurity market revenue will double over the next five years; rising from US$ 27 billion in 2024.
This growth of over 120% in cybersecurity spend will be necessitated by the rapid growth in enterprise IoT device adoption. This growth in IoT devices represents a significant opportunity for cyber-attacks if not secured properly; potentially resulting in large monetary losses for enterprises.
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To protect against potential losses, the study predicts enterprise users will increasingly need to adopt advanced network security solutions, including Next Generation Firewalls (NGFWs). NGFWs protect against rapidly evolving tactics that leverage AI to bypass traditional defences. The report identified the network layer as the most critical element of IoT networks to protect, with over 45% of global cybersecurity spend attributable to protecting the network layer in 2025.
However, to ensure comprehensive network protection, enterprises must adopt solutions that protect all layers, including the network, Cloud and endpoints. The report identified Extended Detection and Response (XDR) as a key solution that can unify security protocols across the entirety of the network. In turn, this simplifies security workloads by centralising IoT security management and automation.
Research author Michelle Joynson stated, “We expect 91% growth in the number of global IoT connections in service over the next five years. To protect these connections, cybersecurity platforms must provide unified threat detection and security management solutions that combat emerging threats, mitigate endpoint vulnerabilities and reduce network complexity.”
About the Research
The research suite offers a comprehensive assessment of the IoT cybersecurity market to date, including insightful market analysis and in-depth forecasts for 60 countries. The dataset contains over 18,200 market statistics within a five-year period. It includes a ‘Competitor Leaderboard’ and product and service analysis to examine the current and future market opportunities.
