IoT cybersecurity market set to hit USD $60 billion by 2029

A new study from Juniper Research has revealed that the global IoT cybersecurity market is anticipated to reach USD $60 billion by 2029, doubling its revenue from USD $27 billion in 2024.

The report highlights a projected growth of over 120% in cybersecurity spending, driven by an increase in enterprise IoT device adoption. The proliferation of IoT devices presents a heightened risk of cyber-attacks if they are not properly secured, potentially causing significant financial losses for businesses.

Juniper Research's study underlines the necessity for enterprises to implement advanced network security solutions to mitigate such risks. Notably, Next Generation Firewalls (NGFWs) are recommended as they provide defence mechanisms against modern tactics designed to breach conventional security systems. According to the report, the network layer is deemed the most crucial aspect of IoT networks to safeguard, with predictions that over 45% of global cybersecurity expenditure will target network layer protection by 2025.

The research further emphasizes the importance of comprehensive protection across all network layers, including the Cloud and endpoints. Extended Detection and Response (XDR) has been identified as a pivotal solution capable of integrating security protocols across entire networks, thereby simplifying security operations by consolidating IoT security management and automation efforts.

Research Author Michelle Joynson remarked, "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."

In conjunction with its findings, the research suite provides an extensive evaluation of the IoT cybersecurity market up until the present, supplemented by detailed market forecasts for 60 countries. This analysis contains more than 18,200 market statistics spanning a five-year period. It also includes a "Competitor Leaderboard" and analysis of current and future product and service opportunities in the market.