IoT Security Market worth $40.3 Billion by 2026
According to a research report "IoT Security Market by Type (Network Security, Endpoint Security, Application Security, and Cloud Security), Component (Solutions & Services), Application Area, Deployment Mode (On-premises & Cloud), Organization Size, and Region - Global Forecast to 2026" published by MarketsandMarkets, the global IoT Security Market size to grow from USD 14.9 billion in 2021 to USD 40.3 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 22.1% during the forecast period. The presence of various key players in the ecosystem has led to competitive and diverse market. The presence of various key players in the ecosystem has led to competitive and diverse market. The rapid increase in the number of Industry 4.0 IoT security incidents, stressing the need to strengthen cyber resilience; the growing IoT security regulations; and the proliferating security concerns for the critical infrastructure are expected to drive the global IoT security market. The development of smart infrastructure and the roll-out of the 5G network to accelerate a new wave of IoT applications are expected to shape the future of the IoT security market. The Network security segment to record the highest market share during the forecast period In the IoT Security Market by Type, Network Security segment is expected to hold the larger market size in 2026. Every enterprise today needs a degree of network security solutions to secure it from the everincreasing cyber threats. The network architecture is complex and always under threat. The network environment is always changing, and attackers are trying to find and exploit vulnerabilities. These vulnerabilities are found in a large number of areas, including devices, data, applications, users, and locations. There are several network security tools and applications that address the threats and vulnerabilities across the IoT ecosystem. The key trend contributing to the growth of the network security segment is the rising adoption of IoT applications among various industries. Large Enterprises are expected to hold a larger market share during the forecast period By Organisation size, large enterprises are expected to hold the largest market size. Large enterprises are reshaping their security policies and architectures to incorporate big data for protecting critical assets from various cyber-attacks. They majorly adopt the IoT security ecosystem to safeguard networks, endpoints, data centers, devices, users, and applications against unauthorized usage and malicious ransomware attacks. With the increasing sophistication of cyber-attacks, the demand for advanced IoT security solutions is growing in large enterprises to secure their networks. Cloud Deployment is expected to have a higher growth rate during the forecast period By Deployment Mode, cloud is expected to have a higher growth rate. The cloud deployment mode is the fastest-growing segment in the IoT security market. Organizations can avoid costs related to hardware, software, storage, and technical staff by using cloud-based IoT security solutions. Cloudbased platforms offer a unified way in the form of SaaS-based security services to secure business applications. These platforms are beneficial for organizations that have strict budgets for security investments. SMEs deploy their solutions in the cloud as it enables them to focus on their core competencies rather than investing their capital in security infrastructures. The cloud deployment mode is growing as cloud IoT security solutions are easy to maintain and upgrade. Smart Home and Consumer Electronics segment is expected to have a higher growth rate during the forecast period