Study: IoT cybersecurity market is set to reach $60 billion globally by 2029

As potential for cyber-attacks escalates

The global Internet of Things (IoT) cybersecurity market will experience dramatic growth over the next five years, reaching $60 billion by 2029, up from $27 billion in 2024. This represents a substantial 120% increase in cybersecurity investment, driven by enterprises’ rapid expansion of IoT devices.

According to a new study from Juniper Research, a leading authority in the IoT sector, the proliferation of IoT devices across industries presents a double-edged sword. While they bring numerous benefits, they also create significant cybersecurity risks.

As more devices become interconnected, the potential for cyber-attacks escalates, putting enterprises at risk of substantial financial losses. The study underscores the urgent need for businesses to bolster their cybersecurity infrastructure to mitigate these threats.

One of the report’s key findings is the growing importance of protecting the IoT network layer, which is expected to account for more than 45% of global IoT cybersecurity spending by 2025.

The study predicts that, as cyber threats evolve, enterprises will increasingly adopt advanced network security solutions, such as Next Generation Firewalls (NGFWs). NGFWs are designed to defend against sophisticated tactics that leverage artificial intelligence (AI) to bypass traditional security defences. These firewalls are essential in protecting the rapidly expanding IoT network, where the volume of connected devices is expected to surge in the coming years.

Multi-layered approach

However, securing the network layer alone will not be enough. The research stresses the need for a multi-layered approach to cybersecurity, encompassing the network, cloud, and endpoints. To provide comprehensive protection, businesses must implement solutions that can secure all aspects of the IoT network, ensuring that no weak links remain. Extended Detection and Response (XDR) is an up-and-coming solution identified in the report.

XDR unifies security protocols across the entire network, simplifying the management of IoT security and enabling automated responses to emerging threats. This integrated approach streamlines security workloads, reducing the complexity of securing large-scale IoT deployments.

Michelle Joynson, the study’s lead author, highlighted the importance of addressing the growing number of IoT connections.

“We expect a 91% increase in the number of global IoT connections in service over the next five years,” she explained.

“To protect these connections, cybersecurity platforms must provide unified threat detection and security management solutions. These solutions should not only combat emerging threats but also mitigate vulnerabilities at the endpoint level and reduce the overall complexity of IoT networks.”

The Juniper Research study offers a comprehensive assessment of the IoT cybersecurity market, featuring detailed forecasts for the next five years across 60 countries. The research draws on an extensive dataset of over 18,200 market statistics, providing businesses with valuable insights into current trends and future opportunities.

The study also includes a ‘Competitor Leaderboard’, offering a snapshot of key market players and product and service analysis to help companies identify new market opportunities.

The need for robust cybersecurity solutions will only intensify as the IoT landscape expands. Enterprises across all sectors must recognise the growing threat cybercriminals pose and take proactive steps to secure their IoT networks. By investing in advanced security technologies, businesses can mitigate risks and safeguard their operations in an increasingly connected world.

The growth of the IoT cybersecurity market reflects the growing recognition of these risks as businesses seek to bolster their defences against the rapidly evolving cyber threat landscape. With an increasing number of devices connecting to networks yearly, securing these devices and the data they generate has never been more critical.

As the market for IoT cybersecurity solutions grows, businesses and service providers will face the challenge of staying ahead of the curve, ensuring they are well-equipped to face the next wave of cyber threats.

Hero image: An exhibitor at GITEX Global 2024 in Dubai showcases advanced cybersecurity solutions in the age of hyperconnected IoT devices. Credit: Arnold Pinto