IoT cybersecurity market will double over the next five years reaching $60 billion globally by 2029

A new study from Juniper Research has found that global IoT cybersecurity market revenue will double over the next five years; rising from $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.

IoT Network Layer Driving 45% of IoT Cybersecurity Spend

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.”

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Find out more about the new report: Global IoT Cybersecurity Market 2024-2029, or download a free sample.