The IoT cyber-security market will reach $60bn globally by 2029, according to Juniper Research.

The study found that global IoT cyber-security market revenue will more than double over the next five years, rising from $27bn in 2024.

This growth of over 120% in cyber-security spend will be necessitated by the rapid growth in enterprise IoT device adoption. This growth in IoT devices represents an opportunity for cyber attacks if not secured properly, potentially resulting in large monetary losses for enterprises. 

To protect against potential losses, the study predicts enterprise users will increasingly need to adopt advanced network security, 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 cyber-security spend attributable to protecting the network layer in 2025.

However, to ensure network protection, enterprises must adopt methods that protect all layers, including the network, cloud and endpoints. The report identified extended detection and response (XDR) as key to unify security protocols across the entirety of the network. In turn, this simplifies security workloads by centralising IoT security management and automation.

“We expect 91% growth in the number of global IoT connections in service over the next five years,” said research author Michelle Joynson. “To protect these connections, cyber-security platforms must provide unified threat detection and security management that combat emerging threats, mitigate endpoint vulnerabilities and reduce network complexity.”

The research suite offers an assessment of the IoT cyber-security market to date, including 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.

Find out more at www.juniperresearch.com/research/iot-emerging-technology/iot-security/iot-cybersecurity-market-report.