IoT Cybersecurity Market to Reach $60 Billion 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 spending will be necessitated by the rapid growth in enterprise IoT device adoption. The growth in IoT devices represents a significant 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 solutions, including Next Generation Firewalls (NGFWs). NGFWs protect against rapidly evolving tactics that leverage AI to bypass traditional defenses. The report identified the network layer as the most critical element of IoT networks to protect, with over 45% of global cybersecurity spending 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 centralizing IoT security management and automation.

“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,” said research author Michelle Joynson.