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IoT security market set to heat up

7/08/2015 by


The rise of the Internet of Things (IoT) will be accompanied by an intensive growth period for the IoT security market, according to recent estimations.

As Datamation reports, it is inevitable that the market of technologies which safeguard IoT data will expand over the next few years as firms  are increasingly aware of the risks that come with device-to-device connectivity.

The scale of the growth looks set to be significant; MarketsandMarkets predicts that the global IoT security vertical will be worth US$28.9 billion by 2020.

This represents a compound annual growth rate (CAGR) of 33.2%, with the market currently standing at a modest US$6.89 billion.

The report explained that IoT gives hackers the platform from which to incapacitate critical business infrastructure. As such, a large proportion of the demand will be driven by ensuring manufacturing plants and other key national operations are kept secure.

"Security issues in critical infrastructures can lead to huge losses such as power hacks, loss of life, and malfunction of nuclear reactors," said the firm in a statement. "Therefore, proper security implementation is essential and companies are increasing their investments for the same."

Utilities and manufacturers are two early adopters of IoT technology, according to a Gartner report from earlier this year. It revealed that power plants and other utilities have already installed 299 million IoT devices, narrowly behind manufacturers with 307 million objects.

However, IoT security has been something of an afterthought, but is seemingly playing catch-up fast.


Iot, Cybersecurity, Data

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