The IoT security market reaches USD 48 billion
The growing number of devices that are connected via the IoT is putting the whole IoT ecosystem increasingly at risk. Security and cybersecurity solutions are more in demand than ever.14 Nov 2017 Claudia Witte
Future Market Insights predicts an average annual growth of almost 15% for the IoT security product market until 2027. This corresponds to a market of USD 48 billion. The increasing growth in turnover can be attributed to the continuous introduction of IoT security offerings onto the market, but in particular also to the increasing pressure and requirement for companies to build their business models around the Internet of Things.
According to estimations from the analysts at Gartner , by 2020 IoT technology and solutions will be used in 95% of all new electronic devices. But already the sheer amount of data end points that are connected via the (industrial) IoT makes it attractive for attackers. It’s predicted that in 2020 more than a quarter of all identified attacks on companies will be carried out on IoT components.
It’s expected that new threats will arise from the Internet of Things practically on a daily basis. It’s for this reason too that security solution manufacturers are posed with the central challenge of developing and providing usable IoT security services. One particular task here is decentralized approaches for early IoT implementations in the companies.
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