Worldwide spending on Internet of Things (IoT) security will reach $348 million in 2016, a 23.7% increase from 2015 spending of $281.5 million, according to findings by technology research company, Gartner.
The technology industry research company announced today that spending on IoT security is expected to reach $547 million in 2018 and that the overall spending will initially be moderate.
Gartner predicts that IoT security market spending will increase at a faster rate after 2020, as improved skills, organizational change and more scalable service options improve execution.
Ruggero Contu, Research Director at Gartner, says that “the market for IoT security products is currently small but it is growing as both consumers and businesses start using connected devices in ever greater numbers.”
Contu added that “Gartner forecasts that 6.4 billion connected things will be in use worldwide in 2016, up 30% from 2015, and will reach 11.4 billion by 2018. However, considerable variation exists among different industry sectors as a result of different levels of prioritization and security awareness.”
Gartner explains that the market for IoT security products is dependent on IoT adoption by the consumer and industry sectors, as endpoint spending will be dominated by connected cars, as well as other complex machines and vehicles, such as heavy trucks, commercial aircraft, and farming and construction equipment.
Gartner thus predicts that by 2020, more than 25% of identified attacks in enterprises will involve IoT, although IoT will account for less than 10% of IT security budgets.
According to Gartner, security vendors will be challenged to provide usable IoT security features because of the limited assigned budgets for IoT and the decentralized approach to early IoT implementations in organizations.
The technology research company says that vendors will focus too much on spotting vulnerabilities and exploits, rather than segmentation and other long-term means that better protect IoT.
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