Gartner forecasts that 6,4 bn connected things will be in use worldwide in 2016, up 30% from 2015, and will reach 11,4 bn by 2018. Ruggero Contu, research director at Gartner, explained that the IoT security market is small but growing as businesses and consumers adopt smart and networked devices.
The company also predicted that spending will rise to USD 547mn in 2018 as IoT adoption grows and the need to protect all end points and attack vectors becomes more important. This will become a more pressing concern as over 25% of cyber attacks will involve the IoT by 2020, despite IoT security spending accounting for just 10% of IT budgets.
A research carried out by V3 Computing showed that security is the leading focus area for IT leaders exploring the IoT. Some 30% of the respondents indicated that the demand for IoT security and governance will have the most impact. Over half said that technology to ensure privacy and data protection in the IoT requires the most progress before the IoT really takes off in their industries.
This concern about the need for IoT protection is pertinent given warnings that companies are sleepwalking into danger as security goes unchecked by IoT companies.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now