Global spending on the Internet of Things (IoT) security will reach US $348 million in 2016, according to research agency Gartner.
This was a 23.7 percent increase from last year of US $281.5 million. Spending on the IoT security was expected to reach US $547 million in 2018. Although overall spending will initially be moderate, Gartner said that IoT security market spending will increase at a faster rate after 2020 as improved skills, organisational change and more scalable service options improve execution.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,” said Ruggero Contu, research director at Gartner, in a statement.
The report titled, “Forecast: IoT Security, Worldwide, 2016” predicted that 6.4 billion connected things will be in use worldwide in 2016 – up 30 percent from 2015 – and will reach 11.4 billion by 2018.“In fact, the IoT’s fundamental strength in scale and presence will not be fully realized without cloud-based security services to deliver an acceptable level of operation for many organisations in a cost-effective manner,” Contu predicted.
By 2020, Gartner predicts that over half of all IoT implementations will use some form of cloud-based security service.