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IoT security spending to hit nearly $550M by 2018

Posted: 27 Apr 2016 ?? ?Print Version ?Bookmark and Share

Keywords:Gartner? IoT security? aircraft? analytics?

Gartner has released a report predicting that IoT security will grow two-fold between 2014 and 2018, rising from about $232 million to nearly $550 million. The market research firm added that IoT security spending growth will pick up significantly 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, a Gartner research director.

Gartner projects that there will be 6.4 billion connected devices in use worldwide this year, up 30 per cent from last year. The firm estimates that were will be some 11.4 connected devices by 2018.

"However, considerable variation exists among different industry sectors as a result of different levels of prioritisation and security awareness," Cantu said.

Ruggero Contu

Figure 1: Contu: The market for IoT security products is currently small but it is growing.

Different industry sectors are likely to have substantial differences in IoT security spending, according to Gartner. Ultimately, the firm forecasts that the spending will be dominated by connected cars and other complex machines and vehicles such as heavy trucks, commercial aircraft and equipment used in farming and construction.

Much of the attention focused on IoT security vulnerabilities to date has focused on vehicles and other large equipment that, if compromised, could have the potential to cause significant damage, injury and loss of life. A Wired magazine article last year illustrating the ability of hackers to take control of a Jeep Cherokee while it was driving on the freeway garnered widespread attention.

According to Gartner's forecast, by 2020 more than 25 per cent of identified security attacks in enterprises will involve IoT. However, the firm projects that IoT will still account for less than 10 per cent of IT security budgets. The low budgets as well as initial IoT implementations will challenge security vendors, Gartner said. Vendors are likely to focus too much attention on spotting vulnerabilities and exploits, rather than segmentation and other long-term means that better protect IoT, Gartner said.

IoT security spending

Figure 2: Worldwide IoT security spending forecast (millions of dollars)

"The effort of securing IoT is expected to focus more and more on the management, analytics and provisioning of devices and their data," Contu said. "IoT business scenarios will require a delivery mechanism that can also grow and keep pace with requirements in monitoring, detection, access control and other security needs,"

Contu added that IoT's fundamental strength in scale and presence will not be fully realised with cloud-based security services. By 2020, the firm predicts that more than half of all IoT implementations will rely on some form of cloud-based security.

- Dylan McGrath
??EE Times





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