Internet of Things Security Market to Quadruple by 2020

April 5, 2016, Written By Bill Hardekopf
Modern digital tablet PC with Internet of things Apps. Internet of things concept illustration Controlling your home appliances with tablet.Internet of things Apps/Internet of things Apps

The Internet of Things (IoT) security market is projected to quadruple in size from $6.89 billion in 2015 to $28.90 billion in 2020, according to a new study released today entitled “Internet of Things (IoT) Security Market – Global Forecast to 2020.”

This represents a compound annual growth rate of 33.2%.

The Research and Markets study found this expansion is due to a number of factors. As the IoT expands, many worry about hackers gaining unauthorized access to their devices in order to steal their identity or financial information. On a larger scale, governments, businesses and health care providers are also concerned they may not be doing enough to protect the expanding variety of Internet-ready devices.

In the past, most transactions took place via a computer, and the primary threats were viruses and malware. Thus, security efforts focused on anti-virus and anti-malware programs. These products do little to protect IoT devices.

Additionally, many recent hacks have brought attention to the need for increased security, including the Target attack that led to a loss of $162 million. These breaches, along with increased social media awareness, have sparked the IoT security market.

According to Research and Markets, cloud-based security solutions are the most promising, since they are cost effective.

The information contained within this article was accurate as of April 5, 2016. For up-to-date
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