Internet of Things Security Market to Quadruple by 2020
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.