A recent report by Mordor Intelligence LLP has revealed that the proliferation of Internet of Things (IoT) technology—especially in the security market—is increasing each year as new business models emerge and the cost of devices and components falls.
The report, titled Internet of Things (IoT) Security Market - Growth, Trends, and Forecast (2019 - 2024), defines the IoT security market as “the technological area concerned with mitigating cyber threats regarding connected devices and networks in the Internet of Things. IoT involves adding internet connectivity to a system of interrelated computing devices, mechanical and digital machines, objects and/or people.”
According to the report, in 2018 the IoT market was valued at $1,130.16 million, and is expected to reach a value of $6,062.77 million by 2024, registering a compound annual growth rate of 31.87 percent over the forecast period of 2019 to 2024.
As the report notes, “The IoT Security market is moderately competitive and consists of a few significant market players operating across the global market. In terms of market share, some of the players currently dominate the market. However, with the advancement in the security access across the industrial services, new players are increasing their market presence thereby expanding their business footprint across the emerging economies.”
This surge in IoT security spending and market growth is powered by several developing trends across the world. For instance, as the amount of networked IoT devices increases, networks are subject to a growing number of sophisticated cyberattacks given that their security segment covers various subsegments like firewalls, servers, VPN, IDS, IPS, wireless intrusion detection and prevention system (WIDPS), gateways and network hardware.
This fact is emphasized in the latest IBM X-Force Threat Intelligence Index Report, which notes that last year saw a 5,400 percent increase in recorded IoT vulnerabilities since the previous indexation just five years earlier. The networked nature of IoT technologies often presents a greater security challenge than previous isolated systems or devices.
As more international companies find their footing in the IoT field, the need for reliable and proven countermeasures to attacks resulting from IoT vulnerabilities will become even more important.
To read Mordor Intelligence’s complete report, click here.