The Internet of Things (IoT) security market, which consists of smart technology solutions and services that aim at securing the network of connected devices, is expected to reach $28.90 billion by 2020.
According to a market research report from MarketsandMarkets, security issues that started with the connection of computer systems and with the growth of networking have now become exacerbated by ever-increasing levels of complexity; so, security solutions providers are working towards the integration efficient security solutions.
As a result, the firm expects the rise of security concerns in critical infrastructures such as utilities, smart grids and manufacturing facilities to remain the key driver of the IoT security market in the coming years.
The stakes are high. “Security issues in critical infrastructures can lead to huge losses such as power hacks, loss of life and malfunction of nuclear reactors,” said the firm. “Therefore, proper security implementation is essential and companies are increasing their investments for the same.”
Regulating bodies in North America and Europe have also mandated the security standards regarding the disclosure of information and privacy. As a result, solution providers are shifting towards IoT security solutions to safeguard the connected devices themselves. However, many organizations in developing countries are still unaware of the IoT based cyber-attacks and their resulting effects, which act as a factor restraining the growth of the market.
IoT is also spurring cloud approaches.
“Nowadays, cloud-based security solutions are providing good opportunities for the growth of the IoT security market by minimizing implementation and maintenance costs, and organizations are shifting towards the deployment of cloud-based security solutions,” the firm added.