In-brief: technology analyst firm Gartner Inc. predcits worldwide spending on IoT security will exceed half a billion dollars in just two years.
Technology analyst firm Gartner Inc. has some eye-popping numbers out on the growth of the market for Internet of Things -focused security products and services. According to the firm, worldwide spending on IoT security will exceed half a billion dollars in just two years.
IoT security spending is predicted to reach $348 million this year, a 24% increase over 2015. And that aggressive growth is expected to continue for the foreseeable future. Spending on IoT security is expected to reach $547 million in 2018, then increase at a faster rate after 2020, as improved skills, organizational 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, research director at Gartner. “Gartner forecasts that 6.4 billion connected things will be in use worldwide in 2016, up 30 percent from 2015, and will reach 11.4 billion by 2018. However, considerable variation exists among different industry sectors as a result of different levels of prioritization and security awareness.”