In its latest report on the IoT security market, analyst firm Gartner predicts that beyond this year, IoT security market spending will increase at a faster rate after 2020, as improved skills, organisational 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% 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 prioritisation and security awareness."
Gartner also predicts that by 2020, more than 25% of identified attacks in enterprises will involve IoT, although IoT will account for less than 10% of IT security budgets.
Contu stresses that security vendors will be challenged to provide usable IoT security features because of the limited assigned budgets for IoT and the decentralised approach to early IoT implementations in organisations. And, he says vendors will focus too much on spotting vulnerabilities and exploits, rather than segmentation and other long-term means that better protect IoT.
"The effort of securing IoT is expected to focus more and more on the management, analytics and provisioning of devices and their data. IoT business scenarios will require a delivery mechanism that can also grow and keep pace with requirements in monitoring, detection, access control and other security needs.
"The future of cloud-based security services is in part linked with the future of the IoT. In fact, the IoT's fundamental strength in scale and presence will not be fully realised without cloud-based security services to deliver an acceptable level of operation for many organisations in a cost-effective manner.
“By 2020, Gartner predicts that over half of all IoT implementations will use some form of cloud-based security service," Contu concludes.