Tuesday, 26 April 2016 22:04

IoT security spending on the rise as market demand heads north

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Worldwide spending on Internet of Things (IoT) security will reach $348 million this year, a 23.7% increase from 2015 spending of $281.5 million, as the IoT global market continues to grow rapidly.

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."

According to Gartner, the market for IoT security products is dependent on IoT adoption by the consumer and industry sectors, and endpoint spending will be dominated by connected cars, as well as other complex machines and vehicles, such as heavy trucks, commercial aircraft, and farming and construction equipment.

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.

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Peter Dinham

Peter Dinham - retired and is a "volunteer" writer for iTWire. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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