Gartner announced that worldwide spending on Internet of Things (IoT) security will reach US$ 348 million in 2016, which represents an increase of 23.7% compared to 2015, when expenditures were US$ 281 million. These expenditures should reach US$ 547 million in 2018.
While the figures appear moderate, Gartner predicts that IoT security market spending will skyrocket after 2020 due to increased demands, need for teams with special skills, organizational changes and custom services to improve execution.
"The market for IoT security products is small today, but it is growing as consumers and businesses begin to use an increasing number of connected devices. Gartner predicts that 6.4 billion connected devices will be used worldwide in 2016, about 30% more than in 2015, reaching 11.4 billion things by 2018. However, there is considerable variation across different industry sectors as a result of varying levels of prioritization and awareness about security," says Ruggero Contu, research director at Gartner.
As the market for IoT security-related products depends on the adoption of connected devices by consumers in various industry sectors, spending will be impacted because of the connection of vehicles, as well as other complex machines such as heavy trucks, commercial aircraft and agricultural and construction equipment.
Attacks on Connected Devices
Gartner predicts that by 2020, more than 25% of attacks identified in enterprises will involve connected IoT devices. Even so, IoT will only account for less than 10% of the IT security budget. Security vendors will be challenged to find resources to ensure device protection because of limited budgets and the decentralized approach to early IoT deployments in enterprises. Vendors will focus far more on finding vulnerabilities than on targeting and other long-term means to better protect the IoT.
"The effort to secure the Internet of Things must increasingly focus on managing, analyzing and delivering devices and their data. Enterprise IoT landscapes will require a delivery mechanism that can also grow and keep pace with requirements regarding monitoring, detection, access control and other security-related needs", says the Gartner analyst.
According to Contu, the future of security services maintained in the Cloud (Cloud) is linked, in part, to the future of IoT. “In fact, the IoT's main strength in scale and presence will not be fully realized without security services maintained in the Cloud to deliver an acceptable level of operations, cost-effectively for many companies. By 2020, Gartner predicts that more than half of all IoT implementations will use some form of security service offered in the Cloud model."
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