The Internet of Things (IoT) security market was worth $1.24 billion in 2017, but it is expected to his $9.88 billion by 2025, according to a recent report from Grand View Research. This increased emphasis on IoT security directly correlates with the influx of IoT devices in the enterprise: Devices embedded with artificial intelligence (AI) are expected to increase from 79 million in 2017 to 1.2 billion in 2023, according to a recent Deloitte report.
With IoT products used for AI and machine learning, wireless networking, the cloud, and more, cybercriminals have countless tools of attack to choose from, leaving businesses and consumers vulnerable to a breach, the report found.
SEE: Enterprise IoT research: Uses, strategy, and security (Tech Pro Research)
Smart home and consumer uses overwhelmed the IoT market in 2017, the report found, and this sector is expected to reach $2.93 billion by 2025. But IoT systems also have a large presence in healthcare and life sciences, infrastructure and cities, industrial system and sensors, transportation and urban mobility, and more, according to the report.
While smart devices are enhancing all industries, they also open the door to new attack vectors like device manipulation, data and identity theft, data falsification, IP theft, and network manipulation, according to the report.
In 2017, identity and access management dominated the IoT security solutions market, holding a revenue share of 32.7%, the report found. This type of protection covers consumers’ digital identities, the data captured by them, authorization access, and more.
However, encryption solutions appear to be the security measure of the future, according to the report. With the highest estimated CAGR of 35.9% by 2025, encryption solutions will be relied on for data security in IoT devices. Sensitive information like financial transactions and personal data will all be covered via encryption, the report predicted.
The professional services segment is expected to maintain its dominance in IoT security through 2025, the report found. Projected to reach $2.11 billion, professional services will be vital for the IoT security services market. Services like assessment, policy and management, security by design, and test and evaluation are among the main growth factors in the segment, according to the report.
For more information on IoT security spending, check out this TechRepublic article.
The big takeaways for tech leaders:
- With the rise in connected devices, the Internet of Things security market is expected to hit $9.88 billion by 2025. — Grand View Research, 2018
- Encryption solutions will be vital to IoT security in the next few years, with an estimated CAGR of 35.9% by 2025. — Grand View Research, 2018