Worldwide spending on Internet of Things (IoT) security will reach US$348 million in 2016, a 23.7 percent increase from 2015 spending of $281.5 million and is expected to reach $547 million in 2018.
Although overall spending will initially be moderate, tech researcher Gartner predicts that IoT security market spending will increase at a faster rate after 2020.
“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.
The researcher said by 2020, more than 25 percent of identified attacks in enterprises will involve IoT and security vendors will be hard pressed to provide usable IoT security features because of the limited assigned budgets for IoT.
