Report says IoT security market is set for exponential growth
Growth predictions in the IoT security market are 55% between 2016 and 2020, according to a new study. Firstly, Utilities will drive IoT security market growth because they are rushing to keep their fast-growing Internet of Things (IoT) systems safe from hackers
Recently, transition from closed networks to enterprise IT networks to the public Internet is accelerating at rapid pace. IoT security involves protection of connected devices and networks in the Internet of things (IoT). The Internet of Things is advanced from the combination of, internet protocols, wireless technologies and micro-electromechanical systems.
The report by MarketResearchReports.biz entitled “Global Internet of Things Security Market 2016-2020” found that IoT security will be driven by such end-use industries as automotive, healthcare – and especially utilities. It predicted a compound annual growth rate of 55.01% over the period.
“During the forecast period, the utilities sector is expected to drive the demand from the market with highest adoption of IoT security solutions,” the report media release stated. “Extensive implementation of smart meters and IoT for utility management systems such as gas, energy, water, and oil will contribute towards the growth of the market.”
This report follows a recent Gartner study that found similarly impressive growth prospects in the world of IoT security. Gartner predicted worldwide expenditures on IoT security will grow by 24% this year to $348 million, then grow to $547 million in 2018 and to $841 million in 2020.
The report sees recent advances in sensor technology propelling global IoT security market growth. “However, high total cost of ownership of IoT security solutions will negatively impact the growth of the market during the forecast period,” said the report. “The emergence of integrated security solutions will open new opportunities for the market in the near future.”
In addition, Zion Research has released a new report titled “IoT Security Market for Utilities, Automotive, Healthcare and Other End-users: Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020”. According to the report, global IoT security market was valued at USD 55.6 million in 2014, is anticipated to reach around USD 464 million in 2020, growing at a CAGR of 42.4% between 2015 and 2020.