IoT security spending to reach $348m in 2016: Gartner
April 26, 2016
Analyst firm Gartner predicts global spending on security for the Internet of Things (IoT) will reach $348 million this year, a 23.7 percent increase from last year's $281.5 million spend.
As the IoT gains momentum, Gartner expects the 2017 worldwide spend to fall just shy of $434 million, whilst the 2018 predicted spend is $547 million.
According to Gartner, the market for IoT security products is dependent on IoT adoption by both consumer and industry, expecting endpoint spending to be dominated by connected cars, as well as other complex machines and vehicles such as heavy trucks, commercial aircraft, and farming and construction equipment."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," Ruggero Contu, research director at Gartner, said.
Additionally, Gartner predicts that by 2020, more than 25 percent of identified attacks in enterprises will involve IoT, despite IoT accounting for less than 10 percent of total IT security budgets. The analyst firm also expects security vendors to be challenged when trying to provide usable IoT security features due to such a limited budget.