IoT security spending will expand to $50 billion by 2026 amid explosive market growth

Internet of Things (IoT) devices are springing up like mushrooms after the rain. They are spreading so fast that the global smart home market will more than double by 2022, and most experts believe the world will have 50 billion connected devices by 2020.

The dangers can eclipse the benefits, though, as many vendors don’t properly test their security in real-life scenarios, while users themselves are often unaware of the dangers posed by always-on, Internet-connected gadgets.

Risks from virtually all areas of the IoT are set to grow: IP camera manufacturers alone are estimated to ship 24 million such devices annually starting in 2022. And in a 2016 report, research firm Gartner put IT Security at the top of a list of IoT technologies that would dominate the market in 2017 and 2018.

Now, MarketResearch.biz is out with a new set of data focused solely on IoT security. According to the report – Global Internet Of Things (IOT) Security Market By Security Type – the global IoT security market is projected to expand at a CAGR of 34.9% over the next 10 years.

The IoT security industry will be a $49.5 billion cash cow by 2026, according to the research firm. Currently, the market is valued at $5.65 billion.

Because the IoT realm depends on cloud storage and wireless network connectivity, and because IoT vendors are not doing nearly enough to ensure the integrity of their products, security threats abound and cyber-attacks are set to increase sharply.

Dedicated IoT security solutions and services are therefore “essential” to ensure authorized access to the data routed through connected devices, according to MarketResearch.biz.

The Bring Your Own Device (BYOD) phenomenon raises concerns further as it can expose critical information, such as intellectual property, as well as personal data.

Another growth factor stems from smart city projects, which are fueling adoption of IoT applications that need to be secured. These government initiatives are further propelling the growth of the IoT security market, the report notes.

Finally, increasing demand for data security has given rise to new laws and regulations in various countries, which will drive even more demand for IoT security solutions.

Another key takeaway from the report – demand for more IoT security will implicitly create new opportunities for existing players as well as newcomers.

For more information on the IoT landscape and how Bitdefender is hard at work keeping it safe from cybercrooks, visit the official Bitdefender BOX website.