IoT security market to reach $52.3 billion by 2026

The overall security in IoT market will reach $52.3 billion globally by 2026, while distributed denial of service protection for IoT systems will reach $1.58 globally by 2026, a ResearchAndMarkets report reveals.

Other report findings

• Driven largely by commercial retrofits, IoT security in smart buildings will reach $4.55 globally by 2026.
• The largest deployment mode, cloud-based IoT security solutions will reach $30.33 billion globally by 2026.
• Network security will remain the largest global component through 2026, greater than end-point or application security.

IoT networks and systems often represent a multi-vendor, multi-nodal and distributed environment and are therefore more prone to cyberattacks by virtue of many points of attack.

Major concerns include illegal capture and abuse of IoT data which includes users’ activities, personal health or financial information, location of assets (humans, equipment, vehicles, etc.), corporate and personal information.

IIoT is an emerging category of IoT

Industrial IoT (IIoT) is an emerging category of IoT which has been appreciated worldwide for its usability in streamlining business with real time analysis. The devices and things used in IIoT are very special and specific to industry needs. For example, sensors used in oil wells and mines are uniquely processed to adapt and stay working in severe conditions such as high temperature, low pressure, etc.

Similar requirements could be in factories where devices, gateways and sensors will be connected to high temperature boilers to cold cutting machines. In IIoT sensors and devices are attached to many missions’ critical machines or tools that cannot afford to stop working and need to work continuously. These sensors and edge devices are designed in such a way that they should remain unmonitored and away from physical interference for years.

The analyst sees investments associated with securing IoT growing at a rapid pace throughout this decade. Their most recent studies indicate rapidly growing awareness among enterprise, industrial and government sectors about the importance of securing their products and applications from malicious attacks. Moreover, the will and budgetary commitment to take actions is increasing among market leaders.

IoT security market drivers

• Convergence of IT and OT security policies
• Rapid changes in infrastructure technology
• Increased demand for connectivity
• Standardization of network security policies
• Securing mobile device and mobile applications
• Securing cloud

IoT security market challenges

• Multivendor nature of IoT business
• Lack of standard security practices
• IoT devices are already in the market without much security measures
• Hackers are now more professional in behavior
• IoT is a soft target for data leaks and privacy breaches
• Data theft and privacy breach in IoT will often go long unnoticed