IoT Security Market: Meeting the Rising Demand for Effective Cybersecurity in the Digital Age
Posted: Apr 17, 2020
The advent of digital technology in the past decade has helped in the evolution of various industries, such as manufacturing, automotive, and healthcare, in terms of connectivity, cost reduction, enhanced safety measures, and convenience of users. In particular, the Internet of Things (IoT) and widespread acceptance of connected ecosystems, among consumers and enterprises have revolutionized industries such as infrastructure, government, automotive, and manufacturing. The connected ecosystem consisting of devices and appliances has only one key purpose, i.e., to improve the quality of life by offering enriched digital experiences.
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The global IoT security market is growing at a high rate and is expected to reach a substantial level by 2024. There is a huge demand emerging from the manufacturing sector for cybersecurity measures. The global IoT security market is presently witnessing a pattern of transition due to the increasing market demand for security regulations and measures in various industries, including automotive, consumer electronics, energy and utilities, and manufacturing, among others. However, growing complexity among IoT devices for security measures coupled with a lack of IoT security skillsets and awareness within the organization act as the primary growth inhibitor for the IoT security market.
During the forecast period 2019-2024, the global market generated $16.55 billion in 2018 due to the high demand from several industries that are utilizing an interconnected cyber-physical system to automate operations from supply chain and maintenance to design and manufacturing. Additionally, sectors such as automotive industry are also expected to flourish in the forecast due to the launch of more number of connected vehicles requiring a large number of cybersecurity solutions for data protection and prevention against hacking.
In this age of proliferation of technology and information, connected devices are the cornerstone aiding ineffective data processing for any device segment, ranging from a smartwatch to spacecraft. However, there is a growing concern that manufacturers don’t implement strong security features in these connected devices, thereby leading to data breaches. Some of the most common data breaches include malware attack, phishing, SQL injection attack, and denial-of-service.
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Among all these attacks, the threat of DDoS and malware attacks has increased significantly. This is because of the ready access to easy-to-use tools and by a wider criminal understanding of its potential for the profit through extortion. These attacks, which directly target enterprises and individuals, may potentially lead to huge financial and personal losses. Cyber-attacks, such as Wannacry, have exploited multiple vulnerabilities infecting networks extremely quickly, halting the entire factory production lines, healthcare services, and commercial systems.
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Bis Research is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.