The growing adoption of M2M technologies will lead to global spending on Internet of Things (IoT) security to reach $348 million in 2016, a 23.7% increase from 2015 spending of $281.5 million, according to Gartner, Inc.
The research major estimates that the spending on IoT security is expected to reach $547 million in 2018. While overall spending will initially be moderate, Gartner projects that IoT security market spending will increase at a faster rate after 2020, as improved skills, organisational change and more scalable service options improve execution.
“Gartner forecasts that 6.4 billion connected things will be in use worldwide in 2016, up 30% from 2015, and will reach 11.4 billion by 2018. However, considerable variation exists among different industry sectors as a result of different levels of prioritization and security awareness.”
The market for IoT security products is dependent on IoT adoption by the consumer and industry sectors. Endpoint spending will 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 company said.
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