IoT Security Spending to Skyrocket in 2016

IoT Security Spending to Skyrocket in 2016

  • By Sydny Shepard
  • Apr 26, 2016

Analyst firm Gartner predicts that global spending on security for the devices that fall under the Internet of Things (IoT) will reach $348 million this year, a 23.7 percent increase from 2015’s spending of $281.5 million.

Obviously, the world of IoT has seen a significant move forward in the recent years. By analyzing last year’s growth and predicting the growth of IoT security spending in 2016, Gartner was able to predict that the worldwide spending in 2017 will reach $434 million and 2018 will see an IoT spending of $547 million.

According to Gartner, the market for IoT security products is dependent on IoT adoption by both the consumer and the industry. Gartner attributes the rise in IoT security spending to the recent announcement of autonomous, connected cars as well as other complex machines and vehicles such as heavy trucks, commercial aircrafts and farming and construction equipment. They have also before predicted that soon we will see everything from toasters to kettles to hospital equipment being connected to the internet.

Gartner predicts that by 2020, more than 25 percent of hacked companies will have been through vulnerability in IoT devices, despite the fact that IoT security will account for more than 10 percent of the IT security budget.

One of the unique features of IoT devices that make them hard to secure is the reach of surveillance and tracking, thus leaving users with few or no options to customize privacy settings or control what happens to their data. This is why Gartner predicts the spending budgets to raise so quickly, an additional amount of research must be done to get the devices to a state in which a consumer feels comfortable using them and a company doesn’t mind employing them.

About the Author

Sydny Shepard is the Executive Editor of Campus Security & Life Safety.

Featured

  • Empowering and Securing a Mobile Workforce

    What happens when technology lets you work anywhere – but exposes you to security threats everywhere? This is the reality of modern work. No longer tethered to desks, work happens everywhere – in the office, from home, on the road, and in countless locations in between. Read Now

  • TSA Introduces New $45 Fee Option for Travelers Without REAL ID Starting February 1

    The Transportation Security Administration (TSA) announced today that it will refer all passengers who do not present an acceptable form of ID and still want to fly an option to pay a $45 fee to use a modernized alternative identity verification system, TSA Confirm.ID, to establish identity at security checkpoints beginning on February 1, 2026. Read Now

  • The Evolution of IP Camera Intelligence

    As the 30th anniversary of the IP camera approaches in 2026, it is worth reflecting on how far we have come. The first network camera, launched in 1996, delivered one frame every 17 seconds—not impressive by today’s standards, but groundbreaking at the time. It did something that no analog system could: transmit video over a standard IP network. Read Now

  • From Surveillance to Intelligence

    Years ago, it would have been significantly more expensive to run an analytic like that — requiring a custom-built solution with burdensome infrastructure demands — but modern edge devices have made it accessible to everyone. It also saves time, which is a critical factor if a missing child is involved. Video compression technology has played a critical role as well. Over the years, significant advancements have been made in video coding standards — including H.263, MPEG formats, and H.264—alongside compression optimization technologies developed by IP video manufacturers to improve efficiency without sacrificing quality. The open-source AV1 codec developed by the Alliance for Open Media—a consortium including Google, Netflix, Microsoft, Amazon and others — is already the preferred decoder for cloud-based applications, and is quickly becoming the standard for video compression of all types. Read Now

  • Cost: Reactive vs. Proactive Security

    Security breaches often happen despite the availability of tools to prevent them. To combat this problem, the industry is shifting from reactive correction to proactive protection. This article will examine why so many security leaders have realized they must “lead before the breach” – not after. Read Now

Most   Popular

New Products

  • FEP GameChanger

    FEP GameChanger

    Paige Datacom Solutions Introduces Important and Innovative Cabling Products GameChanger Cable, a proven and patented solution that significantly exceeds the reach of traditional category cable will now have a FEP/FEP construction.

  • PE80 Series

    PE80 Series by SARGENT / ED4000/PED5000 Series by Corbin Russwin

    ASSA ABLOY, a global leader in access solutions, has announced the launch of two next generation exit devices from long-standing leaders in the premium exit device market: the PE80 Series by SARGENT and the PED4000/PED5000 Series by Corbin Russwin. These new exit devices boast industry-first features that are specifically designed to provide enhanced safety, security and convenience, setting new standards for exit solutions. The SARGENT PE80 and Corbin Russwin PED4000/PED5000 Series exit devices are engineered to meet the ever-evolving needs of modern buildings. Featuring the high strength, security and durability that ASSA ABLOY is known for, the new exit devices deliver several innovative, industry-first features in addition to elegant design finishes for every opening.

  • 4K Video Decoder

    3xLOGIC’s VH-DECODER-4K is perfect for use in organizations of all sizes in diverse vertical sectors such as retail, leisure and hospitality, education and commercial premises.