The widespread deployment of Internet of Things (IoT) technology is driving increased security breaches that will spark incredible growth in the IoT security industry.

A recent study by MarketResearchReports.biz predicts that compound annual growth in the IoT security market will reach nearly 55% over the next year.

“With the continuously widening expanse of 2G, 3G, and 4G networks across the globe, the threat to digital data is also rising,” the report press release stated. “A rising number of highly sophisticated and complex data hacking incidences has rocked the digital world in the past few years, bringing the issue of data security to the forefront.”

The report entitled “Global IoT Security Market 2015-2019” looked at the competitive landscape in the IoT space and how security concerns were mounting there.

“With the mounting volumes of digital data being communicated between devices and people, governments are taking strict measures to secure network from viruses and hackers by establishing stringent regulations and policies,” it said.

Security needs grow exponentially

With billions of potential nodes to access systems, one of the key issues with data security is that it not just your systems tat may be vulnerable, but the systems of all your vendors or partners.

“You have to keep up with the parts of the market that care about it. So, we have seen demonstrated at certain parts of consumer IoT, they really don’t care about whether their devices are secure,” John Sirianni, vice president of strategic Partners, IoT for Webroot told ReadWrite last month. “And we see that the critical infrastructure – power and energy management, integrated transportation – those are filled with manufacturers and operators that care about their infrastructure and are willing to work with leading security companies to monitor and provide situational awareness to all the activities. (But) you can’t protect it all.”

This report highlighted the increased opportunities for companies who safeguard IoT systems from malicious attackers trying to gain unauthorized access, misuse data, destroy or deactivated networks, and corrupt data records

The study examined key IoT vendors such as Cisco Systems, Alcatel-Lucent, Rockwell Automation, Infineon Technologies, Checkpoint Technologies, Ericsson, Siemens, and IBM

The post Hackers drive huge global IoT security market growth appeared first on ReadWrite.

Utilities will be among the sectors rushing to keep their fast-growing Internet of Things (IoT) systems safe from hackers will drive growth in the IoT security market by 55% between 2016 and 2020, according to a new study.

The report by MarketResearchReports.biz entitled “Global Internet of Things Security Market 2016-2020” found that IoT security will be driven by such end-use industries as automotive, healthcare – and especially utilities. It predicted a compound annual growth rate of 55.01% over the period.

“During the forecast period, the utilities sector is expected to drive the demand from the market with highest adoption of IoT security solutions,” the report media release stated. “Extensive implementation of smart meters and IoT for utility management systems such as gas, energy, water, and oil will contribute towards the growth of the market.”

This report follows a recent Gartner study that found similarly impressive growth prospects in the world of IoT security. Gartner predicted worldwide expenditures on IoT security will grow by 24% this year to $348 million, then grow to $547 million in 2018 and to $841 million in 2020.

Sensor tech propelling growth but also security concerns

The report sees recent advances in sensor technology propelling global IoT security market growth, which will lead to increased IoT security adoption in the future.

“However, high total cost of ownership of IoT security solutions will negatively impact the growth of the market during the forecast period,” said the report. “The emergence of integrated security solutions will open new opportunities for the market in the near future.”

In the report many of the key vendors in the worldwide IoT security space were profiled. These included: Nokia, NetComm Wireless, Palo Alto Networks, Cisco Systems, Intel, Broadcom, Sierra Wireless, Secure Crossing, Systech Solutions, Sophos, IBM, Gemalto, Kore Wireless, Numerex, Rockwell Automation, Symantec, Infineon Technologies, Axeda Machine Cloud, Fortinet, Eurotech, Tofino, Ventus Wireless, Digi International, Ericsson and Telit.

The geographic scope of the report covered such regions as: the Americas; Europe, the Middle East and Africa; and the Asia Pacific region.

The post Will utilities drive IoT security market growth? appeared first on ReadWrite.

The widespread deployment of Internet of Things (IoT) technology is driving increased security breaches that will spark incredible growth in the IoT security industry.

A recent study by MarketResearchReports.biz predicts that compound annual growth in the IoT security market will reach nearly 55% over the next year.

“With the continuously widening expanse of 2G, 3G, and 4G networks across the globe, the threat to digital data is also rising,” the report press release stated. “A rising number of highly sophisticated and complex data hacking incidences has rocked the digital world in the past few years, bringing the issue of data security to the forefront.”

The report entitled “Global IoT Security Market 2015-2019” looked at the competitive landscape in the IoT space and how security concerns were mounting there.

“With the mounting volumes of digital data being communicated between devices and people, governments are taking strict measures to secure network from viruses and hackers by establishing stringent regulations and policies,” it said.

Security needs grow exponentially

With billions of potential nodes to access systems, one of the key issues with data security is that it not just your systems tat may be vulnerable, but the systems of all your vendors or partners.

“You have to keep up with the parts of the market that care about it. So, we have seen demonstrated at certain parts of consumer IoT, they really don’t care about whether their devices are secure,” John Sirianni, vice president of strategic Partners, IoT for Webroot told ReadWrite last month. “And we see that the critical infrastructure – power and energy management, integrated transportation – those are filled with manufacturers and operators that care about their infrastructure and are willing to work with leading security companies to monitor and provide situational awareness to all the activities. (But) you can’t protect it all.”

This report highlighted the increased opportunities for companies who safeguard IoT systems from malicious attackers trying to gain unauthorized access, misuse data, destroy or deactivated networks, and corrupt data records

The study examined key IoT vendors such as Cisco Systems, Alcatel-Lucent, Rockwell Automation, Infineon Technologies, Checkpoint Technologies, Ericsson, Siemens, and IBM

The post Hackers drive huge global IoT security market growth appeared first on ReadWrite.

Utilities will be among the sectors rushing to keep their fast-growing Internet of Things (IoT) systems safe from hackers will drive growth in the IoT security market by 55% between 2016 and 2020, according to a new study.

The report by MarketResearchReports.biz entitled “Global Internet of Things Security Market 2016-2020” found that IoT security will be driven by such end-use industries as automotive, healthcare – and especially utilities. It predicted a compound annual growth rate of 55.01% over the period.

“During the forecast period, the utilities sector is expected to drive the demand from the market with highest adoption of IoT security solutions,” the report media release stated. “Extensive implementation of smart meters and IoT for utility management systems such as gas, energy, water, and oil will contribute towards the growth of the market.”

This report follows a recent Gartner study that found similarly impressive growth prospects in the world of IoT security. Gartner predicted worldwide expenditures on IoT security will grow by 24% this year to $348 million, then grow to $547 million in 2018 and to $841 million in 2020.

Sensor tech propelling growth but also security concerns

The report sees recent advances in sensor technology propelling global IoT security market growth, which will lead to increased IoT security adoption in the future.

“However, high total cost of ownership of IoT security solutions will negatively impact the growth of the market during the forecast period,” said the report. “The emergence of integrated security solutions will open new opportunities for the market in the near future.”

In the report many of the key vendors in the worldwide IoT security space were profiled. These included: Nokia, NetComm Wireless, Palo Alto Networks, Cisco Systems, Intel, Broadcom, Sierra Wireless, Secure Crossing, Systech Solutions, Sophos, IBM, Gemalto, Kore Wireless, Numerex, Rockwell Automation, Symantec, Infineon Technologies, Axeda Machine Cloud, Fortinet, Eurotech, Tofino, Ventus Wireless, Digi International, Ericsson and Telit.

The geographic scope of the report covered such regions as: the Americas; Europe, the Middle East and Africa; and the Asia Pacific region.

The post Will utilities drive IoT security market growth? appeared first on ReadWrite.