Grand View Research also found that the increased reliance on connected devices has made us more vulnerable to IoT security breaches than ever.
Analysts expect the IoT security market to rise from a value of $1.24 in 2017 to $9.88 billion in 2025, according to a report by Grand View Research. This increase directly correlates to increased use of IoT devices in enterprise markets. A Deloitte report suggests that the number of devices embedded with AI will increase from 79 million to over a billion by 2023.
The report anticipates that the 2017 domination of smart home and consumer use in the IoT market will continue, predicting the sector will generate $2.93 billion in revenue by 2025. IoT’s use in healthcare, life sciences, infrastructure, smart cities, transportation, and industrial systems will also continue to grow.
Greater Use Leads to Greater Risk
Artificial intelligence, machine learning, the cloud, and wireless networks have seen exponential growth in their use with IoT devices. Their prevalence has given cybercriminals even more ways to infiltrate systems, potentially increasing the vulnerability of both businesses and consumers to malware and other cyberattacks.
Those cyberattacks include:
- Data and identity theft
- Network and data manipulation
- Intellectual property (IP) theft
- Data falsification
While identity and access management held a revenue share of 32.7%, the report predicts encryption becoming the security solution of choice with an estimated CAGR 35.9% by 2025.
Projected to reach over $2 billion by 2025, the professional services segment is expected to continue to remain dominant in IoT security. Professional services will see growth in policy and management, test and evaluation, assessment, and security.