The global Internet of Things (IoT) security market is set to grow by a compound annual growth rate (CAGR) of 48 per cent, according to a new report by Technavio.
The new report categorises the IoT security market into three segments – hardware, software and computer services.
According to the report, the global IoT security market by hardware is set to grow by a CAGR of 45 per cent. The major priorities for IoT systems are industrial sectors are safety, reliability, productivity, and efficiency.
The report also indicates that global industries are vulnerable to a number of threats and a single software based system does not provide adequate protection for IoT systems used in enterprises.
Technavio enterprise application research analyst, Amit Sharma, said that both hardware and software security chips should be used to protect IoT systems.
“Governments and organisations are careful about carrying out any modifications or software patches in the deployed IoT system. Therefore, to maintain and address all security concerns in the sector, both software and hardware security chips should be used,” Sharma said.
In terms of the global IoT market by software, growth is set to jump to a CAGR of 49 per cent. The report shows that security software enhances and automates the network monitoring process and can be easily integrated with IoT applications, resulting in the high adoption of the software among end-users, especially in the automotive sector and in healthcare.
Finally, in terms of the global IoT security market by services, grow is set to be a CAGR of 52 per cent. The report says this is because the initial investment required by organisations to support IoT security infrastructure is low when compared to those of hardware and software security components.
“The major advantages of IoT security services are minimal capital investment, use of existing equipment, and management of the entire security system via a single web-based system,” Sharma said.