05 Jan IoT security market to hit $64bn in four years

By 2027 the global IoT security and privacy market is set to reach almost $64 billion, according to a report published by ResearchAndMarkets.

In addition, cloud-based security and privacy solutions for this sector are estimated to be worth $41.2 billion.

The report authors say that these networks and systems are typically multi-vendor, multi-nodal and distributed environments and as a result are more prone to cyber attacks, as there are so many possible points of attack. Some of the most significant concerns were revealed to be illegal capture and abuse of data, including users’ activities, personal health or finances; location of assets; and corporate and personal information.

The report also made a number of other projections, including distributed denial of service protection for IoT reaching $1.7 billion globally by 2027 and IoT security in smart buildings hitting a worth of $5.3 billion globally by the same year. It highlighted commercial retrofits as driven the latter.