ABI Research analysts say the burgeoning Internet of Things (IoT) will be the next big market for cyber security.
“While it remains a fragmented market that has yet to consolidate, the ecosystem is expanding with vendors finding their way into three groups,” the researchers wrote in a recent blog post.
“[These include] hardware (chipset/SoC/microcontroller), firmware/software (embedded OS/RTOS/hypervisor), and applications (platform/cloud/service/analytics) across a wide range of verticals, including automotive, smart home, healthcare, and energy.”
According to Michela Menting, Research Director at ABI Research, there is increasing interest – and requirements – for improved levels of security to be designed into products, devices, and networks to protect data, combat fraud, and prevent criminal hacking.
“Promising opportunities, and undeniably challenges, will center on securing assets, protecting data, and ensuring privacy,” she explained.
As Menting points out, standardization and guideline developments are still at a relatively early stage. Indeed, numerous groups, including the Cloud Security Alliance, the Trusted Computing Group, the OWASP IoT Project, the IEE, GSMA, NFC Forum, ISO, GlobalPlatform, and IoT Security Foundation, among others, are working on different aspects of security standards, from hardware designs to network connectivity.
“When mapping out these new standards, it is important to keep in mind numerous considerations, such as small footprints, lightweight agents, low energy consumption, mobile assets, and permeable networks,” Menting concluded.
Despite the above-mentioned challenges, the rapidly evolving IoT security market is expected to increase from $6.89 billion in 2015 to $28.90 billion by 2020. To be sure, IoT security has understandably become a tangible concern for many.
“Prior to the emergence of IoT, the adverse effect of threats was limited to theft of money and intellectual properties,” Research and Markets analysts observed in a recent report. “Now, the effect can lead to loss of human life, hacking of critical infrastructures like electricity and nuclear power grids, organizational productivity, and even national intelligence.”
Similar to ABI’s Menting, the Research and Markets analysts cited mandatory government regulations as a significant factor contributing to an increased interest in IoT security.
“This has acted as a major driving force for the IoT security market,” the analysts concluded.
Interested in learning more about securing the IoT? You can check out our article archive on the subject here.