A major market is set to develop around security for the Internet of Things (IoT).
This is according to Beecham Research, which has forecast that growth of the IoT will drive revenues from data management and security services to in excess of $1.8 billion (£1.18 billion) by 2020.
Saverio Romeo, principal analyst at the organisation, commented: “Due to the growing complexity of IoT applications and trend to consumer-driven, multi-service environments such as smart cities, cars and homes, there is a growing need to manage edge devices such as sensors, switches, smartphones and tablets, connected using a variety of short range wireless and fixed-line technologies.”
Beecham Research forecasts that device authentication, device management, data management, billing and security combined will generate revenues of more than $3 billion come 2020.
Mr Romeo said many businesses still see cyber security as a cost rather than a business opportunity, but this perception is beginning to change. He added that IoT security providers are already offering high-value, end-to-end security to service and application-based businesses.
In an interview with IDG Connect, Beecham Research technical associate Haydn Povey said the biggest security issue raised by the IoT is the fact that various devices, platforms and systems will never be perfectly implemented. He also pointed to establishing how to protect systems in the long term from continually evolving threats as another challenge.
According to Gartner, the growth of the IoT will lead to a “data explosion” and the need for effective data security will naturally increase as a result.
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