The Internet of Things (IoT) brings with it myriad opportunities and benefits across a range of industries — manufacturing, retail, telco, healthcare, to name a few. Eighty-five percent of businesses plan to implement IoT by 2019, according to an HPE Aruba study.
But with this technology, and the 20 billion to 50 billion connected IoT devices expected by 2020, comes massive security challenges. “Get them wrong and it could be the end of the business…really,” wrote John Moor, IoT Security Foundation managing director, in a white paper.
“What’s going on right now is enterprises are extending the existing security infrastructure or security components they have already invested in to address early IoT issues,” said IDC analyst Robert Westervelt who co-authored a new forecast that said the worldwide market for IoT security product will grow from $11.2 billion in 2017 to $21.2 billion by 2021. “Some of the issues, depending on the industry and use case, are surely embedded system security. And so that’s why we think those two segments — device and sensor, and network and edge — are going to have the most growth over the next five years.”
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