IoT, BYOD Needs Driving Rapid Growth In Cyber Security Market Value
Anything and everything in the cyber world has a need to be secured, but there are certain components in the IT industry that are fueling an incredible market value growth rate that will impact a multitude of verticals over the next half decade.
Growing at 10.6% CAGR until 2021, the cyber security market value is expected to rise from $122.45 billion to $202.36 billion. According to research, the major drives behind the market include breaches targeting enterprises and the need for stringent compliance and regulatory requirements.
More specifically, the market is growing rapidly because of the burgeoning trends in IoT and BYOD. It’s the Advanced Persistent Threats (APTs) that are most prominent causes for the cyber security needs in IoT and BYOD. In addition, that market value growth will get the most push from North America, but it will grow quickest in the APAC region, specifically India and China.
The security component of IoT in 2017 will wreak havoc on enterprises, causing issues for personnel first and foremost. As recently reported by Enterprise Mobility Exchange, “the security frameworks and best practices needed for an enterprise IoT foundation are time consuming to implement but the risks that shadowy, Internet-connected devices present are sobering.”
Further, the IoT market is expected to see 20 billion connected “things” by the end of the decade, an increase of 225.4% from 2016. It’s also no surprise security is becoming an issue in the BYOD world, as platform deploys to enterprises large and small without proper management tools put in place.
While employers are giving the go-ahead on BYOD formats, they don’t have the proper policies – or securities – in place to stave off a serious breach or threat. According to previous surveys, 51-percent of survey takers said they never received instructions for using a personal device at work, while only 39-percent of respondents said their companies have a formal BYOD policy.
But arguably one of the most worrisome aspects of the growing need for cyber security is the lack of professionals equipped to perform the necessary tasks. As of mid-2016, there were a total of 348,975 cyber security job openings across the United States, with 778,402 cyber security professionals currently employed.
Enterprise Mobility Exchange will focus on security in the enterprise across all verticals on April 24 and 25, 2017, in Phoenix, Arizona. To learn more about the event and sign up for industry news, go here.