Fast Facts: Exponential Growth In Securing IoT

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In the fast-paced IT industry, new statistics and data are released daily. Each week, Enterprise Mobility Exchange publishes Fast Facts, taking a look at interesting or noteworthy information impacting businesses.

What happens when a world of connected “things” with an exponential growth forecast falls in line with the maximum priority that is security? A half-decade outlook that could see a market grow from $6.6 billion to a whopping $29 billion.

According to a new report by Markets and Markets, the Internet or Things (IoT) security market is expected to see a 34.4% CAGR between 2017 and 2022.

So what’s driving the market? For starters, anything that falls under the Internet of Things title is connected in some way to another device via network, therefore making it accessible. The Markets and Markets report cites increasing ransomware attacks on IoT systems, securing “the ubiquitous environment,” and an increasing need for data-centric security as the major drivers for the market’s growth.

The North America region is expected to be the biggest key to an expanding IoT security market due to early adoption of connected systems and devices.

As previously reported by Enterprise Mobility Exchange, the IoT market itself is poised to see a 228% market growth in the same time frame. 

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