IoT Endpoints are the Key to Security Revenues
“Spending on IoT security is rising faster than on cybersecurity as a whole and that is also true for endpoints, as our figures show.”
Total global endpoint security revenues will rise three-fold from $2 billion per year at present to $6 billion by 2023, outstripping the average for cybersecurity over the next five years, despite security still being a grudge purchase which everybody hates.
Investment in IoT endpoint security will be led by the commercial sector where enterprises have already committed over $1 billion a year globally in vertical industry specific applications, and spending will grow in business and industrial sectors 20-fold over the next five years.
This is about half the global endpoint security total. These are among key findings of the latest Rethink Riot Research forecast on IoT Endpoint Security through 2023.
Currently, there are vast differences between IoT sectors in commitment to security, which do not necessarily reflect the risks. Consumer IoT devices such as security cameras have already been recruited into botnets that have launched devastating DDoS (Distributed Denial of Service) attacks, but since users themselves are not the victims, they are unwilling to pay for security which would resist such compromises.
By contrast, commercial enterprises are starting to make the necessary investments because they risk reputational damage if their devices are exploited in botnets, as well as stiff fines from regulators and share price falls. As a result, the cost of security for commercial horizontal IoT endpoints comprising devices common to many business and industrial sectors is set to soar 20-fold over the next five years. This is four times faster than the number of endpoints themselves, reflecting increasing concerns over threats these devices pose.
The report also highlights stark geographical differences over penetration of endpoints and therefore associated costs. North America, principally the US, stands out as a strong early adopter of IoT in healthcare, agriculture and consumer IoT. North America will continue to invest strongly in these sectors but the gap, especially in percentage terms, will narrow as other regions catch up.
In healthcare China will surge forward on a huge investment wave, set to more than double its share of all IoT endpoints in this sector by 2023.
Who should buy this report:
This report is aimed at heads of security in operators, security software and hardware vendors in the IoT space, device makers and their investors at the C suite level, CEO, CFO and security operations and heads of planning at operators.
Security has always bene a grudge purchase, driven mostly by the likelihood or corporate harm, which is rising in awareness among industrial players, operators and security providers —securing the endpoints of the network has to be done in parallel with security access to collected cloud held data, but come under a different set of imperatives in some cases the price reflects that, being a tiny fraction of central security and cyber security costs, in others the endpoint is vital.
This report will help you:
• Understand the type of security needed at each point in any IoT service
• Budget costs accurately for such end point security
• Establish best of breed security practises across different end point types
• Set the expectations of senior management with regard to security costs
Companies mentioned in this report;
Alibaba, Amazon, Apple, ARM, Audi, Bosch, Canonical, Dell, Dyn, Escrypt, Fraunhofer Institute, Free University of Berlin, Google, Infineon, Inside Secure, Itemis, Jeep, Karlsruhe University of Applied Sciences, Nest, Neustar, Panasonic, Prove and Run, RSA, Schutzwerk, SecFor Carsproject, SoftBank, Staples, Thales, University of Ulm, University of Braunschweig, University of Munich, Verimatrix, Volkswagen, Vormetric, Xerox, Zigbee Alliance
For more information contact:
Chloe Spring (Marketing Manager): [email protected]
Office Phone: +44 (0)1179 257019