Over the years, the use of IoT solutions has increased, and with that, the usage and demand for IoT security solutions have also increased. According to a recent ABI Research report, IoT security services are predicted to reach $ 16.8 billion by 2026, with the main focus being secure device management, secure data hosting, network security, firmware updates, and wireless device management.
As per Dimitrios Pavlakis, a digital security analyst at ABI research, with the increase in adoption of IoT and interconnected assets, cybersecurity risks have also increased. The covid-19 outbreak contributed significantly to the adoption of automation, digitization, and IoT devices, while the digital security services struggled to run IoT operations under already overburdened infrastructures for operational technology assets.
Pavlakis add that these realizations alone did not give an impetus to the growth of IoT security solutions; the organizations honing their IoT monetization strategies led to digital security being recognized as an integral part of healthy ROI and IOT asset management.
He points out that we have a long way to go when it comes to IoT security systems, but slowly and steadily, the importance of asset management, IoT monetization strategies, and security management is being realized.
IoT security services feature variable traits that differ across end-markets. In the coming years, some areas most likely to receive a significant revenue boost include – secure device provisioning and management, cloud and communication security, secure over-the-air management, secure data hosting and storage, and firmware updates.
The report further predicts that as cloud computing is one of the most dominant factors in IoT security, companies like AWS, Microsoft Azure, IBM, and Cisco are most likely to enjoy the spotlight. However, there are other companies, too, such as Cipher and Alert Logic, that have enabled the transition of IoT security tools into the IoT space and have drawn a lot of interest in this area.
Dimitrios Pavlakis concludes by saying that as the IoT security services continue to grow, the IoT security services provider’s main focus should be on developing new IoT security monetization features, formulating future-looking KPIs, and accommodating flexible and scalable pricing models.
IoT solutions have enhanced the way we work and live by providing valuable data and insights, but as with any other technology, it should be no surprise that there are risks associated with IoT too. However, the level of concern in the case of IoT is extremely high as they have the potential to harm lives, cause physical destruction and cause systemic failures. Therefore, risk must be mitigated for the entire IoT lifecycle of the deployment to ensure the successful adoption of this technology in the present and future.