The Internet of Things (IoT) security market is expected to grow from $6.62 billion (£5.2 billion) in 2017 to $29.02 billion (£22.78) by 2022, new research has revealed.
Conducted by Markets and Markets, the report found that the market will expand at a compound annual growth rate (CAGR) of 34.4 per cent.
The researchers behind the report said network security is expected to hold the largest market share in the market by 2022, explaining that it is one of the most important aspects of security in the IoT ecosystem.
The IoT connects countless devices, with even previously closed systems now open to remote access and control. As the report states, with a growing demand for connected devices comes the possibility of new business and service models for companies.
However, security susceptibilities are increasing significantly as the attack surface expands. This leaves manufacturers fighting to protect sensitive data, intellectual property and process integrity.
Wireless communication is made possible with the help of various secure protocols, such as LPWAN, Zig-bee, 6LowPAN, Bluetooth, Z-Wave, and NFC. The researchers said that associated technologies including Bluetooth Low Energy, IEEE 802.15.4, and IEEE 802.11ah will play a significant role in IoT connectivity.
The report explains that with the advent of smart connected devices and advanced data analytics techniques, manufacturing enterprises have been deploying the IoT-enabled sub-systems at a significant scale. According to the researchers, manufacturing companies have been focusing on enhancing their business process efficiency and production output with optimum resource utilisation.
Smart manufacturing has therefore been at the forefront in introducing transparency, scalability, and process-defined architecture in manufacturing operations. In addition, initiatives such as Industry 4.0, implemented by countries including Germany and Japan, are driving the adoption of smart manufacturing initiatives.