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A new report says that the global IoT security and privacy market will reach almost $64 billion by 2027, with cloud-based security and privacy solutions for this sector projected to be worth $41.2 billion.
The report, published by ResearchAndMarkets, says that these networks and systems often represent a multi-vendor, multi-nodal and distributed environment and are therefore more prone to cyber-attacks by virtue of many points of attack.
Major concerns include illegal capture and abuse of data which includes users’ activities, personal health or financial information, location of assets (humans, equipment, vehicles, etc.), corporate and personal information.
Other key predictions from the report:
- Distributed denial of service protection for IoT will reach $1.7 billion globally by 2027
- Driven by commercial retrofits, IoT security in smart buildings will be worth $5.3 globally by 2027
The analysis sees investments associated with this market growing at a rapid pace throughout this decade. The report says that most recent studies indicate rapidly growing awareness among enterprise, industrial and government sectors about the importance of securing their products and applications from malicious attacks. Moreover, the will and budgetary commitment to take actions is increasing among market leaders.