Infiniti Research released data Monday that showed that the IoT security market makes up a full 20 percent of the IoT market as a whole. Infiniti Research analyst expect that IoT security will grow at a CAGR of almost 48 percent, and be worth over USD 53 billion by 2021. This means there will be many opportunities for enterprising technology companies in this market.
Internet of Things (IoT) devices are becoming more pervasive, and are facilitating the growth of smart buildings. Since this is a relatively new technology, consumers and manufacturers alike are still learning how to use and secure it. Hacking has proven to be a significant risk for IoT devices and buildings, and security systems and practices still need research and development.
Companies are already designing ways to combat these threats. Some are developing smart building systems with security measures built into them, while others are working on security systems that can be integrated into existing systems.
New cryptographic keys are being developed with the intent of eliminating the need for security patches for IoT systems, and manufacturers are looking for ways to build products that are less vulnerable to hacking to begin with. There are multiple points at which security can be introduced to an IoT system, and many opportunities for creativity and innovation.
Any IoT device needs to be properly secured in order to prevent intrusion, but many people do not currently consider this. As a result, smart devices create new vulnerabilities in households and other buildings. Even when they are secured, it can be difficult to monitor all of them to detect and prevent breaches.
For example, in January this year, an Austrian hotel was hacked and lost control of its electronic key system, resulting in many guests being locked out of their rooms until the hotel paid a ransom to the hackers. As private and commercial buildings use an increasing number of IoT devices, the number of points where they are vulnerable to such attacks will also rise.
The swift pace at which technology moves means that new products are constantly being developed, and bringing with them brand new problems that need to be solved.
Market intelligence can help keep users abreast of these constant new developments, as well as inform of potential competitors and other threats. It can also identify new markets that align with strengths, and give the background needed to move into them with confidence.
Based on the area of focus, Infiniti Research will identify scientific developments and new trends that will help your business. Infiniti Research market intelligence solution experts work on projects for many different industries including the smart technology sector. Their latest packaging research project, helped an energy meters manufacturer gain insights on the potential for its smart energy meter products in North America.