IoT Security Market to Grow at a 12.4% CAGR. What Does This Mean for IoT?

IoT, short for the internet of things, is on track to completely transform society as we know it. And although so much is circulating regarding what IoT is, how it’s going to impact our future and how organizations can capitalize on this innovative technology, it’s important to understand how this technology is positioned to fundamentally change society. 

A true understanding of IoT’s societal impact comes when you truly understand the incredible reach of IoT. From connected home appliances to connected global supply chains, the value of IoT is to deliver connectivity and information tied to everyday objects. So, as the global market for IoT is on track to reach $520 billion by 2021, it makes sense that an array of peripheral IoT services are bound to make a massive in the market.

As a top-tier mobile applications development organization firmly committed to supporting IoT development, we’ve witnessed a remarkable interest in the space of IoT security specifically from our hubs in New York and Los Angeles.

What is IoT security and why is it important? 

IoT security is simply the comprehensive applications, services and strategies that are designed to secure IoT devices. And this couldn’t come at a better time. Today, one of the well-known challenges regarding IoT is security. Whenever a device is connected to a corporate or home network it creates a vulnerability point where cyber attackers can breach and exploit. To this, enters the world of IoT security.

BlueWeave Consulting, a global consulting firm recently found that IoT security, a peripheral industry to IoT was valued at an astonishing 15 billion at the close of last year and is projected to reach 61.6 billion by the end of 2028. This comes as the IoT market continues to grow at an increasing rate within various industries such as residential, manufacturing, healthcare, logistics, government, transportation and more. 

What does this mean for organizations releasing IoT technology?

So, what then does this mean for organizations bringing (or considering to bring) IoT solutions to the market? It means opportunity. If the projections are true and the IoT market continues to grow between now and 2028, it indicates that demand for IoT is likely to grow at an astonishing 12.4% CAGR similar to the IoT security industry.

Considerations for the Future of IoT 

With all great emerging technologies, there comes with it its fair share of considerations. Before jumping headfirst into your next IoT solution, here are a few prime considerations to take under consideration.

1. By 2025, researchers estimate that nearly 21 billion IoT devices will be connected globally. This indicates that nearly every aspect of our daily lives will have multiple interactions with IoT devices. This is critical for organizations to consider as it indicates that there is incredible potential for innovation in bringing new IoT devices to the market.

2. Cybercrime will continue to be a major concern for IoT. Since 2016 and the rise of IoT, cybercriminals have exploited IoT devices to stage DDoS attacks, or worse, gain entry into an organization’s security perimeter. This marks a major challenge for organizations as they are already immersed in a battle against cybercriminals. Understandably, this puts organizations between a rock and hard place. Adopt IoT technology and remain competitive in today’s technology-focused business environment and increase the risk of attack, or choose not to adopt IoT and be left behind in the wake of innovation.

3. Municipal adoption of IoT will undoubtedly be a thing of the future. As more cities turn to technology to become more interconnected IoT will inevitably offer a compelling argument, spurring a cascading effect of adoption around the world.

About Dogtown Media 

As a premier mobile app development house, Dogtown Media has launched over 200 apps, and counting. Our team is experienced in creating solutions for a wide range of platforms, including iOS, Android, HTML5 Web Apps and more. Headquartered in Venice Beach, California with a presence in San Francisco, New York City, and London. Since 2011, our team of hardened techies We offer specialized packages to satisfy a range of needs and budgets, from rapid prototyping for startups to full-featured interfaces for international enterprises.

If you’re interested in learning how Dogtown Media can help bring your remote therapeutics monitoring solution to the market contact us. We’d love to help!