6 Billion Connected Devices In Use This Year; Security Spending To Hit $348 Million

Security issues involving the Internet of Things are raised on a quite regular basis.

Whether a connected toy, thermostat or even a car got tampered with remotely in one way or another, eyebrows are easily raised when details ultimately emerge.

And no wonder, as more consumers put connected wearable devices on their wrists and bring various types of smart things into their homes, people are adding more and more potential access points into their networks.

The good news is that dollars for security are flowing along with the increase in the number of connected devices.

Worldwide security spending for the Internet of Things will reach $348 million this year, an increase of 24% from last year, according to a new Gartner report.

And by 2018, security spending is projected to reach $547 million. Here’s the expected spending per year, including the past two years for context:

  • 2014 -- $232 million
  • 2015 – $282 million
  • 2016 -- $348 million
  • 2017 -- $434 million
  • 2018 -- $547 million

As the number of connected devices grows, the need for security will increase, of course. There will be 6 billion connected things in use this year, an increase of 30% from last year, according to Gartner, increasing the potential number of security flaws.

That number is projected to hit 11 billion by 2018.

The amount of money spent will also be somewhat dependent on the devices that need protecting, a pattern that will be driven by marketers and adopted by consumers. For example, one of the big ticket items relating to security will be around connected cars, according to Gartner.

The reality is that some of the early days of the Internet of Things will be a game of whack-a-mole security, dealing with new threats as they are identified.

But over time, security features are likely to be baked in much earlier in the process.

For security, these still are early IoT days.

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