Internet of Things market to triple by 2020
Industry experts expect revenues from the rapidly evolving Internet of Things (IoT) to triple to US$1.7 trillion by 2020. Comprising billions of endpoints, IoT is not limited to traditional mobile devices like smartphones and tablets, but includes wearables, medical devices, smart appliances, semi-autonomous vehicles and intelligent sensors.
Hand-in-hand with the expanding technology that is bringing previously stand-alone platforms like infusion pumps and implantable heart devices online comes increased security considerations. Avoiding potentially dangerous scenarios medical companies must pursue robust hardware-based security as a primary design goal. They must also forego their dependence on patches after a device or system has entered the market.
Similarly, by 2018, one in five cars on the road will be categorized as self-aware requiring comprehensive security models which, to date, are not available. Vehicle manufacturers remain reticent to replace traditional software updates and patch rollouts with hardware-based mechanisms that are more robust in protecting against myriad forms of attack.
As IoT infiltrates more and more aspects of daily life the necessity for initiatives to develop security requirements and solutions will increase significantly. Currently, the most robust security approach bakes security into the initial design and manufacturing of SoC (system on a chip).
While major industry players are projecting huge revenue gains as a result of IoT, these same players are beginning to realize that administering and updating low-cost IoT devices cannot be done in the same way that current IT systems are managed. Software-based security solutions for IoT devices and systems that directly or indirectly support life are not adequate protection for the expanding world of IoT.
So as the internet expands again coming now to the everyday devices found in our homes, businesses and cities as well as entering the medical world and the vehicles we drive, changing the way we interact with technology and one another. The Internet of Things has become the phrase used to describe adding connectivity and intelligence to every device giving the device special functions and creating new revenue streams for vendors and chip manufactures.
Smart cars, smart phones, smart watches, smart coffee pots, smart medical devices, smart beds and on and on it goes. Items become smart when they are tied to the internet and interconnect with ecosystems of devices, software and services, they also become vulnerable.
The next five years are expected to see huge growth in IoT along with the increased challenge of keeping IoT secure.