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Utilities sector will drive IoT security market growth

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Kirti Sharma
A technology and Bollywood junkie, she is always ready with her iPhone to jot down her ideas wherever and whenever she can. Have something to share? Shoot an email to her at [email protected]

What’s next is the question we always seem to be asking ourselves every now and then. While most of us are often unclear on that front, the IoT (Internet of Things) security market seems to have all figured out.

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A recent study has revealed that the Utilities sector will be among the top sectors driving the growth in the IoT sector in the future. While the IoT sector is acceleratin at a good pace even now, it still has a long way to go, and according to the study, accompanying it, in this journey will be the utilities sector as it will keep the IoT systems absolutely safe from the sharp eyes of hackers. According to the study’s prediction, the utilities sector will increase the IoT security market business by a whopping 55% by the end of year 2020.

Named “Global Internet of Things Security Market 2016-2020”, the study done by MarketResearchReports.biz reveals that IoT security sector will be spearheaded by end-use industries such as healthcare, automotive – and especially the utilities sector. According to its predictions, a compound annual growth rate of 55.01 percent can be expected over the period.

According to the report, during the forecast period (2016-2020), the utilities sector will be the one that would be driving in the demand vehicle from the market with highest adoption of IoT security solutions. The report further talks about how the extensively implementation and usage of smart meters and IoT for utility management systems such as energy, oil, gas and water will also be contributing towards the growth of the market.

This report by MarketResearchReports.biz has come after a recent study done by Gartner also predicted positive growth prospects about the IoT security sector. According to Gartner’s study, the money being spent on IoT security all around the world will grow substantially by 24% in 2016 to $348 million, then grow to $547 million in the year 2018 and then to a towering $841 million by the year 2020.

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