IoT Security Market: Does IoT Pose An Unsolved Potential Threat to Commercial & Industrial Sectors?
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The manufacturing sector is experiencing a golden era, primarily backed by the growth of interconnected and intelligent devices. Internet of Things (IoT) has shortened business processes and boosted productivity, providing better products and services. According to Huawei’s global industry vision predictions, by 2025, there would be around 40 billion smart devices worldwide with around 100 billion connections in public utilities, transportation, manufacturing, medical care, and agriculture. On the flip side, new technologies and applications widen the scope for security threats as well. Although machine learning and artificial intelligence have added value in the industrial sector, they have also created severe security threats as they can be adopted for launching attacks on IoT devices. As IoT faces several threats such as device hack, network attacks such as DDoS, and others, security has become a primary concern, which is creating a need for effective multi-channel security solutions. A survey conducted by DigiCert in 2018 stated that IoT security has led to security losses of around USD 34 million in the past two years. The below figure depicts the concerns among enterprises for IoT.Asia-Pacific to Remain a Prominent Market for IoT Security, With Governments Focusing on Implementing IoT Solutions in the Industrial & Manufacturing Sector The rapid growth of IoT in China, Japan, and South Korea presents growth opportunities for vendors offering IoT security solutions in the region. Hidden threats posed by IoT devices in terms of data sharing have led security experts and government agencies in Japan to undertake security measures. For instance, Japanese authorities announced their decision of testing password security in over 200 million IoT devices through routers and webcams. This initiative would directly impact market growth in a positive manner by raising the need for effective security solutions. For More - IoT Security Market: Does IoT Pose An Unsolved Potential Threat to Commercial & Industrial Sectors? | Straits Research[^]