In today’s fast-paced digital world, the Internet of Things (IoT) has revolutionized the way we live and work. With the increasing interconnectedness of devices and systems, ensuring the security of IoT devices has become a critical concern for individuals and businesses alike. In this blog post, we will delve into the latest IoT security industry statistics to provide insights into the current landscape, trends, and challenges facing the IoT security sector. Let’s explore the data behind the importance of securing IoT devices in an increasingly connected world.
The Latest Iot Security Industry Statistics Explained
The global Internet of Things (IoT) security market size was valued at USD 1.24 Billion in 2019.
This statistic indicates that the worldwide market for Internet of Things (IoT) security solutions, which are designed to protect connected devices and networks from cyber threats, reached a value of USD 1.24 billion in the year 2019. The increasing adoption of IoT devices across industries such as healthcare, manufacturing, and smart cities has raised concerns about the vulnerability of these devices to cyber attacks, driving the demand for robust security measures. This market size figure reflects the significant investments being made by organizations to safeguard their IoT infrastructure and data from potential security breaches, highlighting the growing importance of cybersecurity in the rapidly expanding IoT ecosystem.
About 48% of businesses admit they are not fully capable of managing IoT security.
This statistic suggests that nearly half of businesses acknowledge their lack of proficiency in effectively addressing the security challenges associated with the Internet of Things (IoT). This admission highlights a significant gap in organizational readiness to mitigate the potential risks and vulnerabilities introduced by IoT devices and technologies within their operations. The acknowledgment of this limitation underscores the critical need for businesses to invest in enhancing their cybersecurity measures and capabilities in order to safeguard their data, systems, and networks from potential threats and attacks in the increasingly interconnected landscape of IoT.
Approximately 84% of companies have experienced an IoT security breach.
The statistic that approximately 84% of companies have experienced an Internet of Things (IoT) security breach highlights a pervasive issue in the business world. IoT devices have become increasingly popular for their ability to collect and transmit data to improve efficiency and productivity. However, the interconnectivity of these devices also poses significant security risks, leaving companies vulnerable to hacking, data breaches, and other cyber threats. The high percentage of companies that have reported experiencing IoT security breaches underscores the importance of implementing robust cybersecurity measures to protect sensitive information and maintain the trust of customers and stakeholders.
The industrial end-use segment held the largest market share of the IoT security market in 2019.
This statistic indicates that among the different end-use segments in the Internet of Things (IoT) security market, the industrial sector had the highest proportion of market share in 2019. This suggests that industries such as manufacturing, energy, and transportation were the major adopters of IoT security solutions during that year. The dominance of the industrial end-use segment in the IoT security market signifies the critical importance of securing connected devices and systems in these sectors due to their reliance on IoT technology for operations and processes. This statistic highlights the significance of IoT security measures in safeguarding critical infrastructure and sensitive data within the industrial sector.
Healthcare IoT will be most vulnerable to cyber attacks due to a high number of connected devices.
The statistic suggests that healthcare Internet of Things (IoT) systems are at a heightened risk of cyber attacks primarily due to the extensive network of connected devices within the healthcare sector. With the rapid adoption of IoT devices such as medical equipment, wearable technology, and remote patient monitoring systems, the attack surface for potential cyber threats expands significantly. These interconnected devices often store sensitive patient data and are crucial for delivering high-quality healthcare services, making them attractive targets for cybercriminals seeking to exploit vulnerabilities within these systems. Therefore, the proliferation and complexity of connected healthcare devices create challenges for maintaining robust cybersecurity measures, making healthcare IoT particularly susceptible to cyber attacks.
Nearly 28% of U.S companies don’t feel prepared to handle IoT security risks.
The statistic that nearly 28% of U.S companies do not feel prepared to handle Internet of Things (IoT) security risks indicates a significant level of concern among businesses regarding the security implications of IoT technology. The Internet of Things refers to the network of interconnected devices that collect and exchange data, and while IoT can bring numerous benefits such as improved efficiency and automation, it also introduces new vulnerabilities in terms of cybersecurity. The high percentage of companies expressing a lack of readiness to address these security risks suggests a need for increased awareness, training, and investment in cybersecurity measures to protect sensitive data and infrastructure from potential breaches and cyber attacks related to IoT devices.
Asia-Pacific is expected to register the highest growth rate in IoT security market by 2027.
This statistic indicates that the Asia-Pacific region is anticipated to experience the most significant increase in the market for Internet of Things (IoT) security by the year 2027. This growth rate suggests that the demand for cybersecurity solutions and measures to protect IoT devices and networks is poised to rise substantially in the Asia-Pacific region, driven by factors such as increased adoption of IoT technologies, rising cybersecurity threats, and regulatory requirements. Companies offering IoT security solutions may find lucrative opportunities in this region as businesses and organizations seek to safeguard their connected devices and data.
Over 72% of people fear that the world is becoming too connected.
The statistic that over 72% of people fear that the world is becoming too connected suggests a prevailing concern among a significant majority of individuals regarding the increasing connectivity in the modern world. This fear may stem from various factors such as privacy issues, data security threats, loss of personal autonomy, and cultural homogenization. The exponential growth of technology and globalization has led to a world where information and communication flow seamlessly across borders, blurring traditional boundaries and creating a sense of vulnerability among individuals. This statistic highlights a need for a balance between the benefits of global connectivity and the potential risks and challenges it presents to personal and societal well-being.
Around 16.7 billion IoT devices are expected to be in use by 2030.
The statistic stating that around 16.7 billion IoT (Internet of Things) devices are expected to be in use by 2030 indicates a significant surge in the adoption and utilization of connected devices worldwide. IoT devices are interconnected objects embedded with sensors and software that enable them to collect and exchange data over the internet. The projected rapid growth in the number of IoT devices reflects the expanding applications of IoT technology across various industries such as healthcare, manufacturing, transportation, and smart homes. This trend underscores the increasing integration of technology into our daily lives and highlights the potential for innovation, efficiency improvements, and new economic opportunities facilitated by the IoT ecosystem.
90% of cars are expected to be IoT enabled by 2022.
The statistic that 90% of cars are expected to be IoT enabled by 2022 suggests that the vast majority of cars on the road will have Internet of Things (IoT) technology incorporated into their systems by that time. This advancement signifies a significant shift towards connected and smart vehicles that will be capable of collecting and exchanging data in real-time, enabling features such as remote diagnostics, predictive maintenance, driver assistance, and connectivity with other devices and infrastructure. This development is anticipated to revolutionize the automotive industry by enhancing safety, efficiency, and overall driving experience for users while also opening up new opportunities for innovation and integration with emerging technologies like artificial intelligence and autonomous driving systems.
The number of attacks on IoT devices tripled in the first half of 2019.
This statistic indicates that the frequency of cyber attacks targeting Internet of Things (IoT) devices significantly increased by three times during the first six months of 2019 compared to the previous period. This surge in attacks on IoT devices reflects a growing trend of cybercriminals targeting vulnerable connected devices, which can pose significant security risks to individuals, organizations, and even critical infrastructure. The tripling of attacks underscores the pressing need for improved cybersecurity measures and vigilance in protecting IoT devices from potential threats and breaches.
Almost 66% of the IT and business decision-makers believe their IoT strategy is behind the curve.
The statistic “almost 66% of the IT and business decision-makers believe their IoT strategy is behind the curve” indicates that a significant majority of key stakeholders in the industry feel that their approach to implementing Internet of Things (IoT) technologies is not sufficiently advanced or competitive compared to their peers. This suggests that there is a widespread perception among decision-makers that their organizations are not effectively leveraging IoT solutions to drive innovation, increase operational efficiency, or gain a competitive edge in the market. This could signal a need for a strategic reassessment and potentially a greater focus on embracing cutting-edge IoT technologies to stay relevant and competitive in the rapidly evolving digital landscape.
Smart manufacturing, facilitated by IoT, contributes about 27% of the total attack volume.
This statistic suggests that smart manufacturing, with the assistance of Internet of Things (IoT) technology, is responsible for approximately 27% of the overall volume of cyber attacks. This highlights the growing trend of cyber threats targeting industrial sectors that have integrated smart technologies into their operations. The interconnected nature of IoT devices within manufacturing processes presents vulnerabilities that can be exploited by malicious actors to launch cyber attacks. As smart manufacturing continues to evolve and expand, organizations within the industry need to prioritize cybersecurity measures to safeguard their operations and data from potential threats.
In 2020 alone, there were 49% more cyber threats on IoT devices than the previous year.
The statistic indicates that in 2020, there was a significant increase in cyber threats targeting Internet of Things (IoT) devices compared to the previous year. Specifically, the number of cyber threats on IoT devices surged by 49% from the preceding year. This sharp rise in cyber threats highlights the growing vulnerabilities and risks associated with IoT devices, emphasizing the urgent need for improved security measures and vigilance to protect these interconnected devices from malicious activities. The substantial increase underscores the evolving nature of cybersecurity threats in the realm of IoT devices and the pressing need for enhanced cybersecurity measures to safeguard these interconnected devices and networks.
In 2020, 37 billion IoT devices were in use worldwide.
The statistic “In 2020, 37 billion IoT devices were in use worldwide” highlights the widespread adoption and integration of Internet of Things (IoT) technology across various industries and in consumer products. IoT devices are interconnected smart devices that collect and exchange data over the internet, enabling greater automation, efficiency, and insights. The significant number of 37 billion IoT devices in use globally in 2020 underscores the rapid growth and significance of IoT technology in our modern interconnected world, where these devices play a crucial role in driving innovation, improving processes, and transforming various aspects of our daily lives and industries.
According to Cisco, device connections are projected to reach 100 billion by 2030.
The statistic provided by Cisco states that device connections are expected to reach 100 billion by the year 2030. This projection implies a significant increase in the number of connected devices worldwide, reflecting the ongoing trend of digital transformation and the proliferation of Internet of Things (IoT) devices. This statistic highlights the continued growth in the adoption of technology and connectivity, indicating the increasing reliance on devices for various purposes such as communication, data collection, automation, and monitoring. The scale of this projection underscores the need for robust infrastructure, cybersecurity measures, and data management strategies to support this growing interconnected ecosystem effectively.
About 50% of IoT devices are not designed to thwart cyber threats.
The statistic ‘about 50% of IoT devices are not designed to thwart cyber threats’ suggests that a significant portion of Internet of Things (IoT) devices lack adequate security measures to protect against cyberattacks. This lack of security design opens up these devices to vulnerabilities that can be exploited by hackers, potentially leading to unauthorized access, data breaches, and other malicious activities. As IoT devices continue to proliferate in various aspects of our lives, the potential risks associated with insecure devices underscore the importance of implementing robust cybersecurity measures to safeguard both the devices themselves and the sensitive data they handle.
By 2025, global IoT security spending is projected to reach $6 Billion.
The statistic indicates that by the year 2025, it is projected that global spending on security measures for Internet of Things (IoT) technologies will total $6 billion. This suggests a significant investment in addressing the security concerns related to IoT devices and networks, as the proliferation of interconnected devices continues to grow rapidly. The increasing reliance on IoT technology across various industries has raised concerns about potential vulnerabilities and risks associated with cyber attacks and data breaches. The projected substantial spending highlights the growing emphasis on enhancing security measures to protect IoT systems from potential threats and ensures the continued growth and development of IoT technologies in a secure manner.
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