Enterprises worldwide will spend $1.5 billion this year protecting their IoT networks and connected devices against a range of security threats, according to new estimates from Gartner.
That figure represents a 28% increase from the $1.2 billion spent on IoT security last year and reflects growing enterprise concern over vulnerabilities in IoT and connected networks. Gartner says by 2021, such concerns will push IoT security spending to over $3.1 billion.
“Exposure to IoT-based threats may come from unauthorized devices that connect to enterprise systems and that the enterprise does not control,” says Ruggero Contu, research director at Gartner. In that sense, IoT networks and devices present the same problem to enterprises that any shadow IT does, he says.