IoT authentication industry to be worth $8.4bn by 2026 – research claims

Hardware-focused IoT authentication services will be an $8.4bn market by 2026, due to the increased use of IoT services, according to a study from ABI Research.

The company’s investigation also claims that by 2026, IoT connections will exceed 23 billion.

ABI Research claims that all of these IoT connections will be faced with “incessant and constantly evolving cyber threats.” This will help drive the market for device authentication services.

ABI Research industry analyst Dimitrios Pavlakis said, “As it currently stands, the IoT is not a secure place for future deployments and both IoT players and digital security vendors are aware of that.

“The good news is that the recent change in thinking has caused a noticeable mentality shift and investment surge for secure authentication technologies across the IoT ecosystem; the bad news is that this also gives rise to many IoT management offerings with questionable levels of security and intelligence.”

ABI states that a number of IoT security vendors are capitalising on the surge of IoT investment to bolster their footprint and improve their capabilities.

Pavlakis added, “Just because cybersecurity investments need to enter deeper into the IoT deployment equation does not mean that operational variables will be left unaccounted.

“Bandwidth capacity, connectivity requirements, operational specifications and device heterogeneity, digital footprint and processing power, edge-cloud dependencies, telemetry and intelligence are all key factors that need to be addressed to obtain a sustainable growth for the IoT going forward.”

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