IDC: the volume of IoT technologies market to exceed 772 billion dollars in 2018
As solution providers head into the New Year, the Internet of Things continues to be top of mind for both customers and vendors.
According to a report by market research firm IDC, worldwide spending on the Internet of Things overall will reach $772 billion in 2018 – and solution providers hope to profit from the IoT goldmine going into the new year. Following are the top 10 IoT predictions for 2018.
The manufacturing vertical is expected to spend the most on the Internet of Things in 2018, according to a new report by research firm IDC – and solution providers are looking to cash in.
According to IDC’s report, manufacturing companies globally will spend up to $189 billion on IoT solutions. IoT spending among manufacturers will be focused mainly on solutions that support manufacturing operations and production asset management, according to IDC.
As IoT solutions become more popular in the manufacturing segment, the security risks will also rise – and that issue will become a critical challenge for customers in 2018.
Customers in the industrial segment – including manufacturers – will become increasingly concerned with the security of their industrial control systems, SCADA systems, and operational technology as they are connected to the network. For solution providers, however, this will introduce new opportunities to utilize their security expertise.
“When I think about the risks for IoT, the risks are centered around operational technology types of systems,” said Jon Connet, Senior Director of Corporate Strategy at Forescout. “The reason for that is that there’s so much value tied into these systems, but they were never designed to be connected. When you look at the WannaCry and Petya malware attacks, these had a material impact on OT systems to the point where large multinational companies were materially impacted.”
Security vulnerabilities in IoT devices were underscored in late 2016 when a DDoS attack – which was launched through IoT devices including webcams, routers and video recorders – overwhelmed servers at Dynamic Network Services, taking down up to 1,200 websites. Moving into 2018, IoT security of consumer devices remains a big concern for customers – according to information service provider Neustar, the frequency of DDoS attacks increased in 2016 due in part to IoT botnets. The Sterling, Va.-based company said it mitigated 40 percent more DDoS attacks from January through November compared with the same span last year. The channel, for its part, plays a critical role in educating customers of the security risks inherent in deploying Internet of Things devices, especially as DDoS attacks continually evolve.
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