In 2014, the Internet of Things (IoT) had a global market of US$2.99 trillion; by 2020, that number will reach $8.9T, growing at a 19.92% Compound Annual Growth Rate.” The number of IoT-type devices will increase from 6.6 billion in 2016 to 22.5 billion in 2021.
As the IoT market grows with device deployments, concerns over security will grow with it. Spending on IoT security will reach US$547.2 million in 2018, up from US$433.95 in 2017.
Such threats include: Communication protocols security, data sniffing and spoofing, denial-of-Service, Man-in-the-Middle attacks, brute forcing, weakened hardware, and weak encryption implementation.
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