Market advisory firm, ABI Research, expects that hardware focused IoT authentication services will reach US$8.4 billion in revenues by 2026, driven by critical cybersecurity requirements in the IoT space.
According to the latest report from ABI Research, by 2026, IoT connections will exceed 23 billion across all major IoT markets. Almost all those connections will be faced with incessant and constantly evolving cyber-threats, forcing implementers and IoT vendors to embrace new digital security options to protect managed fleets and connected assets. Secure device authentication currently stands among the top-tier investment priorities for key IoT markets.
"There are several key technologies revolving around authentication security that currently transform the IoT device value chain. Chief elements among them revolve around IoT identity issuance, provisioning, authentication, encryption key lifecycle management, access management and attestation," explains Dimitrios Pavlakis, Industry Analyst at ABI Research. These are the prime focus of IoT vendors who capitalize on the emerging threat horizon to better position their services and explore new IoT monetization models.
"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," comments Pavlakis. "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."