ABI Research Sees $8B Market for IoT Security Services on 4G and 5G Networks by 2026
September 16, 2021
Research forecasts that by 2026, IoT cellular connections will number more than
more than 3 billion, with 4G LTE and LPWA networks bearing the brunt of these
new connections and driving a US$8 billion market for IoT security services. The
opportunity to deliver secure IoT communications on these networks will be key
to the successful deployment of connected things on a global scale, and for the
eventual transition to 5G New Radio (NR). As such, the security industry is amid
significant new technology developments to provide secure cellular connectivity
solutions to IoT stakeholders across the board.
Jans Jelinskis, Technical Director at 1NCE explained, “With more connected devices available, security becomes a major issue. While some companies use a network focused approach, others are software focused. This is confusing for customers, plus a patchwork of solutions always leaves space for vulnerabilities. 1NCE simplifies this complex world by embedding network security features into our cloud based connectivity offering. This provides many advantages and to name one, the SIM-as-an-Identity feature automatically authenticates the device in customer’s cloud.”
Hatem Oueslati, CEO and Co-Founder of IoTerop commented, "We’re glad to see ABI Research recognize IoTerop as a top provider of IoT security services and solutions. As an advocate and influencer of IoT standards, we foresee security and interoperability as being key differentiating factors for industries who want to see their massive IoT deployments rolled out successfully and for the long-term. Our solutions allow our customers to bring extremely efficient and powerful end-to-end security services which are able to run on the most constrained devices and LPWA cellular connectivity such as NBIoT and LTE-M. This efficiency and our offer of security at every stage of a device’s lifecycle are essential factors for sustainable deployments of secure IoT solutions from devices to the cloud."
“While LPWANs are still nascent, and 5G NR quite a few years from maturity, early understanding and integration of security is critical to developing trusted networks and will enable the creation of high-value revenue opportunities for the entire industry,” Menting concludes.
“IoT initiatives can rapidly trigger an explosion in cyber risk exposures by adding a large number of new entry points into an organization’s infrastructure,” says Isabelle Dumont, VP of Market Engagement at Cowbell Cyber. “New standards, including security standards are a must for IoT. I would also recommend businesses to consult with their cyber insurance provider about coverage protection for their IoT initiatives.”