IoT Security Will Reach $840 Million By 2020, Gartner Finds

With the connected world of the Internet of Things (IoT) on the rise, and expected to be an increasing focus for malware attacks in enterprises, Gartner believes worldwide spending on IoT security will reach $348 million in 2016, up 24% over 2015 spending, according to an April 25 report.

Over the next few years, IoT security spending will initially be "moderate," according to Gartner, and will rise to $547.2 million in 2018. Then it will gain real momentum after 2020, "as improved skills, organizational change and more scalable service options improve execution."

By 2020, the market is expected to reach $840.5 million, according to the Gartner.