The Internet of Things (IoT) is rapidly expanding, and with its growth comes an increasing number of cyber threats targeting connected devices. According to market research firm Gartner, IoT-related attacks are no longer just a possibility—they are now a reality. A recent survey by CEB (now part of Gartner) revealed that nearly 20% of organizations have experienced at least one IoT-based attack in the past three years. In response, Gartner predicts global spending on IoT security will reach $1.5 billion in 2018, marking a 28% increase from $1.2 billion in 2017.
Gartner Research Director Ruggero Contu highlighted that many organizations lack control over the software and hardware used in their IoT systems, as well as how these components are utilized by smart devices. He emphasized that improvements in market practices and asset management will be essential. As a result, there will be growing demand for tools and services that assess the security of both software and hardware. Additionally, companies are seeking better visibility into external network connections, which will drive the expected rise in IoT security spending. By 2021, this investment is projected to reach $3.1 billion.
Despite the rising investments, Gartner warns that the lack of prioritization of security best practices and insufficient tools in IoT projects could hinder progress. This gap could reduce the overall value of IoT by up to 80%.
Contu further explained that while IoT security remains a top concern, many organizations implement it within isolated departments rather than integrating it into broader IT or security strategies. Collaboration between IT teams and security departments is crucial but often overlooked. Many companies choose providers on an ad-hoc basis, driven more by equipment suppliers than by long-term strategic partnerships.
Looking ahead, Gartner anticipates that compliance will become a major driver of IoT security spending by 2021. As IoT technology becomes more embedded in critical industries, such as energy, oil and gas, transportation, and manufacturing, adherence to regulatory standards will become increasingly important.
Contu also noted that the push for automation through smart connected devices—like sensors, robots, and remote systems—is reshaping operational technology (OT). This shift, often referred to as the Industrial Internet of Things (IIoT) or Industry 4.0, is transforming how industries manage safety and efficiency in real-time environments.
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