The widespread deployment of Internet of Things (IoT) technology is driving increased security breaches that will spark incredible growth in the IoT security industry.

A recent study by MarketResearchReports.biz predicts that compound annual growth in the IoT security market will reach nearly 55% over the next year.

“With the continuously widening expanse of 2G, 3G, and 4G networks across the globe, the threat to digital data is also rising,” the report press release stated. “A rising number of highly sophisticated and complex data hacking incidences has rocked the digital world in the past few years, bringing the issue of data security to the forefront.”

The report entitled “Global IoT Security Market 2015-2019” looked at the competitive landscape in the IoT space and how security concerns were mounting there.

“With the mounting volumes of digital data being communicated between devices and people, governments are taking strict measures to secure network from viruses and hackers by establishing stringent regulations and policies,” it said.

Security needs grow exponentially

With billions of potential nodes to access systems, one of the key issues with data security is that it not just your systems tat may be vulnerable, but the systems of all your vendors or partners.

“You have to keep up with the parts of the market that care about it. So, we have seen demonstrated at certain parts of consumer IoT, they really don’t care about whether their devices are secure,” John Sirianni, vice president of strategic Partners, IoT for Webroot told ReadWrite last month. “And we see that the critical infrastructure – power and energy management, integrated transportation – those are filled with manufacturers and operators that care about their infrastructure and are willing to work with leading security companies to monitor and provide situational awareness to all the activities. (But) you can’t protect it all.”

This report highlighted the increased opportunities for companies who safeguard IoT systems from malicious attackers trying to gain unauthorized access, misuse data, destroy or deactivated networks, and corrupt data records

The study examined key IoT vendors such as Cisco Systems, Alcatel-Lucent, Rockwell Automation, Infineon Technologies, Checkpoint Technologies, Ericsson, Siemens, and IBM