Samsung is looking beyond selling endpoints into securing IoT (Internet of Things) systems. As a leading global consumer electronics company, selling IoT endpoints (or devices) appears to be Samsung's natural market.
IoT security involves safeguarding connected devices and networks. With the growth of IoT adoption, there's been a rise in the demand for secure IoT connectivity, and a potentially lucrative market is evolving out of it.
Forecasts from Gartner incorporated a research and advisory firm on technological related insight shows that the consumer market is expected to hit $1.5 trillion by 2020 as opposed to $532.5 billion in 2016. This figure is just for spending on consumer IoT endpoints. On the other hand, spending on business IoT endpoints is expected to exceed $1.4 trillion by 2020, compared with $847 billion in 2016.
Samsung has expanded IoT ecosystem to include SmartThings, Samsung+, and Samsung Pay. Samsung is bringing its Knox mobile security solution to the IoT world; this is to capitalize on the rapidly expanding IoT security market. To reinforce its IoT security prospects, Samsung is affiliating itself strategically with others, such as teaming up with home security vendor ADT Corp to launch a new home security system powered by SmartThings.
The IoT security market should be prepared for a showdown between Samsung and its smartphone rivals BlackBerry (BB) and Apple (AAPL). While Apple is offering its iOS users a mobile security solution, BlackBerry is exiting the device - making business sense and focusing more on mobile security and services. The IoT market is also attracting other firms like IBM and Cisco Systems, who are experiencing slow growth in their primary industries and want to cash in on the business of safeguarding IoT endpoints and networks. IoT presents a huge revenue opportunity and Samsung is committed to growing the IoT data economy.
This is a guest post by Asseh Rebecca.