Internet of Things black market to exceed $5 billion by 2020 says Gartner

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Analysts claim Internet of Things black market will be used to gather or alter personal data

Market analysts Gartner predicts the Internet of Things (IoT) black market will exceed $5 billion by 2020.

IoT refers to machines which use sensors to gather and send data to a user. For example, a construction site manager can receive data about the fuel levels of a digger if IoT sensors have been installed.

Gartner predict over half of new businesses will use IoT technology by 2020. Gartner vice president W. Roy Schulte claims the growth will be driven by IoT technology becoming more practical and easier to use.

He said: “Uses of the IoT that were previously impractical will increasingly become practical. The IoT is relevant in virtually every industry, although not in every application. There will be no purely IoT applications. Rather, there will be many applications that leverage the IoT in some small or large aspect of their work.”

However, Gartner also flagged up potential security issues with increased IoT adoption. They claim that by 2020, security costs will increase by 20 per cent from 2015 to 2020. This will be to deal with a black market exceeding $5 billion.

The company argues the black market will sell sensors enabling criminals to illegally breach and either gather or alter a company’s personal data. Gartner analyst Ted Friedman said: “The integrity of this data will be important in making personal and business decisions, from medical diagnoses to environmental protection, from commands to modify actions of machinery to identification and authorisation of physical access.

“A black market for fake or corrupted sensor and video data will mean that data can be compromised or substituted with inaccurate or deliberately manipulated data.”

“This scenario will spur the growth of privacy products and services, resulting in an extensive public discussion regarding the future of privacy, the means to protect individual privacy, and the role of technology and government in privacy protection.”

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