Security spends see upward spike as wearable devices hit the workplace

|September 9, 2016 0

Wearable devices such as wristbands, eyewears, earwears and footwears are seeing increased use in different industry verticals such as healthcare, BFSI, defence and retail, as they provide hands-free operations, real-time data monitoring and network communication.

Rise in availability of enterprise-focused wearable apps has made the handling of workloads easier. The market will experience significant growth in the coming years due to increase in government investments, rise in number of wearable device users and growing demand for health and sports/fitness wearables.

But the security concerns have also grew high due to an increased adoption in almost all the industries. According to a recent study by Infoholic Research, the worldwide Wearable Device Security market will grow at an estimated CAGR of 51.4% during 2016–2022.

One of the key concerns of the wearable technology market is the data privacy, as per the study.

“With the wearable device, it is relatively easy to enter the enterprise wireless network and tamper with data. Even from the consumer perspective, security of the wearable devices is a key concern, as users’ information can be easily stolen by accessing the device through short-range technologies like Bluetooth. Hence, this market offers a huge growth opportunity for the data security solution providers,” said Komal Sharma, Senior Research Analyst at Infoholic Research.

“To mitigate this risk, wearable device security solutions provide a robust technique to modern enterprises to improve their workflow, resource management, and enhance communications profitably,” said Tariq Ahmed Shaik, Research Manager at Infoholic Research.

At present, Americas is leading the overall wearable device security market followed by Asia-Pacific. The healthcare, BFSI and sports/fitness industries are largely responsible for the growth of the wearable device security market in the Americas. The healthcare market, by aggregate of device security solutions, is expected to touch US$ 11,441.1 million by 2022.

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