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    This will compound the seemingly endless problem of cybersecurity breaches as more and more smart devices are connected via the Internet of Things. Evolving security threats will drive the IoT security services market to new heights by the middle of this decade.

    New York-based ABI Research predicts that the number of IoT cellular connections will exceed 3 billion by 2026, initially through 4G and low-power wide-area networks. With the deployment of more 5G networks, there will be a higher demand for IoT security protection, which is expected to reach $8 billion by 2026 and will be mainly driven by IoT and other edge computing systems.

    Cellular standards for industrial and narrowband IoT, like 5GMMTC (massive industrial communications) and LTE, will be seen as emerging security platforms. Standards like these, and others like them, can help build the much-needed trust in the transmission of sensitive data in the IoT.

    "New target markets are on the horizon, which will require dedicated peer-to-peer solutions and customized services directly for communications service providers and enterprises," said ABI Research's director of digital security research.

   "The expanding security threat landscape, various security protocols defined by new standards, and the potential to generate revenue through the sale of value-added security services, all combine to drive a dynamic and highly competitive cellular IoT protection safety market," he added.

   Asset management companies and industries such as automotive, energy, healthcare, and utilities are seen as key beneficiaries of enhanced IoT security. At the same time, the growing need for IoT protection is attracting network equipment vendors and, increasingly, pure-play cybersecurity vendors. Network equipment vendors in the former category include Ericsson, Nokia and ZTE, while pure-play cybersecurity vendors include Fortinet and IoTerop, ABI said.

   As the transition to 5G new wireless networks continues to accelerate, the market tracker emphasizes that the future of IoT must be secure. "Integrated security is critical to developing a network of trust," Menting emphasized.

Chip sales usher in a blowout growth

   Not long ago, the Semiconductor Industry Association International (SEMI) released another new quarterly record for semiconductor equipment sales. Sales of semiconductor equipment rose 48 percent year-on-year in the second quarter to a record $24.9 billion, driven by a surge in orders from Chinese chipmakers, SEMI said. Orders were up 5% from the previous quarter.

   According to the global semiconductor equipment market statistics, orders from China soared by 79% compared with the same period last year, and also increased by 38% month-on-month.

   Chipmakers in Europe, South Korea and Taiwan have ramped up production capacity and seen strong revenue growth to meet surging demand in nearly all electronics industries.