IoT Security Spend

On the security side, security hardware investments will increase at a 15.1 percent compound annual growth rate until 2021, while security software investments will see a 16.6 percent CAGR.

"As enterprises are adapting to new and innovative services provided by different vendors a lot of new threats are introduced, so it's very important to upgrade existing security systems to ensure that an optimal business outcome can be reached and ROI can be justified," said Ashutosh Bisht, research manager for IT spending at IDC, in a statement.