New data from Juniper Research (www.juniperresearch.com) finds that spending on IoT (Internet of Things) cybersecurity solutions is set to reach over $6 billion globally by 2023. The research group says that spending by product and service providers (in consumer markets) and end-customers (in industrial and public services markets) will rise nearly 300% over the forecast period.
Juniper adds that growing business risk and regulatory minimum standards will serve as key spending drivers. The research group says there are major differences in the way in which IoT business risk is perceived and perceptions on how regulation should be applied. It cited the home as an example of where poor long-term device support and little fear of ramifications in case of a breach would serve to keep spending low.
“The interconnected nature of the IoT means that even innocuous devices like the connected fridge can become a threat. Vendors see that risk as low, while little has been done from a regulatory perspective to protect consumers,” says research author Steffen Sorrell.
As a result, Juniper forecasts that smart home IoT security spending would be less than 17% of the consumer market in 2023. The research group forecasts that the rise of edge computing services to enable near-real-time IoT applications would present additional security challenges, which in turn will drive industry spend. It cited an increased attack surface as raising business risk. Meanwhile, the need to ensure data reliability would emphasize the need for lifecycle management and device security solutions.
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