Skip to main content

IoT Cybersecurity Solutions Revenue will Reach $6B

The dramatic increase in internet-connected devices has created a significant attack surface for hackers and cybercriminals. Applications for the Internet of Things (IoT) are growing. As a result, the related challenges associated with IoT data security and privacy will increase with time.

Whether their motive is simply mischief, theft, or some other goal, the impact of IoT-related criminal activities can be far-reaching and very costly. Vendors of cybersecurity software and services will, therefore, experience growing demand for their offerings.

IoT Security Market Development

According to the latest worldwide market study by Juniper Research, spending on IoT cybersecurity solutions is forecast to reach over $6 billion globally by 2023.

The analyst has highlighted rapid growth, with spending by product and service providers (in consumer markets) and end-customers (in industrial and public services markets) to rise nearly 300 percent over the forecast period.

Juniper also claimed that the growing business risk and increasing minimum standards set by new government regulations would serve as key spending drivers for new IT infrastructure investment.

Juniper believes that there are major differences in the way in which IoT business risk is perceived and perceptions on how regulation should be applied.


Juniper 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 refrigerator can become a threat. Vendors see that risk as low, while little has been done from a regulatory perspective to protect consumers," said Steffen Sorrell, senior analyst at Juniper Research.

As a result, Juniper forecasts that smart home IoT security spending would be less than 17 percent of the consumer market in 2023. In contrast, the research identified glaring security issues in the smart energy market.

However, it noted that strict minimum standards, such as those applied by Germany and the EU’s General Data Protection Regulation (GDPR), would drive spending impetus, with IoT smart energy security spend reaching $1 billion annually in 2023.

Outlook for IoT Security Application Growth

The research 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 investment in cybersecurity technology. 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 IoT device security solutions.

Popular posts from this blog

How to Drive Value Creation from Digital Business

Across the globe, many forward-thinking CEOs and CFOs continue to fund business technology investments that enable meaningful and substantive digital transformations, ahead of their industry peer group. That's why CIOs and other IT leaders must now accelerate the quest for value creation and drive digital growth from those ongoing investments, according to the latest market study by Gartner. "The pressure on CIOs to deliver digital dividends is higher than ever," said Daniel Sanchez-Reina, VP Analyst at Gartner . "CEOs and boards anticipated that investments in digital assets, channels, and digital business capabilities would accelerate growth beyond what was previously possible." Digital Business Market Development   CIOs expect IT budgets to increase 5.1 percent on average in 2023 -- that's lower than the projected 6.5 percent global economy inflation rate. A Gartner survey analysis revealed several ways in which CIOs can deliver "digital dividends&qu

Digital Transformation Investment at $3.4 Trillion

Business technology leadership matters. Across the globe, more leaders have been pursuing bold Digital Transformation (DX) initiatives with the goal of creating new sources of business value through digital products, services, and experiences. As an additional benefit, the COVID-19 pandemic revealed that digital transformation efforts improve an organization's resilience against global market disruptions. Global DX investment is forecast to reach $3.4 trillion in 2026 with a five-year compound annual growth rate (CAGR) of 16.3 percent, according to the latest worldwide market study by International Data Corporation (IDC). Digital Transformation Market Development "Despite strong headwinds from global supply chain constraints, soaring inflation, political uncertainty, and an impending recession, investment in digital transformation is expected to remain robust," said Craig Simpson, senior research manager at IDC . The benefits of investing in DX technology -- including aut

Artificial Intelligence for National Border Security

National border protection agencies are under pressure to provide the highest level of security in the face of growing threats, such as increasing illegal migration and international terrorism. Now, government agencies are embracing advanced border security technologies to aid in effectively and reliably securing national borders. These solutions look to detect and identify potential threats and prevent them from escalating to a point that may jeopardize security. Security Surveillance Market Development Traditional border security patrols and Closed-circuit Television (CCTV) surveillance systems aren't adequate protection, and agencies must increasingly deploy new solutions to stay ahead of criminals and other potential threats to ensure the safety of a country’s borders. According to the latest market study by Juniper Research, the value of the border security technology market will exceed $70 billion globally in 2027 -- that's rising from $48 billion in 2022. Growing by 47 p