Cybersecurity Global Growth

The huge hike in internet-connected devices has formed a sizeable breeding ground for hackers and cybercriminals. In tandem, applications for the Internet of Things (IoT) are growing. As a result, the comparative challenges associated with IoT data security and privacy will increase during the short-term future.

The motives for these types of crimes are manifold. For example, chaos causing fraud or deceit, the combined impact of IoT-related criminal activities can be expansive and costly to all parties. As a result, cybersecurity software vendors and services will invariably have to cope with sustained and increasingly frequent demand for what they offer.

Market Penetration of the IoT security market landscape

Based on the global market study by Juniper Research, internal spending on IoT cybersecurity solutions is projected to reach over $6 billion worldwide 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 per cent over this forecasting time frame.

Juniper also cited that the mounting business risk and expanding minimum standard protocols established by new government regulations would serve as core cost drivers for new IT infrastructure investments.

Juniper states that there are significant scale differences in how IoT business risk is perceived vs thoughts on how regulation should be deployed. The firm believes that the home is a hotbed of potential breaches, where substandard long-term device support and low worry of ramifications will keep spending to a minimum.

Subsequently, Juniper predicts that smart home IoT security spending will be less than 17 per cent of the consumer market in 2023. However, the research pointed out obvious security gaps, particularly in the smart energy market.

However, it is important to mention that stringent minimum standards, such as those applied by Germany and the EU’s General Data Protection Regulation (GDPR), would drive spending speed. Forecasts suggest that IoT smart energy security spending could amass $1 billion annually in 2023.

Next steps for IoT security application market growth

The research indicated that the growth of computing services enabling near-real-time IoT applications would demonstrate further security challenges. These will, by proxy, generate industry investment in cybersecurity technology. However, an increased attack surface is likely to raise the business risk. Moreover, ensuring data reliability highlights the need for lifecycle management and IoT device security solutions.