300% Growth in IoT Security Spend is Projected to Reach $6 Billion by 2023
Juniper Research projected the IoT spending on cybersecurity solutions is benchmarked to exceed $6 billion globally by 2023. This rapid spending growth amounts to roughly a 300% growth over the forecasted period. The increase is attributed to the spending by product and service providers in consumer markets, and by end-customers in industrial and public services markets. Growing business risk and regulatory standards will serve as key spending drivers.
Juniper claims that there are differences across the markets with respect to the perceptions of IoT business risk and how to apply regulations. The study cited the home as an example of an area where poor long-term device support with low risk of complications in case of a breach would serve to keep spending low. The research also identified critical security issues in the smart energy market, noting that strict minimum standards, much like those applied by Germany and the EU, would be a catalyst for rapid security spending.
Another security challenge is the business risk associated with the rise of edge computing services that enable near-real-time IoT applications.