Global spending on IoT security will hit more than $6 billion by 2023, according to the latest study from Juniper Research.
The study, titled “The Internet of Things for Security Providers: Opportunities, Strategies & Forecasts 2018-2023”, claims that increasing business risks and regulatory minimum standards would help drive spending on IoT security.
Steffen Sorrell, principal analyst at Juniper and research author, said: “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.” Because of this, the market research firm is expecting smart home IoT security spending to be less than 17% of the consumer market in 2023.
This makes for interesting comparison against IDC, whose latest Worldwide Semiannual Internet of Things Spending Guide was published last month. IDC predicted that total global spending on IoT will hit $2.1 trillion by 2022.
It argues that the IoT technology market offers business investment opportunities across a variety of industries and has diversified its reach via proliferation of innovative offerings in analytics software, cloud technologies, and business and IT services. According to IDC, the intersection of multiple technology domains is a key to successfully understand and develop a supply-side product and market development strategy. The consumer sector is also said to lead IoT spending growth with a worldwide CAGR of 19%, followed closely by the insurance and healthcare provider industries. In terms of enterprise use case, V2V and V2I will witness a 29% growth followed by traffic management and connected vehicle security.
Another report from Navigant Research indicates that the IoT and analytics market for utilities would be likely to grow to more than $5 billion by 2028. Neil Strother, principal research analyst with Navigant Research, says: “Many of the tools are outdated, sit in silos, and were never designed for the complexities of today’s smart grid. More advanced utility IoT analytics solutions have entered the market and can be applied to legacy systems and new data flows using edge computing, cloud computing, machine learning, and AI to unlock valuable insights and drive operational efficiencies.”