IoT Security Spend to Grow 300 Percent by 2023, Juniper Research Forecasts

A new study from Juniper Research found that spending on Internet of Things (IoT) cybersecurity solutions is set to reach over $6 billion globally by 2023. The UK-based consultancy highlighted rapid growth, with spending by product and service providers (in consumer markets) and end-customers (in industrial and public services markets) to rise by nearly 300 percent over the forecast period.

Juniper’s new research, “The Internet of Things for Security Providers: Opportunities, Strategies & Forecasts 2018-2023”, forecasts that growing business risk and regulatory minimum standards would serve as key spending drivers. Juniper analysts noted that 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,” explained research author Steffen Sorrell. “Vendors see that risk as low, while little has been done from a regulatory perspective to protect consumers.”

As a result, Juniper forecasts that smart home IoT security spending would account for less than 17 percent of the consumer market in 2023.

In contrast, the research identified glaring security issues in the smart energy market. However, the analysts noted that strict minimum standards, such as those applied by Germany and the EU’s General Data Protection Regulation, would drive spending impetus, with IoT smart energy security spend reaching $1 billion annually in 2023.

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 spend. Juniper 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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