Juniper Research is tipping spending on cybersecurity solutions for IoT to exceed $NZ6b globally by 2023, a 300 percent increase from 2018 with industry and public services accounting for 77 percent of the total.
In its report The Internet of Things for Security Providers: Opportunities, Strategies & Forecasts 2018-2023, Juniper claims there are major differences in the way in which IoT business risk is perceived and perceptions on how regulation should be applied. It cites the home as an example of where poor long-term device support and little fear of ramifications in case of a breach will serve to keep spending low.
Research author Steffen Sorrell 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.”
As a result, Juniper forecasts that smart home IoT security spending would be less than 17 percent of the consumer market in 2023.
Juniper says it has identified “glaring security issues” in the smart energy market and these issues, coupled with strict minimum standards, such as those applied by Germany and the EU’s General Data Protection Regulation, will drive smart energy security spending to $US1b annually in 2023.
Juniper says the rise of edge computing services to enable near-real-time IoT applications will present additional security challenges that in turn will drive industry spend.
It cites an increased attack surface as raising business risk. Meanwhile, the need to ensure data reliability will emphasise the need for lifecycle management and device security solutions, Juniper says.
Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary.
