Juniper Research: IoT Security Spend to Reach $6 Billion by 2023, Growing 300% from 2018

A new study from Juniper
Research found that spending on IoT (Internet of Things)
cybersecurity solutions is set to reach over $6 billion globally by
2023. It 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% over the forecast period.

Juniper’s new research, The
Internet of Things for Security Providers: Opportunities, Strategies &
Forecasts 2018-2023, claimed that growing business risk and
regulatory minimum standards would serve as key spending drivers.

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Marked Differences Across Markets

Juniper claimed 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. Vendors see that
risk as low, while little has been done from a regulatory perspective to
protect consumers”, explained research author Steffen Sorrell.

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

In contrast, the research identified glaring security issues in the
smart energy market. However, it 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.

Edge Computing to Bring New Challenges

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. It cited an
increased attack surface as raising business risk. Meanwhile, the need
to ensure data reliability would emphasise the need for lifecycle
management and device security solutions.

Juniper Research provides research and analytical services to the global
hi-tech communications sector, providing consultancy, analyst reports
and industry commentary.

View source version on businesswire.com: https://www.businesswire.com/news/home/20180711005040/en/

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