IoT Spend to Reach $6 Billion by 2023
A new study from Juniper Research found that spending on IoT 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 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 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.
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