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.