IoT Security Spend Will Grow 300% to $6 Billion by 2023

Juniper Research conducted a new study, which concluded that the spending on IoT cybersecurity solutions is projected to reach over $6 billion globally by 2023. This rapid growth is set to rise by nearly 300% due to spending by product and service providers in consumer markets and end-customers in industrial and public services markets.

Further insights include the differences across markets and edge computing that will bring new challenges. Juniper Research forecasts that smart home IoT security spending would be less than 17% of the consumer market. They also predicted that the rise of edge computing services that enable near-real-time IoT apps would present additional security issues, which could drive spending in the industry.