Cyber Security Software, Hardware and Services in Commercial Buildings Global Market to Reach $8.65 Billion by 2027

DUBLIN, Nov. 1, 2022 /PRNewswire/ -- The "Cyber Security Software, Hardware and Services in Commercial Buildings from 2022 to 2027" report has been added to  ResearchAndMarkets.com's offering.

KEY QUESTIONS ADDRESSED

• What is the size and structure of the global market for cyber security hardware, software & services? The publisher estimates that in 2021, global revenues for smart building cyber security reached $4.33 billion, and we expect the market to achieve a compound annual growth rate (CAGR) of 12.2% over the forecast period, rising to a combined value of $8.65 billion by 2027.
• What is best practice for End Users and Vendors? For the implementation of any new technology, cyber security needs to be considered throughout the design and build process, embedding the right security/privacy controls and risk mitigation solutions at each stage of development. Meeting the latest cyber security standards and getting IoT products officially certified can provide a clear competitive advantage for vendors when tendering for new business.
• What are the main drivers and challenges for industry growth? Cyber security consistently ranks as one of the top 3 concerns worrying organizations that are considering investment in IoT or digital transformation projects. Spending on cyber security has surged in recent years, driven by several major trends including the rise in ransomware attacks, a series of high-profile breaches and the massive security challenges posed by the transition to more remote work and the accelerated push for digital transformation.
• What does the competitive landscape look like? The market has attracted vendors with a range of different backgrounds and specializations. As well as being serviced by a number of niche, smart buildings-focused firms, the vendor landscape now includes a combination of players with backgrounds in building, ICT hardware/software, consulting, IT-focused cyber security software and service, OT/Industrial focused cyber security software & services and IoT device security.

The market sizing and forecasts presented in this report are based on a custom market model and iterative research methodology. This research builds on decades of experience in the evaluation of a wide variety of smart building-related markets with a particular focus on tracking and evaluating the performance of a variety of technology markets and their impact on commercial buildings.

This analysis indicates that the market will prove resilient despite a challenging global economic environment, as combined forces including the ever-increasing levels of digitization of built environment assets, the rising incidence of cyber-attacks, rising cost implications of successful data breaches, and increasingly stringent cyber security & privacy related legislationcontinue to spur spending growth.

Within Its 187 Pages and 37 Charts and Tables, the Report Filters Out All the Key Facts and Draws Conclusions, So You Can Understand Exactly What is Shaping the Future of Cyber Security in Commercial Buildings.

• Arguably the most challenging aspect of effectively managing cyber risk for smart buildings is the major differences between historical approaches to systems design and operations, and divergent priorities between Information Technology (IT) systems and Operational Technology (IT) systems.
• Rising levels of cyber risk posed by IoT devices and connected smart building systems is having a significant adverse effect on building owners' ability to effectively insure their assets, with some industry observers even going so far as to state that the lack of effective cyber cover is rapidly becoming a leading barrier to smart building adoption moving forward.
• A large proportion of smart building owners and operators could be totally unaware that they have no legitimate insurance cover for their smart building systems and would be fully liable for all associated costs in the event of a cyber breach - truly a concerning state of affairs.

Key Topics Covered:

Preface

Executive Summary

1. The Cyber Threat Landscape

2. Cyber security in smart buildings

3. Meta trends & their impacts

4. The Global Market for Cyber Security in Smart Commercial Buildings

5. Market Analysis by Region

6. Vertical Market Status

7. Market Drivers

8. Challenges & Barriers

9. Best Practice for End Users

10. Best Practice for Vendors

11. Standards

12. Other Relevant Tools & Initiatives

13. The Regulatory Environment

14. The Smart Building Cyber Security Vendor Landscape

15. Partnerships & Alliances

16. Investment & M&A

For more information about this report visit https://www.researchandmarkets.com/r/pclvy4

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]   

For E.S.T Office Hours Call +1-917-300-0470 
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716 

Logo:  https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg 

SOURCE Research and Markets