ROCKVILLE, Md., March 25, 2017 /PRNewswire/ -- The rise of the Internet of Things in Buildings (BIoT) offers up tangible business benefits and many new opportunities for innovation, but these need to be carefully weighed up against the potential risks of increased cyber security vulnerability. Our report finds that if threats are not properly managed by stakeholders across the supply chain, we run the risk of undermining consumer confidence in the market.
The increased proliferation of smart devices, combined with persistent concerns over cyber risk and data privacy and an increased incidence of cyber attacks against smart buildings, will drive a significant increase in demand for new cyber security hardware, software and services in the market.
Cyber Security in Smart Commercial Buildings 2017 to 2021 estimates that global revenues for smart building cyber security will reach $8.65 billion by 2021, up from an estimated $4.26 billion in 2016, representing a healthy CAGR of over 15% during the forecast period.
For smart buildings, a robust cyber security plan is critical. Armed with knowledge from security audits and security risk assessments, organizations can make more informed risk management decisions and proactively identify the steps required to reduce threats. Even after a plan has been developed, an effective defense involves an ongoing iterative process, which must be continuously reviewed against the constantly changing threat environment.
More information about the report is available here:
Memoori is an independent market research and business intelligence provider. Our intelligence and advice helps technology companies and investors create sound strategies for future success. We specialise in researching Smart Grid, Energy Efficiency in Buildings, Renewable Energy and Physical Security Markets.
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