Guidehouse Insights report reveals global annual smart city cybersecurity revenue expected to experience compound annual growth rate of 15% from 2021 to 2030
BOULDER, Colorado – (COMMERCIAL THREAD) – A new report from Guide perspectives examines the current state of cybersecurity for smart city technologies, including data security, device and endpoint security, and network security solutions, providing market forecast for consumer security spending. data and network and device security for smart city projects around the world.
Smart city applications and technologies provide convenience and coordination by integrating Internet of Things (IoT) technology into infrastructure, services and built environments. However, building more devices, applications and technologies that are connected to each other over public networks in new or existing infrastructures increases the attack surface for threat actors, resulting in the need for ‘advanced cybersecurity approaches. According to a new report from Guidehouse Insights, the annual global smart city cybersecurity revenue is expected to grow from $ 7.6 billion in 2021 to $ 26.0 billion in 2030 at a compound annual growth rate (CAGR ) by 14.6%.
âThese systems of systems are increasingly complex and require best practices in cybersecurity, impact assessments in the event of failure or potential compromise, and the establishment of incident response capabilities,â explains Danielle Jablanski, senior research analyst at Guidehouse Insights. âThe absence or neglect of such cybersecurity measures increases the potential for greater damage or harm, critical utility outages and financial losses resulting from a cyber incident. ”
According to the report, the stakeholder community for cybersecurity among smart cities is large, including the entire ecosystem of smart city providers; federal, state and local governments; leading management consulting firms; industrial engineering and manufacturing companies; vendors of corporate security hardware and software; and niche startups hoping to capture unique segments of the smart city market. There is an opportunity to bridge the gap between the decentralized nature of city business and financial management and the need for centralized management of security risks and controls for technology projects.
The report, Cybersecurity for smart cities, covers the current state of cybersecurity for smart city technologies – a patchwork of endpoint and data security, device and endpoint security, and network security. Smart city ecosystems are made up of sensors and devices, mobile applications, cloud infrastructure and network communications. The ubiquity of billions of simple computing devices that transfer and transmit data over networks is driven by the assumption that security is built into smart products and devices. Smart city applications and technologies are relatively limited to pilot projects and phased deployments, although deployments are germinating around the world. Cyber ââsecurity providers with various platforms and service models are already competing for small town IT budgets at the municipal level. A summary of the report is available for free download from the website Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the market intelligence arm of Guidehouse, provides research, data and benchmarking services for today’s rapidly changing and highly regulated industries. Our knowledge is based on an in-depth analysis of the global cleantech markets. The team’s research methodology combines supply-side industry analysis, primary end-user research, and demand assessment, coupled with in-depth examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information on Guidehouse Insights is available at www.guidehouseinsights.com.
Guidehouse is one of the world’s leading providers of advisory services to the public sector and commercial markets, with extensive capabilities in risk management, technology and advisory. We help our clients meet their complex challenges and overcome significant regulatory pressures by focusing on transformational change, business resilience and technology-driven innovation. Through a range of consulting, consulting, outsourcing and digital services, we create scalable and innovative solutions that prepare our clients for future growth and success. The company has more than 10,000 professionals in more than 50 sites around the world. Guidehouse is a portfolio company of Veritas Capital, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets and agenda issues that drive national and global economies. For more information, please visit www.guidehouse.com.
* The information contained in this press release concerning the report, Cybersecurity for smart cities, is a summary and reflects Guidehouse Insights current expectations based on market data and trend analysis. Market forecasts and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or report. Please refer to the full report for a full understanding of the assumptions underlying the report findings and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse makes any commitment to update the information contained in this press release or the report.