Bain & Company: The best way to grow the market of the Internet of Things (IoT) is to improve the cyber security in the sector
The best way to grow the market of the Internet of Things (IoT) is to improve the cyber security in the sector. According to the new Bain & Company report, “Cybersecurity is the Key to Unlocking Demand in IoT,” 45% of IoT buyers say concerns about security remain a significant barrier and are hindering the adoption of devices. If vendors could provide better security, enterprise customers surveyed say they would be willing to buy, on average, at least 70 percent more IoT devices. In addition, 93 percent of executives said they would pay more for devices with better security – about 22% more on average. Taken together, Bain & Company estimates that improving security solutions for these devices could grow the IoT cybersecurity market by $9-$11 billion. For IoT device vendors – companies that make devices as well as those that provide related solutions – the message is clear: improve security to gain a competitive edge and grow your market.