As cybersecurity threats become more prominent, and cities become more aware of risks for new technologies, investments in cybersecurity are expected to markedly increase
BOULDER, Colo., September 23, 2021--(BUSINESS WIRE)--A new report from Guidehouse Insights examines the current state of cybersecurity for smart cities technologies, including data security, device and endpoint security, and network security solutions, providing market forecasts for spending on data security and network and device security for smart city projects worldwide.
Smart city applications and technologies provide convenience and coordination by embedding Internet of Things (IoT) technology into infrastructure, services, and built environments. However, building more devices, applications, and technologies that are connected to one another on public networks into new or existing infrastructures increases the attack surface for threat actors, driving the need for advanced cybersecurity approaches. According to a new report from Guidehouse Insights, global annual 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) of 14.6%.
"These systems of systems are increasingly complex and require cybersecurity best practices, impact assessments for potential failure or compromise, and the establishment of incident response capabilities," says Danielle Jablanski, senior research analyst with Guidehouse Insights. "Absence or neglect of such cybersecurity measures increases the potential for greater damage or harm, critical public service outages, and financial losses resulting from a cyber incident."
According to the report, the stakeholder community for cybersecurity among smart cities is vast, including the entire smart city supplier ecosystem; federal, state, and local governments; leading management consulting firms; industrial engineering and manufacturing firms; enterprise hardware and software security vendors; and niche startups hoping to capture unique segments of the smart cities market. There is an opportunity to bridge the gap between the decentralized nature of city business management and finance and the need for centralized security risk management and controls for technology projects.
The report, Cybersecurity for Smart Cities, covers the current state of cybersecurity for smart cities technologies—a patchwork of endpoint and data security, device and endpoint security, and network security solutions. Smart city ecosystems are made up of sensors and devices, mobile applications, cloud infrastructures, and network communications. The ubiquity of billions of simple computing devices that transfer and transmit data over networks is driven by an assumption that security is built into smart products and devices. Smart city applications and technologies are relatively limited to pilot projects and staggered rollouts, though deployments are germinating around the globe. Cybersecurity vendors with various platforms and service models already compete for small city IT budgets at the municipal level. An executive summary of the report is available for free download on the Guidehouse Insights website.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
Guidehouse is a leading global provider of consulting services to the public sector and commercial markets, with broad capabilities in management, technology, and risk consulting. We help clients address their complex challenges and navigate significant regulatory pressures focusing on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that prepare our clients for future growth and success. The company has more than 10,000 professionals in over 50 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving 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 the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.
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