The world is nearing the desired futuristic connectivity. The Internet of Things in Buildings (BIoT) is paving way to this with numerous innovations and tangible business benefits. A new report on the market for Cyber Security Hardware, Software & Services in Commercial Buildings from 2016 to 2021 has been published which states that the revenues from BIoT will touch $8.65 billion by 2021.
It also states that threats, if not properly managed can in turn run the risk of undermining consumer confidence in the marker.
The proliferation of smart devices combined with the cybersecurity risks and data privacy has increased the vulnerability of the former. This will pull a greater demand for cybersecurity hardware, software and services.
Cybersecurity in Smart Commercial Buildings 2017 to 2021 estimates a 15% representing a healthy CAGR from the estimated $4.26 billion in 2016. According to the research, robust cybersecurity plan is critical for smart buildings. 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.