The Internet of Things continues to grow rapidly, but concerns about security remain a significant barrier and are hindering the adoption of IoT devices.
Research by Bain & Company finds that enterprise customers would be willing to buy more IoT devices if their concerns about cybersecurity risks were addressed—on average, at least 70% more than what they might buy if their concerns remain unresolved. In addition, 93% of the executives we surveyed say they would pay an average of 22% more for devices with better security. Bain estimates that improving security solutions for these devices could grow the IoT cybersecurity market by $9 billion to $11 billion in 2020.
For IoT device vendors—companies that make IoT devices as well as those that provide related solutions—the message is clear: Improve security to gain a competitive edge and expand your market.