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.
According to the report, 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%.
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.
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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.
Danielle Jablanski, senior research analyst with Guidehouse Insights, said: “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.
“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.”