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Memoori Estimates Global Revenues for Smart Building Cyber Security Will Reach US$8.65 Billion by 2021

This Report is a Brand New 2017 Study which Makes an Objective Assessment of the Market for Cyber Security Software, Services & Hardware in Smart Commercial Buildings 2017 to 2021

Memoori presents a brand new report, building on our portfolio of building technology related research. This independent study makes an objective assessment of the current state of the market for Cyber Security in the Smart Buildings sector. The report focuses on market sizing and opportunities for Smart Commercial buildings, providing a fresh market assessment based upon the latest information. Market sizing and market opportunities data is provided for four regions representing the main international markets of North America, Europe, Asia Pacific and The Rest of the World. Market sizing projections are broken down in terms of hardware, software and services.

– This report provides, in plain English, original analysis & forecasts, detailing prevailing trends and best practice for Cyber Security risk mitigation, analysis of the enablers, drivers and barriers shaping the global market.

– It is a comprehensive assessment of the market structure, prevailing and emerging business models and the competitive landscape, as well as crucial insights into what is driving M&A and investments into the market.

– The report is designed to be read and understood by those without any particular technical expertise, however the complex nature of the market and technologies that help shape it, necessitate some discussion of various technologies. Where acronyms or technical terms are used, they are fully explained.

– Our assessment takes into account previous Memoori reports into the markets for the Internet of Things for buildings (BIOT), and Big Data for Smart Buildings, where concerns over cyber security and the availability of security products and services were highlighted as having a significant impact on market developments.

There is a strong interrelationship between the BIOT market and the cyber security market for smart buildings. The increased proliferation of smart devices, combined with persistent concerns over cyber-risk and data privacy and an increased incidence of cyber attacks against smart buildings will help drive a significant increase in demand for new cyber security hardware, software and services in the market. Based on extensive research into the dynamics of the market, as well as interviews with leading industry stakeholders, we estimate that global revenues for smart building cyber security will reach $8.65 billion by 2021, up from an estimated $ 4.26 billion in 2016, representing a healthy CAGR of over 15% over the forecast period.

– Buildings control systems are increasingly being deployed along with embedded communications technology to provide critical services that allow a building to meet the functional and operational needs of building occupants. Smart buildings promise significant benefits to owners and operators in terms of efficiency, safety, comfort and functionality, but these systems also carry potential costs, as without the right levels of protection, they can act as tempting targets for would-be hackers and or malicious insiders.

– This rise of the IoT offers up tangible business benefits and tantalizing new opportunities for innovative business approaches, but these need to be carefully weighed up against the potential risks of increased cyber security vulnerability. If the risks are not properly managed by stakeholders across the supply chain, we run the risk of undermining consumer confidence in the market.

– In our regional analysis of market revenues for cyber security in smart commercial buildings, the North American market is the dominant global force, representing nearly half (47%) of global revenues in 2016 with just over $2 Billion in annual revenues, rising at a CAGR of 13.8% to $3.83 Billion by 2021.

– Skills shortages exist globally, but are felt even more intensely in the European market, with 30% of companies unable to fill open cyber security positions, the U.S. is not far behind, with 27% having issues, while the Asian market fares better, with only 22% of roles unfilled. This skills shortage may well prove both dangerous and expensive. It leaves businesses vulnerable to attacks resulting in reputational damage and data loss.

www.memoori.com

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