Global Cyber Security in smart commercial buildings market- Overview
The Global Cyber Security in smart commercial buildings market was valued at USD 3.83 Billion in 2021 and is poised to amass USD 6.75 Billion by 2030, registering a CAGR of 15%.
Cyber-attacks on smart buildings restrict business continuity for successful and intrusions prevent smart buildings from operating properly and can cause notable damages resulting in long periods of operational downtime, financial losses, threats to public safety and data losses.
Since cyber-attacks can traverse between OT (Operation Technology), IT (Information Technology) and IoT (Internet of Things), today’s cybersecurity for smart buildings solutions must cover both the IT and OT networks.
Cyber-breaching a single connected operational device could put the whole network at risk causing disruption to production, hindering business continuity and exposing people to further danger.
Additionally, the rise in smart device penetration, growing incidences of cyberattacks, and easy access to high speed internet in urban areas are creating remunerative prospects for businesses in this domain. Moreover, increase in per capita income, rapid industrialization, and economic developments across various regions are augmenting the market outlook.
However, high installation costs and dearth of skilled experts to ensure the efficient operation and management of cyber security solutions and devices are hindering the industry progression.
Segmental Analysis of Global Cyber Security in smart commercial buildings:
The prominent players influencing the trends of this marketplace are:
- IIoT World
- Intelligent Buildings
- Acuity Brands
- Advanced Microgrid Solutions
- ARC Advisory
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Based on Product Type
Based on End-User
Banking and Financial Services
Based on Region
Middle east and Africa
- Saudi Arabia
- South Africa
- South Korea
The increased linchpin on cybersecurity for smart buildings is being pushed forward by the ever-growing number of networked IoT devices and the convergence of OT and IT security. Today’s residential, public or commercial buildings are getting smarter nimble-witted, more comfortable, more self-sustainable and energy-savvy.
The smart buildings that includes both commercial as well as residential structures rely on interconnected and networked physical control sub-systems such as heating and air conditioning devices, smoke detectors, elevators, alarms, video surveillance systems and access controls etc.
However, this seamless interconnection of IoT devices makes smart buildings increasingly vulnerable and susceptible for cyber-attacks with expensive and destructive consequences.
Key Tends: Growth Determinants and Challenges
Lack of cognizance about cybercrimes to aid market expansion. With the advent of innovative technologies, smart commercial building operations are adopting IoT applications to establish remote access to the connected buildings.
Most of the time, they do not consider the threats associated with remote connections. The vulnerabilities and sophistication of cyberattacks are quite dynamic which in turn has led to the occurrence of cybercrimes in intelligent commercial buildings. The lack of awareness about the prevalence of cyberattacks among the owners and operators of such buildings is creating lucrative opportunities for the market to prosper.
Cybercriminals or hackers have quick access to modern hacking tools and thereby can easily take virtual control of smart buildings. But the integration of cyber security solutions or software can prevent cybercrimes to a large extent. Most of these tools are equipped with the ability to identify unusual activity or changes in endpoint devices.
These solutions further assist defenders to effectively address and investigate abnormal communications which is the primary sign of internet intrusion.
In July 2020, Chinachem Group and Smart City Consortium inked a collaboration deal to boost smart city development activities and elevate cyber security standards across Hong Kong.
Key Takeaways from the report:
- Deep-insights on segmental analysis of the global cyber security in smart commercial buildings.
- Growth factors and challenges analysis of the global cyber security in smart commercial buildings market.
- The Global Cyber Security in smart commercial buildings market was valued at USD 3.83 Billion in 2021 and is poised to amass USD 6.75 Billion by 2030, registering a CAGR of 15%
Major Questions answered in the report:
- What are the leading companies in global cyber security in smart commercial buildings market?
- What are the major developments in Global Cyber Security in smart commercial buildings market?
- What are the growth factors ad challenges in the global cyber security in smart commercial buildings market?
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