International. A new report from Guidehouse Insights examines the current state of cybersecurity for smart city technologies, including data security, device and endpoint security, and network security solutions, providing market forecasts for data security spending and network and device security for smart city projects across the globe.
Smart city applications and technologies provide convenience and coordination by incorporating Internet of Things (IoT) technology into infrastructure, services, and built environments.
However, building more devices, applications, and technologies that are connected to each other in public networks on new or existing infrastructures increases the attack surface for threat actors, driving the need for advanced cybersecurity approaches. According to a new report from Guidehouse Insights, annual global cybersecurity revenue from smart cities is expected to grow from $7.6 billion in 2021 to $26 billion in 2030 at a compound annual growth rate (CAGR) of 14.6%.
"These systems of systems are becoming increasingly complex and require cybersecurity best practices, impact assessments for potential failures or compromises, and the establishment of incident response capabilities," says Danielle Jablanski, senior research analyst at Guidehouse Insights. "The absence or neglect of such cybersecurity measures increases the potential for further damage or damage, critical public service disruptions, and financial losses as a result of a cyber incident."
According to the report, the community of stakeholders for cybersecurity among smart cities is broad, including the entire ecosystem of smart city providers; federal, state, and local governments; leading management consulting firms; manufacturing and industrial engineering companies; enterprise hardware and software security providers; and niche startups hoping to capture unique segments of the smart city market.
There is an opportunity to bridge the gap between the decentralized nature of the city's business and financial management and the need for centralized security risk management and controls for technology projects.
The report, Cybersecurity for Smart Cities, covers the current state of cybersecurity for smart city technologies, a patchwork of data and endpoint security, endpoint and device security, and network security solutions.
Smart city ecosystems are made up of sensors and devices, mobile applications, cloud infrastructures and network communications. The ubiquity of billions of simple computing devices that transfer and transmit data over networks is based on the assumption that security is built into smart products and devices. Smart city applications and technologies are relatively limited to pilot projects and staggered deployments, although deployments are germinating around the world.
Cybersecurity vendors with various platforms and service models are already competing for the IT budgets of small cities at the municipal level.
