A safer, more secure Internet of Things (IoT) has significant implications for businesses, note senior partner Mark Patel and coauthors. The total addressable market value across industries for IoT suppliers, for example, could reach $625 billion to $750 billion by 2030 if cybersecurity risks are managed effectively. The manufacturing, healthcare, and mobility sectors are positioned to have some of the highest growth opportunities.
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A scatterplot graph shows IoT use cases, with a vertical axis showing the value capture by IoT suppliers in billions of dollars, from zero to 125. The horizontal axis shows medium and high cybersecurity risk scores, starting at 10 and ending at 30, with the higher number representing more risk and anything more than 20 representing high risk. The cybersecurity high-risk area shows use cases such as utilities, oil and gas, smart cities, and mobility and transportation. The cybersecurity medium-risk area shows use cases such as logistics, smart homes, smart offices, retail, healthcare, and manufacturing and industrial. Mobility and transportation stand out as both high value and high risk.
Source: McKinsey B2B Internet of Things Survey, 117 buyers, Q3 2022; McKinsey analysis
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To read the article, see “Cybersecurity for the IoT: How trust can unlock value,” April 7, 2023.