Consumer-facing IoT global market forecast to grow to $154 billion by 2028
The World Economic Forum’s Council on the Connected World mobilized a multi-stakeholder coalition of business leaders, government officials and technology experts to build a consensus on baseline security protections. Reflecting the interests of industry, consumers, white hat hackers and governments, the stakeholders agreed on five security requirements for consumer-facing IoT devices – the first international consensus of this type.
The consumer internet of things (IoT) global market size is forecast to grow from $45 billion today to $154 billion by 2028. Whereas early adoption of smart wearables, home electronics and appliances was concentrated in North America and Western Europe, China is projected to overtake the United States as the largest market by the end of 2024.
As the use of connected devices increases worldwide, so does the potential for cyber threats – particularly as new products introduce vulnerabilities, potentially exposing people to hacking or leaks of personal data.
“As we look to new technologies to help address pressing global challenges – from climate change to rapid urbanization – we must ensure this progress does not come at a cost to individual safety and privacy,” said Jeff Merritt, Head of Urban Transformation, World Economic Forum. “This announcement is an important step towards a more secure digital future and is testament to the critical role of multi-stakeholder collaboration in promoting the responsible development and use of technology.”
“Connected devices are in consumers’ homes in increasing numbers, but many are poorly secured and lack basic protections,” said Helena Leurent, Director-General, Consumers International. “Consumers face serious risks and may not even be aware. It is encouraging to see support for a much overdue change. Consumer advocates everywhere look forward to seeing active adoption and enforcement of strong standards.”
Cybersecurity Tech Accord, Consumers International, and I Am the Cavalry, representing more than 400 member organizations globally, developed a statement based on research and dialogue, which has already been endorsed by more than 100 organizations and major tech companies, including Microsoft and NTT. A joint Statement of Support calls on device manufacturers and vendors to take immediate action.