Global consumer IoT market expected to reach $154 billion by 2028

The World Economic Forum Advice on the connected world mobilized a cross-party coalition of business leaders, government officials, and technology experts to build consensus on core security protections. Reflecting the interests of industry, consumers, hackers and governments, stakeholders agreed on five security requirements for consumer-facing IoT devices – the first international consensus of its kind.

The size of the global consumer Internet of Things (IoT) market is expected to grow from $45 billion today to $154 billion by 2028. While the early adoption of wearables, electronics and smart home appliances was concentrated in North America and Western Europe, China is expected to overtake the United States as the largest market by the end of 2024.

As the use of connected devices increases around the world, so does the potential for cyber threats, especially when new products introduce vulnerabilities, potentially exposing people to hacking or leaking personal data.

“As we turn to new technologies to help tackle pressing global challenges – from climate change to rapid urbanization – we must ensure that these advances do not come at the expense of people’s security and privacy. individuals,” said Jeff Merritt, head of urban transformation, World Economic Forum. “This announcement is an important step towards a more secure digital future and demonstrates the essential role of multi-stakeholder collaboration in promoting the responsible development and use of technology.”

“Connected devices are growing in consumers’ homes, but many are poorly secured and lack basic protections,” said Helena Leurent, chief executive of Consumers International. “Consumers face serious risks and may not even be aware. It is encouraging to see support for a change that is long overdue. Around the world, consumer advocates eagerly await the active adoption and enforcement of high standards. »

Cybersecurity Tech Accord, Consumers International and I Am the Cavalry, representing over 400 member organizations worldwide, have developed a statement based on research and dialogue, which has already been endorsed by over 100 organizations and leading tech companies, including Microsoft and NTT. a seal Statement of support calls on manufacturers and device vendors to take immediate action.