As the smart building market grows, so do the security risks

The #smart building market is taking off. But, new research shows that these structures may also be at much greater risk of cyberattack.

As the smart building market grows, so do the security risks

Capable of near real-time data transfer speeds and reduced latency, 5G is expected to facilitate more and better IoT applications for intelligent building technologies over the next few years. Further, as 5G rollouts accelerate, 5G-enabled #IoT applications are being introduced at an increasing rate, and therefore, the smart building market is taking off. However, new research shows that these structures, while undeniably intelligent, may also be at much greater risk of cyberattack than originally thought.

According to research from MarketsandMarkets, the smart building market is projected to grow from $60.7 billion in 2019 to $105.8 billion by 2024, with the energy management and commercial building segments expected to grow the fastest. The report cites the rising adoption of IoT-enabled building management system and increasing awareness of space utilization as critical drivers behind the impressive market growth.