Source page: McKinsey & Company
Commentary
Bracing for the IoT
Technology | Digital | Cybersecurity
May 4, 2023 – 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.
To read the article, see “Cybersecurity for the IoT: How trust can unlock value,” April 7, 2023.
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Visual form
Bubble scatter plot.
Layout / body structure
A single square scatter plot maps use cases across cybersecurity risk on the horizontal axis and value capture by Internet of Things suppliers on the vertical axis, with a vertical divider separating medium from high risk.
What is being compared
It compares several IoT use cases, including manufacturing and industrial, mobility and transportation, smart cities, healthcare, retail, logistics, utilities, oil and gas, smart homes, and smart offices.
Measurement system
The horizontal measure is weighted-average cybersecurity risk score, and the vertical measure is value capture in billions of dollars, with each use case plotted as one labeled bubble.
Visible structure inside the graphic
Each use case appears as a single blue bubble with its label next to it, so the chart reads by quadrant and by height: higher bubbles signal more value, farther-right bubbles signal higher cyber risk, and the divider line organizes the field into medium-risk and high-risk sides.
Main takeaway from the visual
The biggest value pools are not confined to low-risk uses, because manufacturing and industrial, mobility and transportation, and smart cities all sit high on the chart while still carrying material cyber-risk scores, which supports the argument that better IoT security practices matter most in high-value sectors.
Key standout values or extremes
Manufacturing and industrial sits highest at just above 120 billion dollars with a medium-risk score, mobility and transportation is a little above 100 billion at higher risk, smart cities is near 50 billion on the high-risk side, and logistics sits near the bottom around 5 billion.
Controls / sequence, when applicable
This is a static chart image with no in-chart controls to operate.
Companion media, when applicable
There is no separate companion audio or video; the chart image is the full visual on this page.