B2B Articles - November 13, 2023
As the Internet of Things (IoT) expands, so does the need for robust cybersecurity measures. The intersection of these two sectors presents both significant opportunities and challenges. This convergence has profound marketing implications for Cybersecurity firms that wish to grow within a growing market.
"Approximately 80 percent of surveyed IoT providers are embedding security in some form into their IoT products, and roughly 70 percent of cybersecurity providers are making IoT-specific products, indicating early signs of convergence" (Mckinsey, 2023).
Small and large cybersecurity firms stand to gain tremendously from the convergence of IoT and cybersecurity. This presents a unique opportunity for smaller firms to specialize in a niche in this expanding market.
Cybersecurity firms can specialize in securing, testing, and monitoring specific IoT applications, functions, or sectors, leveraging their agility and innovative capabilities to develop solutions that address distinct security challenges within the Internet of Things space. By doing so, they can distinguish themselves from larger competitors, appealing particularly to clients who value specialized expertise and depth of experience.
On the other hand, large cybersecurity firms can harness their extensive resources and industry influence to take on a broader role in this converging market. Larger firms can help instill confidence, protection, and trust for significant IoT projects inaccessible to smaller firms that lack industry relationships or case studies demonstrating size. Larger firms can develop practice areas within IoT or IIoT comprised of execution, consulting, implementation, testing, validation, and pathfinding--tying capabilities together to create a broad impact.
In both cases, differentiation lies in understanding their clients' unique needs and concerns and demonstrating how their cybersecurity solutions can effectively address those needs, whether through specialized expertise or comprehensive, wide-scale security measures. This customer-centric approach can help to establish trust and credibility, ultimately fostering more robust customer relationships and driving business growth in this promising market.
Cybersecurity firms can drive the development and adoption of security standards from strategic partnerships with IoT providers and platform players, OEMs, and manufacturers. With increasing security threats, cybersecurity specific to IoT applications & partnerships across different sectors is essential. By showcasing a specialized ability to deliver robust end-to-end security solutions at scale, cybersecurity firms can differentiate themselves as trusted leaders in the industry hungry for data, network, and cross-device protection.
Here are several effective strategies for marketing in the IoT-cybersecurity space:
Thought leadership is pivotal in IoT partnerships by setting the discourse, driving innovation, and fostering trust. This role can be broken down into several key components:
By harnessing these strategies, marketers can successfully navigate the convergence of IoT and cybersecurity, reaching new customers while unwaveringly safeguarding their trust and privacy.
As the Internet of Things (IoT) expands, the need for robust cybersecurity measures is simultaneously rising. The intersection of these two sectors presents both significant opportunities and challenges. Managing security risks effectively could unlock an estimated $125 billion to $250 billion in the IoT market, indicating a total addressable market value of $625 billion to $750 billion by 2030 (McKinsey, 2022).
Marketing in the IoT space must focus on partnerships with IoT providers, manufacturers, OEMs (sensors), Cybersecurity firms, regulators, and platform players. Emphasizing security strategy in marketing messages will improve the likelihood of success and trust. Highlighting financial opportunities for investing in cybersecurity for IoT systems and showcasing industry-specific expertise is another crucial component within these partnerships.
Another crucial strategy is the development of thought leadership in IoT partnerships, which can help establish authority, drive innovation, foster trust, influence policy and regulation, and support marketing efforts.
The convergence of IoT and cybersecurity presents significant opportunities for cybersecurity firms that want to stand out in a crowded marketplace. By specializing, investing in R&D efforts, and cultivating partnerships, firms can establish themselves as leaders in securing the future of connected devices.
McKinsey & Company. "The Convergence of IoT and Cybersecurity: Implications for Marketers." McKinsey Digital, 2023, https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/the-convergence-of-iot-and-cybersecurity-implications-for-marketers.
McKinsey & Company. "New survey reveals $2 trillion market opportunity for cybersecurity technology and service providers." October 27, 2022 - Article By Bharath Aiyer, Jeffrey Caso, Peter Russell, and Marc Sorel
"The State of Industrial Cybersecurity 2019," Kaspersky Lab, https://media.kaspersky.com - https://ics.kaspersky.com/media/2019_Kaspersky_ARC_ICS_report.pdf
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