Convergence increases the Internet of Things total addressable market by up to 50 percent
WATERLOO, ON, April 17, 2023 /PRNewswire/ -- For the Internet of Things (IoT) to reach its potential as a fully interconnected ecosystem the convergence of cybersecurity and the IoT is critical, according to a new and independent report published by McKinsey, and cybersecurity must be embedded in the IoT as opposed to being a separate software category that is bolted-on. McKinsey states that few companies can converge enterprise IT cybersecurity solutions with IoT platforms, and BlackBerry is a company that is well-positioned to do so. The full report from McKinsey can be viewed here.
BlackBerry today is organized around the two high-growth markets of cybersecurity and the IoT and is a leader in enterprise and embedded security. The convergence of cybersecurity and the IoT is aligned with BlackBerry's capabilities, uniquely positioning the company to secure the interconnected IoT and expanding the company's differentiation strategy. McKinsey has determined that the convergence of cybersecurity and the IoT, translates to an IoT total addressable market (TAM) of up to $750 billion by 2030, which is 50 percent more than current IoT market forecasts without convergence.
"Through a survey of companies across geographies and industries, McKinsey found that digital trust is ranked as a critical element of the purchase decision by 61 percent of IoT buyers. BlackBerry's expertise in delivering unmatched secure connectivity solutions, with unwavering user privacy, is why we are trusted around the world," said John Chen, Executive Chairman & CEO. "We are pleased that our long-term strategy, aligned with the two key markets of cybersecurity and the IoT, is validated in these market insights from McKinsey. Our bold thought leadership asserted in 2021 that the convergence of IT and OT is the key to unlocking the value of the IoT and to delivering the next revolution in how we live and work, and the combination of our enterprise and embedded security portfolios puts us in the unique position to deliver on this market need."
The referenced report is published independently by McKinsey and this press release is issued independently by BlackBerry.
About BlackBerry
BlackBerry (NYSE: BB; TSX: BB) provides intelligent security software and services to enterprises and governments around the world. The company secures more than 500M endpoints including over 215M vehicles. Based in Waterloo, Ontario, the company leverages AI and machine learning to deliver innovative solutions in the areas of cybersecurity, safety and data privacy solutions, and is a leader in the areas of endpoint management, endpoint security, encryption, and embedded systems. BlackBerry's vision is clear - to secure a connected future you can trust.
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