The consumer internet of things (IoT) global market size is forecast to grow from USD45 billion today to USD154 billion by 2028. Whereas early adoption of smart wearables, home electronics and appliances were concentrated in North America and Western Europe, China is projected to overtake the United States as the largest market by the end of 2024.
As the use of connected devices increases worldwide, so does the potential for cyber threats ? particularly as new products introduce vulnerabilities, potentially exposing people to hacking or leaks of personal data.
To address this challenge, the World Economic Forum?s Council on the Connected World mobilized a multistakeholder coalition of business leaders, government officials and technology experts to build a consensus on baseline security protections. Reflecting the interests of industry, consumers, white hat hackers and governments, the stakeholders agreed on five security requirements for consumer-facing IoT devices ? the first international consensus of this type.
?As we look to new technologies to help address pressing global challenges ? from climate change to rapid urbanization ? we must ensure this progress does not come at a cost to individual safety and privacy,? said Jeff Merritt, Head of Urban Transformation, World Economic Forum. ?Today?s announcement is an important step towards a more secure digital future and is testament to the critical role of multistakeholder collaboration in promoting the responsible development and use of technology.?