ABI Reasearch sent the results of a couple of research studies last month. I’m still catching up on an unusual amount of news. One report is on the value of manufacturing to the world’s economy. The other relates to Cyberattack risks relative to the growth of Internet of Things (IoT) connections.
Cyberattack Risks to IP Rich Data Double as Manufacturing IoT Connections Grow at a CAGR of 53% by 2026
Intellectual Property (IP) theft, including industrial trade secrets, is one of the costliest security breaches costing the U.S. economy, which is between US$225 billion and US$600 billion annually. Most IP forms are stored as IP-rich data via digital mediums, including cloud platforms, servers, and laptops.
ABI Research, a global technology intelligence firm, forecasts that manufacturing Internet of Things (IoT) connections will increase by a CAGR of 53% globally, significantly expanding the vector of attack to obtain IP-rich data. While this is a potential opportunity for cybersecurity vendors, they must explicitly showcase that their usual IT/OT solutions can also help protect IP. Vendors that provide Identity and Access Management (IAM) or those providing encryption services contribute to IP security but need to emphasize that IP security is embedded in their solutions.
Protecting sensitive data is a primary strategy for protecting IP. Protecting data can be achieved by identifying, managing access, and encrypting sensitive data.
These findings are from ABI Research’s Industrial Data Security: Protecting Intellectual Property application analysis report. This report is part of the company’s Industrial Cybersecurity research service, which includes research, data, and analyst insights. Based on extensive primary interviews, Application Analysis reports present an in-depth analysis of key market trends and factors for a specific technology.
Industrial and Manufacturing Contributed US$16 Trillion Worth of Value to the Worldwide Economy in 2021
According to a new global technology intelligence firm ABI Research report, the world manufacturing value add rose by around 20% from 2020 to 2021 to reach more than US$16 trillion.
The largest manufacturing companies globally remain a mix of petroleum refining, mining, electronics, and automotive. However, nine out of the ten biggest factories in the world are automotive manufacturing plants, notably the Volkswagen Wolfsburg Plant, Hyundai’s Ulsan Factory, and Kia’s Hwaseong Plant. In fact, five of the top ten plants are Kia factories.
Despite this, the automotive market is not dominant in digital transformation expenditure. Interestingly, in the United States, out of the six CAPEX spends measured (machinery and equipment, computers and peripheral data processing equipment, software purchases, data processing, and other purchased computer services, communications services, and professional and technical services), the automotive industry was only the top spender for three of these.
The other three were dominated by the chemical manufacturing industry, where Dow, Exxon Mobile Chemical, and Dupont are some of the largest players. However, the largest difference in spend did belong to automotive, with its data processing and other computer services coming in 469% higher than the closest second spend.
These findings are from ABI Research’s 2022 Manufacturing Market Data report. This report is part of the company’s Industrial and Manufacturing Technologies research service, which includes research, data, and ABI Insights. Market Data spreadsheets are composed of deep data, market share analysis, and highly segmented, service-specific forecasts to provide detailed insight into where opportunities lie.
