Shahzoor Ali
BlackBerry, the once-popular smartphone manufacturer, is making a big comeback in the tech world. The company has recently been named a leader in the cybersecurity and Internet of Things (IoT) convergence by McKinsey, an independent consulting firm.
In a report published by McKinsey, it was highlighted that the convergence of cybersecurity and the IoT is crucial for the full potential of the IoT to be realized. According to McKinsey, few companies can converge enterprise IT cybersecurity solutions with IoT platforms, and BlackBerry is one of them. The report states that cybersecurity must be integrated into the IoT rather than being a separate software category that is bolted-on. BlackBerry is well-positioned to do so, and the convergence of cybersecurity and the IoT aligns with the company’s capabilities, uniquely positioning it to secure the interconnected IoT.
The convergence of cybersecurity and the IoT increases the IoT’s total addressable market (TAM) by up to $750 billion by 2030, which is 50% more than current IoT market forecasts without convergence, according to McKinsey. This translates to a significant growth opportunity for BlackBerry, as the company is a leader in both cybersecurity and the IoT.
BlackBerry’s expertise in delivering unmatched secure connectivity solutions with unwavering user privacy is the reason why it is trusted around the world. In 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% of IoT buyers. BlackBerry’s long-term strategy, aligned with the two key markets of cybersecurity and the IoT, is validated in these market insights from McKinsey.
John Chen, the Executive Chairman & CEO of BlackBerry, said that the convergence of IT and OT is the key to unlocking the value of the IoT and delivering the next revolution in how we live and work. The combination of BlackBerry’s enterprise and embedded security portfolios puts the company in a unique position to deliver on this market need.
With the IoT growing rapidly, BlackBerry’s re-entry into the tech world with a focus on cybersecurity and IoT convergence is a timely and wise move. BlackBerry’s unique position in the market, along with its long-term strategy, indicates that it is well-positioned to capitalize on the growth opportunities that the convergence of cybersecurity and the IoT presents.
Press Release
McKinsey Names BlackBerry a Cybersecurity and IoT Convergence Leader
Convergence increases the Internet of Things total addressable market by up to 50 percent
WATERLOO, ONTARIO – April 17, 2023 – 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.”
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