McKinsey Names BlackBerry a Cybersecurity and IoT Convergence Leader

Rhea-AI Summary

On April 17, 2023, BlackBerry announced a significant report from McKinsey highlighting the convergence of cybersecurity and the Internet of Things (IoT) as critical for unlocking a total addressable market (TAM) of up to $750 billion by 2030. This estimation represents a 50% increase over current forecasts. The report emphasizes that digital trust is a key factor in purchase decisions for 61% of IoT buyers. BlackBerry is positioned uniquely to capitalize on this convergence, leveraging its expertise in securing interconnected IoT ecosystems. John Chen, Executive Chairman & CEO, noted that their strategy aligns with these market insights, reinforcing their leadership in cybersecurity and IoT. The report and BlackBerry’s role were independently validated, highlighting the company’s commitment to delivering secure connectivity solutions.

Positive

• Positioned to leverage a potential $750 billion TAM in cybersecurity and IoT by 2030.
• Recognition as a leader in the convergence of cybersecurity and IoT by McKinsey.
• 61% of IoT buyers rank digital trust as critical in purchase decisions, aligning with BlackBerry's secure connectivity solutions.

Negative

• None.

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.

BlackBerry. Intelligent Security. Everywhere. 

For more information, visit BlackBerry.com and follow @BlackBerry.

Trademarks, including but not limited to BLACKBERRY and EMBLEM Design are the trademarks or registered trademarks of BlackBerry Limited, and the exclusive rights to such trademarks are expressly reserved.  All other trademarks are the property of their respective owners.  BlackBerry is not responsible for any third-party products or services.

Media Contact:|
BlackBerry Media Relations
+1 (519) 597-7273
mediarelations@BlackBerry.com

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SOURCE BlackBerry Limited

FAQ

What did McKinsey report about BlackBerry's position in cybersecurity and IoT convergence?

McKinsey identified BlackBerry as a leader in the convergence of cybersecurity and IoT, which could expand the IoT total addressable market to $750 billion by 2030.

What is the projected total addressable market for IoT by 2030 according to McKinsey?

McKinsey projects the total addressable market for IoT could reach up to $750 billion by 2030, which is a 50% increase from current forecasts.

How many endpoints does BlackBerry secure?

BlackBerry secures more than 500 million endpoints, including over 215 million vehicles.

What percentage of IoT buyers consider digital trust important according to McKinsey?

According to McKinsey, 61% of IoT buyers consider digital trust as a critical element in their purchase decisions.

When was the McKinsey report on cybersecurity and IoT released?

The McKinsey report highlighting the convergence of cybersecurity and IoT was released on April 17, 2023.