The Future of IoT – some stats, opinions and expectations
Many argue about the future of the Internet of Things, while others consider it to be the future itself. Nonetheless, the near future will see seamless integration of internet and wireless technologies, connecting multiple sources of data including airplanes, cars, sensors, and mobile phones. We know that the number of connected device is increasing exponentially, all of which assimilate, analyze, process and provide information in different ways for different environments. These billions of connected devices are currently used at airports, high-tech factories, and even in logistic applications. And as the future of the Internet of Things seems bright, it is not that clear. Apart from increasing connectivity and offering scalable, secure solutions for consumers and businesses alike, here’s all you need to know about the internet of Things before it finally consumes every aspect of your life:
What Is the Internet of Things (IoT)?
The Internet of Things (IoT) is a broader picture that involves the seamless integration of embedded computing devices with existing broadband and wireless Internet infrastructure and capabilities. These include, smart refrigerators, self-regulating thermostats, and networked home or office appliances.
What is its Market Size?
American IT research firm Gartner has predicted that the Internet of Things will include excess of 26 billion independent units being installed by the year 2020. Around the same time, the various IoT players will most likely generate revenue exceeding $300 billion, with a current total net worth of 1.4 Trillion. A Global Internet of Things report submitted by TechNavio has revealed encouraging data that predicts an annual growth rate of over 20% for the Internet of Things. IT and manufacturing giants like GE and Samsung are all eyeing the IoT market from varied angles, with the Industrial Internet of Things displaying the potential to add anything from $ 8-12 trillion to the global domestic product (GDP) between 2017 and 2032. For example, GE has invested over $1 billion in order to develop Industrial Internet technologies and related applications.
Internet of Things Potential
The IoT is already thriving in the hands of seasoned millennials, many of whom have had a personal hand in the spread of the Internet of Things. But in order for the Internet of Things to really come out of its own, there is going to have to be universal acceptance standards which improve device monitoring and management. Only then will big data gathering and analyses become useful for network communications. Various supplier and vendor-led initiatives are actively pursuing open source efforts to advance the IoT beyond basic connected devices.
With the Internet of Things facing the same security issues that once plagued the Internet IoT security has not been given enough thought when it comes to possible effects of hacking connected devices. For example, security gaps in the internet during the early 2000s taught software vendors a hard lesson on the value of reliable security. And with the peaking of the IoT just over the horizon, it will soon be the collective responsibility of IT security engineers as well as program developers apply the lessons learnt from a vulnerable internet.
In the foreseeable future, we might be quickly dissolving the very concept of a ‘computer’ from our nomenclature as the IoT promises to enable all the connected devices around us to interact and communicate independent of any PC server or hardware backup. Also, a better understanding of the probability of attacks on IoT devices and their possible consequences will allow security experts to implement numerous security controls, including monitoring, detection and neutralization. The insurance industry is also set to evolve, in order to offer protection against hacks and phishing attacks that occur out of an unsecured ecosystem of literally billions of mobile and other connected devices.
Although security challenges will always remain one of the IoT’s major recurring concerns, there are also concerns regarding the availability and feasibility of people and processes that will implement such requirements. Developers are going to need adequate familiarization with IoT products and services so that they can create effective work-flow processes that will monitor and regulate this world of constantly connected devices.
The Internet of Things is already here, and its emergence as the biggest technological advancement since the internet itself is expected very soon. With a number of expectations and pessimism as to what we as consumers and enterprises can expect over the next decade, one can only hope that it won’t do more harm than good.