The Opportunities and Challenges of IoT




The Internet of Things (IoT) digitises physical objects, devices,
machines, sensors, gateways and the network. IoT connects people to things and
things to things in real-time. A usual IoT network can grow quickly, resulting
in an exponential increase in the variety, velocity and the overall volume of
data. This data opens opportunities for significant value creation and revenue
generation. However, the challenge for the IoT environments is how to analyse
the enormous volume of information from all sources and take action in real-time.

Opportunities

Market
researcher Statista predicts that the global IoT market will be valued at over $1.7
trillion, with the number of connected devices predicted to reach 20.35 billion
in 2019, whereas the installed base of the IoT devices will grow to nearly 31
billion across the world by 2020.

According
to IDC’s Senior Vice President of Research Vernon Turner, “The Internet of
Things will give IT managers
a lot to think about. Enterprises will have to address every IT discipline to
effectively balance the deluge of data from devices that are connected to the
corporate network. In addition, IoT will drive tough organisational structure
changes in companies to allow innovation to be transparent to everyone, while
creating new competitive business models and products.”

The global
IoT network connecting people, data, and machines is drastically changing the
modern business scenario. Today, majority of enterprises have adopted IoT due
to its huge potential to reduce costs and faster proliferation into
marketplaces, which is opening new windows of opportunity for everyday business
processes. IoT is a key enabler and enhancer for many disruptive technologies
that are likely to influence the global economy. For example, the IoT offers
essential hardware and infrastructure for converting unstructured data like
images, videos, and sounds for machine and deep learning; a combination of IoT,
AI, and big data allows companies to efficiently scale their compute power and
storage as more data is collected and analysed in cloud computing. And in
robotics and automation, IoT offers opportunities to improve robotic vision,
along with the automation of specific tasks, as connected robots can
communicate with each other and flexibly adjust processes despite unexpected
disruptions.

Challenges

A study of
over hundred IoT executives has found that a majority of them are facing
challenges when it comes to scalability, implementation, connectivity, and
security of IoT deployments. When it comes to scaling of IoT device networks,
about 46 per cent of the surveyed executives stated that they could manage up
to 1,000 devices, whereas 28 per cent can only accommodate less than 100.

Forty-seven
per cent of the executives revealed implementation of IoT solutions as a major
issue, and an additional 12.24 per cent said that the lack of support for production-quality
deployments is one of the major hurdles. Apart from implementation, many
organisations are struggling with connectivity management. Almost half of the
respondents said they were not sure if they could integrate connectivity management
across any type of environment, and around 40 per cent are unsure if they can
connect their IoT ecosystem to disparate networks.

Most
companies are also facing issues with IoT security at some levels. Though 72
per cent of the executives said that their organisations have incorporated and
embedded security into their design and product life cycle of their IoT
devices, more than one-third of executives said that they are not staying
current with security fixes and patches while 58 per cent have not trained IT
staff on the latest IoT security updates.

IoT has played a key role in transforming human life with greater connectivity and functionality by means of ever-present networking to the Internet. As time passes by, IoT will become more personal and predictive and combine both the physical as well as the virtual domain to create a highly personalised and often predictive connected experience. In addition to its potential, IoT has yet to resolve three important issues like unified standards for devices, privacy, and security. Moreover, the expansion process of IoT would be slow if those standards are not available for connected devices. Failing to address security and data protection at every IoT joint would not only hinder IoT’s development, but could also face litigations and social resistance.

The IoT Tech Expo has events coming up in London, Amsterdam and North America throughout 2020.

Global – 17-18 March
London: https://www.iottechexpo.com/global/ 

Europe – 1-2 July,
Amsterdam: https://www.iottechexpo.com/europe/ 

North America – 4-5
November, Silicon Valley: https://www.iottechexpo.com/northamerica/ 

The post The Opportunities and Challenges of IoT appeared first on IoT Tech Expo.





Original article: The Opportunities and Challenges of IoT
Author: Megan Davis