INTERNET OF THINGS-IOT

 What is the IoT?

The IoT refers to the continuously growing network of smart, connected devices, objects, and appliances that surround us every day. These devices are constantly gathering and transmitting data via the internet. For example-think of how a fitness tracker can sync with an app on your phone – and many are capable of carrying out tasks autonomously. 

A smart thermostat that intelligently regulates the temperature of your home is a common example of the IoT in action. Other examples include Amazon Echo and similar smart speakers, smart light-bulbs, smart home security systems; you name it. These days, pretty much anything for the home can be made "smart," including smart toasters, smart hairbrushes and, wait for it, smart toilets.

Wearable technology, such as fitness trackers or smart running socks (yes, these are a thing too), also fall under the umbrella of the IoT. Even cars can be connected to the internet, making them part of the IoT.

Market forecasts from Business Insider Intelligence predict that there will be more than 64 billion of these connected devices globally by 2026 – a huge increase on the approximately 10 billion IoT devices that were around in 2018. If that prediction comes true, your business will need to be ready.

Preparing your company for the IoT trend – in three steps

The following steps will help you assess how your company might benefit from the IoT.

Step 1- Revisit and review your business strategy

If you’re going to implement new business processes or perhaps even alter your business model to take advantage of a tech trend, there has to be a valid reason for doing so. And this is where your overarching business strategy comes in. Therefore, before diving into any tech trend, it’s worth taking a step back and revisiting your business strategy. In other words, remind yourself of what it is your business is trying to achieve and then consider how the IoT could help you achieve those goals.

For example, if one of your strategic goals is to increase manufacturing output, you could consider installing smart sensors on manufacturing equipment to monitor machine performance and predict maintenance issues before they arise. Such “predictive maintenance” also often helps companies reduce machine downtime.

Step 2-Consider opportunities for smart products

If you already make products, think about how you could make those products more intelligent. In an age where pretty much anything can be made smart, you may find your customers don’t just want more intelligent solutions – they may well expect them.

And what if you're a service-based company? Well, I still wouldn't overlook this step. Many companies are finding ways to deliver a more intelligent service, thanks to the IoT. One health insurance company is incentivizing customers with free Apple Watches that track their health and activity data. Customers benefit from personalized health recommendations and financial rewards, while the insurer benefits from healthier clients who make fewer health insurance claims. Win-win!

Step 3- Think about the data involved

The IoT creates enormous amounts of data, so you’ll need to consider how you’ll prepare for and cope with that data. This includes:

Storing data – i.e., do you have the computing power to store all that data?

Analyzing data – how will you make sense of the data to deliver business advantages? Thankfully, there are many off-the-peg analytics solutions designed for IoT-related data.

Sharing data with those who need it – if your company is going to capitalize on all this data (for example, to improve manufacturing output or perhaps better understand your customers), then you must consider who within the company will need access to the data.

Securing data – One of the biggest disadvantages of IoT devices is the security risk they pose. The spread of the IoT has been a boon for hackers who can easily target these devices (many people neglect to even set a password on their IoT devices). You'll, therefore, need to consider how best to secure your devices, how to help your customers be more secure, and what to do in the event of a breach.

By following these three steps, you can begin to work out how you might capitalize on the IoT trend – in a way that best benefits your business and your customers.

 Internet of Things Platform Market Analysis

IoT is a multi-layer technology that manages, processes, and transfers information through connected devices with the help of the Internet. It can provide connectivity to various IoT-compatible hardware devices such as mobiles, laptops, wearable fitness devices, industrial control systems, automotive telematics units, and drone units. The hardware components in the environment are connected to the cloud through flexible connectivity options, data processing components, and secure network.

Market analysis predicts that the global Internet of Things platform market is expected to reach approximately USD 74.74 billion by 2023, registering a CAGR of 28.5% during the forecast period.

The market has been divided into various segments based on platform, deployment, application, and end-user. 

By platform, the market has been segmented into connectivity/ M2M platform, IaaS backend, hardware-specific software platforms, and consumer/enterprise software extensions. Machine-to-machine (M2M) platforms are based on a technology that allows connectivity providers and their customers to monitor and control the connectivity of devices via telecommunication networks. It also provides control, security, and management for remote device connectivity. 

The deployment segment of the IoT platform market has been segmented into on-cloud, on-premise, and hybrid. Many enterprises adopt on-premise-based IoT platforms to ensure privacy & security and meet the compliance requirements. The on-premise segments accounted for the largest market share in 2017 and it is expected to grow at a CAGR of 23.3% during the forecast period.

Based on application, the market has been segmented into device management, database management, analytics, and processing. The device management segment has the largest market share; it is expected to grow at a CAGR of 25.1% during the forecast period. The IoT device management segment covers device administration, monitoring, provisioning, and diagnostics vital for corrective measures and trouble replication. Significant IoT device management functions comprise configuration/association, enrollment/provisioning, software updates, and complete management and control of IoT devices

By end-user, the market has been classified as healthcare, retail, smart cities and homes, manufacturing, and others. The manufacturing segment holds the largest market share and is expected to grow at a CAGR of 28.1% during the forecast period.

Key Players of IoT- The key players of the Internet of Things platform market include IBM Corporation (US), Amazon Web Services Inc. (US), Microsoft Corporation(US), Google LLC (US), Huawei Technologies Co. Ltd.(China), Cisco Systems, Inc.(US), AT&T, Inc. (US), Wipro Limited (India), General Electric Company (US), Intel Corporation (US) among others.

Enterprises face challenges with IoT deployment

Concerns over security issues are causing businesses to re-evaluate public internet for IoT, opting for private networks. Here are the major takeaways for the enterprise, according to a new report.

With the adoption of Internet of Things on the rise, many enterprises have been incorporating IoT into their broader digital transformation strategy to stay ahead of the game. But with the increase of connected devices also comes more threats. Just as experts predicted a boom in IoT, another report also warned of a rise in attacks in 2020, expecting cybercriminals to target consumer and enterprise IoT devices in an effort to exploit customers and manufacturers. 

The report finds that businesses in North America and Europe are shifting to private internet for IoT, spurred by worries over malware and data theft. According to the research, half of organizations are using a private LTE network instead of a public one, to beef up security.

Integration of IoT is the No. 1 obstacle for businesses, according to the report, which states that "50% of enterprises report they do not have dedicated teams, processes or policies for IoT cyber-security.

"Data, network and device security" are the top obstacles for IoT adoption in the enterprise, according to the report, which has hampered deployment. More than 50% of respondents spend more than 20% on security, of their total budget.

With more of us connecting with our healthcare providers virtually during the coronavirus pandemic, hackers may find it more appealing to attack medical or hospital systems. Increased amounts of data due to tele-medicine and medical internet of things (IoT) devices must be secure to protect individuals’ privacy (PII/SPII) and for HIPAA compliance.