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.
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.
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