The Internet of Things (IoT) is a hot button topic in the tech and security industry lately and tech company juggernauts like Apple, AT&T, Verizon, Amazon, and FitBit among others, are jockeying for the top spot in the connectivity game.
Every day, companies are turning our once mundane objects into connectivity machines– anything with an app falls under the umbrella of the internet of things: Baby monitors, Cars, our phones, wireless security cameras, thermostats, and watches are even internet ready.
This new infrastructure has impacted everything from business to communicating with our families and peers. In a report by Business Insider, they predicted just how much of an impact the IoT will have by the year 2020, and the statistics are astounding.
Expanded internet connectivity, high mobile adoption, low-cost sensors, and large IoT investments will drive the market, expanding the number of devices with internet capabilities to a whopping 24 billion devices with a projected 6 trillion dollars invested in IoT solutions. Of that allocation, a larger percentage of money will be spent on application development and system hardware and integration, and less on things like security. (Which we’ll get to later.)
If that doesn’t drop your jaw, the ROI is projected to double and then some, earning investors 13 trillion dollars in profit over the course of 3 years. This is a big deal for businesses.
The report also noted “Businesses will be the top adopter of IoT solutions. They see three ways the IoT can improve their bottom line by 1) lowering operating costs; 2) increasing productivity; and 3) expanding to new markets or developing new product offerings.”
Of course, too much of a good thing always has it’s downfalls and skepticism, and the IoT is no exception. Security concerns rank highest, as reports of some of the worst DDoS attacks in 2016 were carried out through devices on the IoT, and yet implementing security for these devices often take a backseat to the development. Privacy, implementation, and technical fragmentation were also among the biggest concerns with the expansion, and security experts are calling for global collaboration when it comes to securing the data transferred in the network.
So what do you think? Are you excited about the technological advances that are projected through 2020? Do you have any concerns? Tell us in the comments!