IoT is the foundation of many organizations’ digital transformation, allowing them to optimize their existing operations and excel at building and pursuing new business models. IOT is being used in various companies to operate more efficiently, understand the requirement of the client, achieve improved customer service, improve decision making and expand the business.
Decoding the complexity
An IoT system consists of web-enabled smart devices that use installed sensors, processors and communication hardware to collect, send and process data that they acquire from their environment. The sensor data received is shared by and with IoT devices by connecting to an IoT gateway where the data is either locally analysed or transferred to the cloud.
Where are we headed?
With around 34.6% of Indians associated with IoT primarily with smartphones, India is one of the key countries poised for large-scale implementation of IoT projects. Smaller proportions include public services 14.5%, smart homes 14.1% or smart cities 11.4%. Bain predicts the combined global markets of the Internet of Things will grow to about $520B in 2021, more than double the $235B spent in 2017.
In “Industrial Internet of Things (IIOT) 2019", platforms will be introduced to address the complex challenges faced by the companies in consolidating the production systems into a single data model.
Companies adopting IIOT are expected to grow faster than the market, out-innovating their competitors in the process. In India, 5 billion devices are expected to be connected by 2022 from the current base of 60 million. Sectors such as telecom, health, vehicles enterprise, servicing, manufacturing, and automotive and transportation, healthcare, retail, agriculture, and logistics etcetera are anticipated to have a massive demand for IoT products in India.
The support from the Government
The Government of India is promoting IoT and has enabled IoT-related policies and regulatory frameworks in place. The government of India has committed over $ 1 Billion investment in building 100 smart cities in the next 5 years The market potential of IoT in India alone is predicted to be USD 9 billion by 2020. The worldwide technology spend on the Internet of Things is expected to reach USD 1.2 Trillion in 2022, attaining a CAGR of 13.6% over the forecasted period 2017-2022.
Investment of USD 1 Billion for 100 smart cities is planned by the government in the next five years. It is supposed to help in adoption of IoT across various industries. Organizations are planning to expand their investment while they plan to scale the projects and invest in the hardware, software, services and connectivity needed to enable IoT solutions.
IoT in Action
Big Data Convergence: Big data platforms are created to support the requirements of large-scale storage and to perform the investigation which is required for extracting the full advantages of IoT. It helps in improving the way of living and organisation of business.
Data Processing with Edge Computing: IoT becomes successful when it is cost-effective and efficient while processing data with the help of Edge computing. It is the solution to the problem faced in the Internet of Things. It is better than the Cloud when we talk about speed and cost. It reduces latency and helps in the faster processing of data.
“Smart” Home Demand Will Rise: IoT apps have grown with the idea of smart home technology to make the home more interactive. The devices have started directing people in the house about things they should do. People are becoming dependent on these devices day by day.
IoT embraced by Healthcare Industry: IoT devices are being used by the healthcare sector and have stable growth. All the medical devices are getting connected to the Cloud and are storing the images for Intelligent Systems. This will benefit the industry as the experts can get a better understanding of the disease and can easily consult another specialist.
Auto-ML (Machine Learning) for Data Security: The developers are focusing on innovative ways through which people can share data securely by the use of blockchain-like technologies. Various industrial companies have started trusting and accepting in the machine learning model forecast and acclimatizing the operations to prevent the downtime by model outputs. The industrial companies are anticipated to see the increase in the large capitals assets that are connected with the Cloud.
Better Data Analytics: The world is getting connected to the IoT devices for a better standard of living. It is getting connected through the help of Artificial Intelligence (AI) to become a decision-making assistant for all the business and individuals. AI is a machine learning system that can easily recognize the trends. IoT Technology offers better data analytics and makes it easier to protect them. IoT with the help of AI is expected to be self-learning.
Smart Cities to Become Mainstream: The states have been rolling out more technologies and sensors for getting the benefits of accessible data collection tools. Many cities are investing in pioneering data exchange which will provide the access of the data between the private and public organization along with the citizens. The IoT integration with the responsive cities will reduce traffic congestion, unlock sustainable development and improve safety.
Personalization of the Retail Experience: The supply chain management in retail is made more efficient through IoT. With the help of sensors and other smart technologies, the shopping experience has been more comfortable, and people can do it with greater efficiency. IoT will personalize the customer's trade occurrence. People get the notification of a discount on a usually bought product from their favourite shop. This IoT Technology ensures a better combination of personalized retail experience which ultimately can bring up a new era of shopping.
Cloud Computing: Data Protection is one of the most essential security trends. When a device is connected to the internet and is not updated regularly, the violators or spyware can get the personal information of the user. Infrastructures for smart homes, wearable devices, and autonomous vehicles will keep the record of the hackers, robbers, etc. Private data is sold to companies for various purposes and this is how Cloud Computing helps to build up the future of IoT.
Software-as-a-Service: Software as a Service is one of the industries where investors are expected to do the funding. The SaaS industry with the help of a low cost of entry is growing into being the favourite company in the IT game sector. Software-as-service will help to make the life of people better.
Energy and Resource Management: Energy management is dependent on getting a better knowledge of the consumption of energy. The IoT devices that can fit in the electric panels are getting launched to monitor the energy consumption of the home. The IoT devices can be integrated into resource management which will make the experience of people more comfortable and easier. Push-notifications send notifications to smartphones when the energy threshold exceeds and features like indoor temperature management, controlling sprinklers etcetera will get included.
The concerns around IoT space
Security: IoT connects billions of devices to the internet but it also requires the use of billions of data points, which needs to be secured. IoT security and IoT privacy are cited as major concerns because of its expanded attack surface. One of the recent IoT crimes was Mirai, a botnet that infiltrated domain name server provider Dyn. It took down several websites for an extended period in one of the largest distributed denial-of-service (DDoS) attacks. Intruders gained access to the network through poorly secured IoT devices. IoT devices are connected so closely that all a hacker need is to exploit a single vulnerability to manipulate the data and make it unusable. Companies that don't update the devices regularly leave the data vulnerable to cybercriminals.
Privacy issues: Privacy is another major concern for IoT users. Companies that manufacture and distribute consumer IoT devices can use the devices to obtain and sell users personal data. Beyond leaking personal data, IoT poses a risk to critical infrastructure, including electricity, transportation, and financial services.