Business and Industry Perspective

IoT: Where We Are And Where We’re Going

June 28, 2017 Evan Rice

It is no secret that connectivity through the Internet of Things is expanding rapidly. From the implementation of smart washing machines to the rise of connected cars, our world is constantly changing to accommodate the large-scale growth of IoT. You might be wondering, what does the future of IoT look like?

In fact, IHS forecasts that the IoT market will grow from an installed base of 15.4 billion devices in 2015 to 30.7 billion devices in 2020 and 75.4 billion in 2025.

This past year alone, the rise of IoT devices has been apparent with the popularity of the Amazon Echo. Entering the homes of millions, “Alexa” instantly plays music, checks the weather, tells jokes, and more via simple voice commands.

In home devices are becoming more prevalent and will continue to rise.

In home devices are no longer strictly geared towards entertainment, however. The ability to streamline everyday activities such as controlling the lights, locking the doors, and changing the temperature in our homes from our devices is now possible through IoT technology.

Lowes provides these smart home capabilities and more through their device, Iris. Iris can alert you when your children get home from school, tell you when remote elderly family members wake up and eat breakfast, and even trigger a fan to turn on when your cat uses the litterbox.

Through IoT, we are constantly connected. These technological advancements are combining to connect more and more aspects of our lives to the internet, making the future of IoT closer than ever.

IoT Security: A Rising Concern

With these advances, comes the question of IoT cybersecurity.

As IoT continues to expand and the number of devices/things being connected to the network increases, concern over secure internet practices are rising to the surface with over. A recent survey found that over 71% of Americans are somewhat or very concerned with the possibility of their information getting stolen from IoT devices. This worry over cybersecurity has become a potential hiccup in developing a more expansive IoT world.

The best way to combat the concern for IoT security is to build greater awareness for consumers and, more likely, future government regulation.

Fortunately, organizations are already working to solve the security problem. The Open Web Application Security Project’s (OWASP) IoT Top 10 Project aims to educate consumers on how to identify and prevent security problems. We believe the future is bright for IoT security.

What the future of IoT looks like

We are still in the early stages of what is going to become a highly connected world.

Across the board, IoT is furthering advancements in technology. The possibilities are endless: from the government using IoT for advancements like automated public transit and environmental monitoring to healthcare using IoT for patient monitoring and telemedicine. Bain is predicting revenue for IoT vendors to surpass $470B by 2020.

As we continue to connect systems and platforms, previous opportunities that were deemed impossible suddenly become not only possible, but reality.

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