It is here, the era of Internet of Things. The devices around us are getting hyper-connected. Your home security system. The air conditioning. Why, even cars are now connected to the Internet. They speak with each other through sensors and create a global mesh of connected things that is making the world nothing short of a sci-fi movie.
According to IoT analytics, the market spending for IoT security will grow at 44% CAGR to touch a $4.4 Billion market size.
This is just the beginning. The era of IoT has just begun. There is still more to come. There is so much for enterprises to leverage from the connectivity of IoT. With the rapid augment in scope of Internet of Things in different domains, it seems like Innovative IoT Technology Trends to Be a Mainstream by the Year 2019.
Like with every boon that comes with a bane, IoT also come with not one but several challenges that need to be mitigated.
Here are 8 such challenges that need to be addressed before diving neck-deep into the future of IoT.
The smart coffee maker that respond to your voice commands. Or the home security system that senses your walking pattern and unlocks the doors or any other connected device that you have at home – they are all sleeper cells waiting to be awakened. Imagine the horror if a connected device at your home can record whatever you are talking and transmit it to some stranger (read hacker) on the Internet? All the conversations that you have with your loved ones at home can in turn prove to be a doomsday creator for your personal life.
The recent survey states that 83% of organizations say the Internet of Things (IoT) is important to business today, and 92% say it will be in two years. Also, at least 82% of the enterprises cite security as the biggest concern of IoT.
IoT, despite all the rewards that it brings to a business still remains a trove of security vulnerabilities. And, there are specific factors which makes IoT so vulnerable. First of all, there are too many points of exposure compared to traditional IT infrastructure. Secondly, there are no proper regulations or standards to control and monitor the security quotient of these devices.
Perhaps, one ideal way to connect IoT devices in a secure way is to use encryption. Like, Encryption using SSL Certificate ensures that the website is safe and secure.
As a result, IoT security is one of the primary concerns that every business must address before they can take it as an enterprise-wide business model.
Right now, the biggest drawback of IoT is that, it does not have a documented standard that spells how OEM manufacturers, retailers and developers should use it. IoT being a relatively new technology, advancements of which are happening at rapid pace also add to the complexity.
Developers may be able to create several ground-breaking products that leverage the connectivity of IoT. But, if such development is done without a standardized tech stack it could lead to serious security aftermath.
IoT comes in several forms – Machine to machine, machine to human, machine to cloud and so on. One of the challenges that will crop up in the future is that these diverse forms of IoT devices may run into compatibility issues. Especially, they are going to use diverse forms of cloud connectivity infrastructure.
Ideally all IT devices must be able to work seamlessly with one another without any hiccups. If they are facing compatibility issues, the workflow will be disturbed resulting in poor productivity.
#5. Software development
Unlike traditional software development or mobile app development, IoT development brings with it some complex issues related to software development. First is the shortage of talent for IoT development. According to a Canonical blog 68% of businesses are struggling to hire talent for IoT.
The shortage of talent means that all the fast-paced projects may have to be shelved or will progress only at mediocre speed. This dampens the promise that IoT has created all over the world.
#6. AI & ML infusion
Artificial Intelligence and Machine Learning have permeated every imaginable industry and business function. Internet of Things would also be a serious contender for AI and ML infusion. But, how can tiny hardware devices with limited computing power and restricted functionalities be infused with advanced computing power like AI?
The best thing that IoT might bring to businesses is massive amounts of data being created on a real-time basis. With AI, Ml and Big Data capabilities it is possible to make sense of that data easily
With the recent enactment of GDPR and similar data protection standards across the world, there is need to regulate flow of data in any form. IoT literally breaks all barriers – physical and data-wise by connecting all devices and data under one roof.
As a result, there could be serious repercussions leading to how crossborder data flow, data retention, surveillance, etc. are carried out. Currently, there are limited IoT-specific data regulation policies. In the future there could be more which makes business leaders wary of serious investments in IoT.
#8. Leadership confidence
Any digital initiative, especially one of the scale of IoT needs leadership buy-in. Without leadership confidence, the pace at which IoT is deployed across several business functions will not gain momentum. Also, the quantum of investments in IoT is also directly proportional to leadership confidence in IoT.
The Way Forward –
The world of connected devices is not easy to decipher. They connect, communicate and collaborate in a different way. IoT has several challenges which need to be addressed before the world can bank on it with full force. Among the major challenges is lack of standards, limited supply of expertise, receding leadership confidence, compatibility issues.