8 Key Challenges for Future of Internet of Things

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 future of internet of things has just begun. There is still more to come. There is so much for enterprises to leverage from the connectivity of the IoT. With the rapid increase in the scope of the Internet of Things in different domains, it seems like Innovative IoT Technology Trends to Be a Mainstream by the Year 2022.

Like every boon with a bane, the IoT also comes with several challenges that need to be mitigated.

Here are eight such challenges that need to be addressed before diving neck-deep into the future of IoT.

#1. Privacy

The internet of things future is so responsive that it responds to your voice commands. Or the home security system that senses your walking pattern and unlocks the doors or any other connected device you have at home is all sleeper cells waiting to be awakened. Imagine the horror if a connected device at your home could record whatever you were talking about and transmit it to some stranger (read hacker) on the Internet? All the conversations you have with your loved ones at home can be a doomsday creator for your personal life.

#2. Security

A 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. At least 82% of enterprises cite security as the biggest concern of IoT.

Despite all the rewards it brings to a business, the IoT remains a trove of security vulnerabilities. And there are specific factors that make the IoT so vulnerable. First of all, there are too many exposure points compared to traditional IT infrastructure. Second, there are no proper regulations or standards in place to control and monitor these devices’ security quotient.

Perhaps, one ideal way to connect IoT devices securely is to use encryption. Encryption using an 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 adopting internet of things future trends as an enterprise-wide business model.

#3. Standards

Right now, the biggest drawback of the IoT is that it does not have a documented standard that spells out how OEM manufacturers, retailers, and developers should use it. IoT is a relatively new technology; advancements happening rapidly only add to the complexity.

Developers may be able to create a number of ground-breaking products that take advantage of IoT connectivity. But, if such development is done without a standardized tech stack, it could lead to serious security aftermath.

#4. Compatibility

IoT comes in several forms – Machine to machine, machine to human, the cloud, etc. One of the challenges that will arise in the future of internet of things is that these various types of IoT devices may not be compatible with one another. In particular, they will use diverse forms of cloud connectivity infrastructure.

Ideally, all IT devices must work seamlessly with one another without any hiccups. If they face 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 some complex issues related to software development. The first issue is a scarcity of IoT development talent. According to a Canonical blog, 68% of businesses struggle to hire talent for IoT.

The talent shortage means that all the fast-paced projects may have to be shelved or will progress only at a mediocre speed. This dampens the excitement that IoT has generated around the world.

#6. AI & ML infusion

Artificial Intelligence and Machine Learning have permeated every imaginable industry and business function. The Internet of Things would also be a strong candidate for AI and machine learning infusion. But, how can tiny hardware devices with limited computing power and limited 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 in real-time. It is possible to easily make sense of that data using AI, Ml, and Big Data capabilities.

#7. Regulation

With the recent enactment of GDPR and similar data protection standards worldwide, there is a need to regulate the flow of data in any form. By connecting all devices and data under one roof, IoT literally breaks down all physical and data barriers.

As a result, there may be serious ramifications for how cross-border data flow, data retention, surveillance, and so on are carried out. There are currently few IoT-specific data regulation policies in place. There could be more reasons for business leaders to be wary of making significant investments in IoT in the future.

#8. Leadership confidence

Any digital initiative, especially one of the scales of IoT, needs leadership buy-in. Without leadership confidence, the pace at which IoT is deployed across several business functions will not gain momentum. 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 differently. IoT has several challenges that need to be addressed before the world can bank on its full force. The major challenges are lack of standards, limited supply of expertise, receding leadership confidence, and compatibility issues.