Internet of Things (IoT)

The Internet of Things (IoT) is fast becoming a topic of conversation. As vast as this topic can potentially get, what with so many aspects involved in it, the bottom line is simple.

What exactly is IoT? It is much easier if the concept is understood from a day-today perspective. IoT is all around us. From the smart phone in our hand to that Smart TV on the table to the AC on the wall and the list goes on. If a physical object can be connected to the internet, it can be a part of IoT.

How vast is the Internet of Things?

 

It can be safely said it is HUGE, what with billions of devices already connected to the internet and more being added on. According to Gartner, more than half of these devices will consumer products like smart TVs and at the enterprise level, the most used will be smart electric meters and commercial security cameras.

Another analyst, IDC, puts the worldwide spending on IoT at $772.5bn in 2018, nearly 15% higher on the $67bbn estimated to have spent in 2017. IDC predicts the total spending will hit #1tn in 2020 and $1.1tn in 2021. Those are really huge numbers!

Bottomline is, virtually endless connections and opportunities can happen on IoT. However, it comes with challenges as well with Security being the prime issue, opening up the IoT world to security threats. That is understandable with all these billions of devices connecting together comes with the risk of unscrupulous elements wanting a share of the profits reaped by IoT.

For now, the best thing to do is to understand how the IoT will impact our lives and businesses and also understand the challenges with regards to security and privacy mentioned above and educate ourselves the topic and the potential impacts from it.