|Statistics may vary on the exact number of IoT devices in use today / Photo Credit: metamorworks (via Shutterstock)|
Statistics may vary on the exact number of IoT devices in use today, but the rate of IoT adoption is soaring, transforming the way we work both in the present and in the future, said Thomas Di Giacomo of Tech Radar, an online publication dedicated to technology. Connectivity has always existed since the genesis of the internet. Hence, IoT is not a new concept at all. However, the amount of data generated by connected devices and the way we access that data is something new. By extracting datasets, businesses can offer personalized experiences to their customers and seize new opportunities to drive business growth.
A number of issues are emerging as a result of disjointed IoT supply chains. On the other hand, a connected supply chain offers a holistic view of a business’s full operation as sensors can understand each other and work hand-in-hand. To have a connected supply chain, businesses must remove vendor lock-in. This can be achieved through global standardization to establish interoperability among products and systems, thereby enabling information to flow seamlessly between sensors. This is key for businesses that are looking to optimize their IoT system. Global standardization efforts have been discussed among regulatory and standards bodies for years. However, we can expect changes to occur in the years to come as businesses rely more on IoT.
Although IoT has advantages in businesses, it has also brought a number of security risks. As more devices are connected to the internet, the more the cyberattack surface area widens. There are now more access points for attackers to exploit to compromise a company’s network. Fortunately, we are seeing IT experts use innovative technologies such as AI, blockchain, and machine learning to address security challenges. Nevertheless, we still have a long way to go with regard to securing IoT devices and applications.
The introduction of 5G for mobile phones and tablets is revolutionizing other areas that go beyond mobile connection. High-speed connections, lower latencies, and extended locations work well with 5G, allowing for new IoT use cases. 5G promises businesses the ability to collect and analyze data in real-time, resulting in an increase in innovative IoT applications. 5G is still in its infancy and is currently incapable of taking over the IoT industry, but we must expect it to advance IoT progress.