Do you know that the number of internet connected things will reach 75 billion in the year 2025 as per the reports released by Statista? Well, the report is not astonishing because we are well familiar with our day-to-day dependability on internet and technology.
Source: Statista
It is definitely not a sham that we can actually set the temperature of the air conditioner before actually entering the room. Or, can switch on or off the fan or other electronic devices through our smartphone. Things that were dreamt earlier now turned into reality and it is all possible with the Internet of Things or simply IoT.
What are Future Possibilities of IoT?
‘What is IoT’ is the most asked questions about the technology. It is the use of network sensors in physical devices to allow for remote monitoring and controlling. It has achieved massive grip in various fields like healthcare, banking, retail, manufacturing, consumer goods, etc. Businesses all over the world are looking for possible applications of IoT. Report by CSG quotes that ‘94% of businesses that have invested in IoT have already seen the return’. The report itself expounds the present and future of IoT.
There is one very astonishing report about IoT by GSMA . It states that the US market doesn’t dominate IoT. China and Europe are ahead of the USA in global machine-to-machine connection (M2M) with 19% in total share. USA market and investors still have a great scope for IOT solutions.
Common Myths that are Veiling IoT
#1 IoT is About Consumer Devices and Connected Homes
User’s mobile being connected with the refrigerator or air conditioner can be one assumption when we say IoT but the reality is far away from this. Definitely, IoT has solved many daily purposes but B2B IoT is the desire of technology. Analytical prediction by Bian.com tells that B2B IoT segment will generate more than $300 billion by 2020 as compared to $150 billion of consumer applications.
#2 All IoT Devices Work Together
Devices that are connected with IoT works as per vendor protocols. Some vendors may allow direct access to the device whereas some may provide access to the information through a cloud interface. As a result, there is not always a surety that all connected devices will work together.
#3 IoT Provides Continuous Transition to Mobile Apps
As IoT runs on cloud there is a myth that there is limitless scope for the developers. IoT is the combination of cloud, big data, and connected devices. Still, more than 90% of big data is in a scattered form that makes the overall transition complex.
#4 IoT Will Lead to Rise in Machines
Whether it is the movie Terminator or any other sci-fi movie, they always targeted technologies like IoT. People have generated the mind-set that IoT has increased the dependence of machine in human life. But the reality is IoT is making the devices smarter. It just adds like the fuel in the fire. It provides the capability of devices to take the decision on their own. For example, a device that will examine the field and would detect the area where watering is required is one thing. But, the same device watering the required area is the specialized feature. This is the impact of technology.
#5 IoT is Not Safe to Use
The safety concern is another big myth that surrounds the world of IoT technology. There are people who believe that the connected devices would enhance security concerns as they have access to the complete database. This is wrong because IoT aims in making the life of users simple by delivering faster results with cognitive computing. So there is nothing like sharing database.
#6 IoT is All about Sensors
People have the belief that it is all about sensors and things. But the reality is that it is beyond that. There are gateways, hubs, repeaters, cloud, application, software that is managed and supported by IoT. So, the world of IoT is bigger than what people think of it.
#7 IoT Device can be Hacked Remotely
Not locally nor remotely the IoT device can be hacked. Apart from SSL and encryption of data, there are countless other services on which the connected devices work. Not everything in IoT solutions can be hacked. Only a few vulnerabilities are there to work on.
#8 IoT Solution can be Delivered Easily
As there are open source tools used in IoT people believe that the solution can be delivered very easily. There are many vendors that are selling IoT solutions. Providing solutions and services are two different things. Creating an app and creating complete IoT solution are two different things. There are different critical stages to deliver a meaningful solution that would be business viable, technically feasible and would make sense for customers.
#9 IoT Devices Must-Have Wireless Security
In order to connect with the host in the cloud, router or peer IoT device need some level of connectivity. But, it is not always necessary that the device should be wireless. It can be connected through Ethernet or USB whatever the device supports.
Business Tips for Investors Looking forward to Capitalise in IoT Technology
Technology that creates buzz one day becomes redundant. Businesses that are looking forward to investing in IoT must know about the challenges that they can face. Here are the few best tips that will help investors to make the right selection.
Choose Mode of Connection Wisely: Depending on the specific requirement businesses need to decide on the mode of connection that would be used. Whether it is Bluetooth technology or Wi-Fi choose the one that solves your purpose of technology.
Hardware Compatibility with Technology: Hardware compatibility issues happen frequently with IoT technology. It is necessary to find out if the technology is compatible with the hardware you are selecting or not.
Platform: In functionality and concerns both Apple and Google differ from each other. You should have a clear line of sight before you finalize a platform and should know well about the compatibility of the technology with the platform.
IoT Framework: There are many security aspects of IoT that came into existence till date. In order to avoid any kind of plights, it is suggested that building a framework from scratch is the best possible solution. Doing so one may skip the security issues as faced in the previous framework if any.
The Bottom Line
Businesses are looking forward to iot development because they are aware of the bright future of technology. But, there are myths that block their path. Definitely, the debunked myths will aid the investors to make the right decision. Many software development companies provide 30 minutes of free consultation for those who are keen on the tech. Users can contact them and clear all their doubts regarding the technology.
