The Internet of Things – Are We Ready?

Technology has become the kingpin of the world that we live in. We have become addicted to technology, fascinated by its allure, yet devastated by the fear of what technology can cost us. Regardless, technology has undoubtedly redefined a generation of tech-driven innovation and creativity.

Technology has invaded every aspect of our human lives. We have befallen ourselves towards an era of progress marked by the significance of information, knowledge, the internet, and smart devices. From simple aspects of communication to monitoring the amount of water we drink, technology has become pivotal in our everyday lives.

Humankind is being driven by the primitive need to make things sustainable, simpler and more efficient. Being connected no longer means having access to the internet. Being connected now refers to how well devices can communicate with each other to provide a completely redefined, information-driven, automated experience. We are moving towards a connected world. That is the vision driving the Internet of Things.

What is the Internet of Things?

The Internet of Things, or more commonly referred to as IoT, is a concept that harmonizes smart devices and information. Basically, each chip-enabled smart device can be connected and integrated together to share data, execute tasks and completely redefine the way we operate and live. From simple home improvements to complex data-analytic devices, IoT is taking on every aspect.

Using data-driven technology, people can simplify processes and become more efficient. IoT devices use information and data collected from various devices. The information collected can be used to carry out various processes, including but not limited to, knowing when to unlock your windows or alerting a manufacturer when a machine needs to be serviced.?

IoT has had a rippling effect through multiple industries with one objective; to disrupt industries, improve efficiencies and synchronize different aspects. With the rise of IoT, there have been rapid developments in smart homes, smart wearables, smart cars, smart office and even smart medical devices. Demand for goods/services is no longer relevant, companies have become the driving force now telling consumers what they should have thanks to IoT.

What Does All This Mean?

IoT is designed to create efficiencies within processes and take advantage of raw data. Data can range from a simple number of steps to track exercise (fitness wearable devices) to a complex behavior tracking system to allow companies to offer a more personalized experience for consumers.

What Does the Future Hold?

BI Intelligence reports that there will be an estimated 24 billion connected devices by 2020, growing at a CAGR of 41%. Furthermore, the report claims that there will be an estimated $6 trillion investment in IoT devices by 2020 that will result in a return on investment of $13 trillion. These figures signify that there is only one way for IoT, up.

What are the Implications of IoT?

Given the many benefits and advantages of using IoT, it may seem too good to be true. In fact, it is.

The key component of IoT is the Internet. Being connected to the internet means that everything is available for everyone to see if they know how and where to look. The biggest barrier that IoT is facing is cybersecurity and privacy concerns.

IoT devices rely on information. Without this information, they may just be ordinary devices. With so many integrations across different interfaces increases the risk exposure and the opportunities for exploitation. These exploitations can result in huge losses, financial or otherwise. Privacy concerns have plagued this generation. With IoT, that won’t go away.

Another barrier for IoT is the cost associated with these smart devices. In addition to improving telecommunication, IoT relies heavily on hardware. Without the proper hardware, IoT devices cannot work. This hardware can be costly, even for big organizations. Even in a simple household, if you want the complete experience, you need to be willing to pay up for multiple smart devices in order to fully understand what it means to live in a smart home.

Conclusion

IoT may be taking over the world, but with it, comes the significant risk of exposing everything online. We may have been living in an online world for a very long time now, but IoT will take that to a whole different level. IoT will make privacy concerns of the past seem like mere hiccups in our everyday lives. With globalization and the scope of information technology, we may need to just think and slow down for a while and realize where the world is going rather than nosedive into something because of the possibilities surrounding it. ?

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