The Internet of Things (IoT) refers to all manner of physical devices that are connected to the internet, collecting data and sharing it with other devices, the end consumer and/or the company that developed the product. Spending on IoT reached $749 billion in 2020 and is predicted to surpass one trillion dollars in 2022. With IoT so ingrained with how we live our personal lives and run businesses in today’s big data environment, it’s easy to say that IoT will continue to play a key role in technology development into the future.
But IoT hasn’t been without its challenges and problems. As developers connect more devices to the internet, inherently there are more security risks. And with more reliance on the data being provided, there’s more demand for stability and speed for the transmission of that data. Here are four biggest challenges and opportunities we see for businesses relying on the Internet of Things in the upcoming year.
Keeping Ahead in IoT Security
With IoT’s rising popularity, security is increasingly important as a priority within the development of these devices and technologies. With so many devices connected to the internet, the potential access points for cybercriminals multiplies. Each piece of software that connects back to the data storage networks is a potential breach point and must be protected. IoT devices being produced today need to require more built-in security including device encryption and device authorization to protect businesses and individuals. Whether industrial robots or medical devices, hackers are looking for ways to make money and obtain sensitive, private information. The IoT market, whether business or consumer facing, will need to keep pace ahead of these security challenges. Read more about IoT security here.
IoT and 5G
One of the biggest challenges for evolving IoT networks is an infrastructure that can’t sustain them. Without a connectivity infrastructure, most, if not all, IoT technology solutions will not function at optimal performance levels. With billions of connected devices, 4G LTE networks are strained and limited by bandwidth. Mobile networks like 5G are fast, efficient and can support data processing needed for IoT networks better. As this technology improves, so will the speed and reliability of IoT tech making even more possible with sensors, wearables, smart cities, and smart homes, for a start.
Real time applications that rely on IoT devices depend on quick and efficient data processing. Traditional IoT networks collect and analyze data before sending it to a data center or the cloud where it can be processed and acted upon. Edge computing can reduce latency for IoT technology by allowing data to be gathered and processed on the edge device instead of being sent back to a data center or the cloud. A good example of edge computing in action is smart cities where IoT technology and devices are attached to traffic lights, bus fleets, utilities and more. See how we worked with Cradlepoint to scale traffic management here.
IoT in Management
Manufacturing and IoT are now going hand in hand. Connecting physical assets to the internet helps automate inventory management and remove laborious manual tasks that take up important time for employees. Real-time monitoring of equipment and machines can reduce asset downtime and create valuable end-to-end operational visibility. Harnessing the power of IoT, large-scale data collection in manufacturing and industrial industry can increase productivity and process efficiencies. Industrial IoT (IIoT) will also be able to reap the benefits by connecting their equipment to diagnostic and monitoring systems, enabling this technology to increase efficiency in logistics and delivery systems, and more.
With IoT rapidly changing the technology landscape, we are likely to see to continued growth and innovation across a variety of industries. IoT gives businesses the opportunity to modernize and shift to adapt to improve processes and operations. Part of the challenge will be figuring out how to best adopt the Internet of Things technology to support your business goals while keeping your systems and data protected. At Computer Solutions, we work extensively with businesses to strategize and design an IoT framework that will meet your needs. Contact us today to get stared.