How Has The World Reacted to Internet of Things (IoT) So Far?

Internet of Things

As manual processes become more arduous to continue with, IoT appears to be the only solution for many. The onset of a high-fidelity digital technology like the “Internet of Things” has made a massive impact on both business enterprises and consumers lives. It is needless to say that many of the labour intensive industries are overwhelmed by the fact that they no longer have to depend on a massive volume of manpower, thanks to the IoT. Many of the modern business processes are already enjoying some elements of the technology.

Capability to Connect and Communicate Autonomously  

Undoubtedly, the internet has brought the world closer than ever before and will continue to add more significance to it in the medium term. Web portals, virtual interaction platforms, data management applications and cloud computing network amongst others come under one big umbrella technology – the internet. The focus remains on achieving seamless and uninterrupted connectivity to support new-age communication requirements. IoT has created an alley that leads towards a hyper connected environment, allowing both man to machine and machine to machine communication. As simple as it sounds, the difficulties of developing infrastructure for such communication technology are extreme.  While applications of IoT are unfolding exciting prospects of the future, they also create more ways for malignancy, which has been majorly restraining their widespread adoption, especially in the developing countries.

Will it Ever Be a Fully Safe and Reliable Technology

Certainly, the world has embarked on a journey to reach a state of pervasive connectivity, where each and every object is connected. However, there are implications and quite serious ones. Such massive embedded structures of network will always carry some apprehensions. In order to successfully tackle such apprehensions, a gamut of IoT security products are being developed. IoT network security, IoT authentication, IoT encryption, IoT PKI, IoT security analytics and IoT API security are amongst some of the top IoT security tools. Although a complete security still remains in question but using these tools certainly lowers the chances of any unauthorised access to IoT devices. The soaring demand for IoT security products across the globe has characterized the need for advanced IoT security systems that can ensure a secure networking environment. There is a wide range of IoT security products available in the market, which ensure security in terms of connectivity, cloud networking, and data storage. Smart commodities such as workstations, vehicles and wearable devices are popular tools of IoT. As consumers are increasingly allured towards such items, it becomes an obligation for service providers to ensure safe and secure virtual ecosystems.

The Risk is higher for Business Entities

Business entities are usually under the radar of cyber-attacks. The recent havoc by wannacry ransomware effected a lot of small and medium-scale organisations. Malware viruses such as distributed denial-of-service (DDoS) is a common instrument used for executing intellectual property larceny, especially in the BFSI sector. Cloud Security Alliance (CSA) a not-for-profit IoT working group has introduced special guidelines on basic security measures for developers and IoT service providers. IoT security products are as important as other components that support IoT services. Hence, manufacturers are laying emphases on developing secure IoT infrastructures and networks that deliver the finest experience to users.

IoT Security Products and its Global Market   

Currently, China and U.S. are the two largest markets of IoT and are expected to reflect a strong demand for IoT security products over the next couple of years. Future Market Insights (FMI) has released new data on the global IoT security products market that reveals improvement in end-user experience and increasing adoption of IoT infrastructure by businesses are underlining factors boosting sales of IoT security products.

FMI’s data also cites that the global IoT security products market would expand at a compound annual growth rate (CAGR) of 16.5% between 2015 and 2020. As the number of connected devices continues to grow, it will further necessitate the utilization of IoT security products. As a matter fact, several of the opportunities presented by IoT applications are yet to be unveiled and explored, thus, leaving the potency of the technology under a sense of ambiguity. At present, demand for the IoT security software products is relatively higher as compared to hardware segment

It is essential for modern businesses to realize the benefits that IoT-connected products have but at the same time stay mindful of their drawbacks, which may cause an unnecessary or rather treacherous disruption.