For Internet of Things, 2020 will be a revolutionary year!

internet_of_things_A6JR9When Chetan Bhagat wrote his novel Revolution 2020, little did he realize that another great revolution is set to happen in the technology world around the same year  – that is not too far off! Analysts believe the Internet of Things (IOT) will create a huge revolution by 2020, with over 80 billion things or objects likely to be connected to the Internet. At least that’s what a new research report from consulting firm iDate predicts.

IOT, a subject of great interest and discussion among industry experts, analysts and researchers – is expected to witness humongous growth in the coming quarters and most of this growth will be driven by factors such as proliferation of smartphones, tablets, wearable techs and other connected devices as well as greater availability of bandwidth and elements that are being embedded in modern devices such as sensors, image recognition and NFC technologies.

A booming market

Experts define IOT as a concept whereby any item can connect to the Internet to retrieve information to enhance its intrinsic value. Based on this definition, 15 billion things (machines, connected devices and objects) were connected to the Internet in 2012, up from 4 billion in 2010.

“In 2020, there will be 80 billion where internet of objects will represent 85% of the total IoT market, ahead of communicating devices with 11% and M2M with only 4%,” says Samuel Ropert, project leader of this report. He informs that the market will grow at a CAGR of 41% between 2010 and 2020, followed by communicating devices with 22 percent CAGR and M2M with 16% CAGR.

On the revolutionary growth, Amitabh Ray, Senior VP- Ericsson India Global Services comments that 2020 will indeed be a landmark year for Internet of Things as connectivity will be present everywhere. “There will be connection between your mobile phone, alarm clock, geyser, vacuum cleaner, microwave and all the devices that we use in our daily lives,” he says.

According to the iDate report, the new promising IOT market will be driven by multiple industries including automotive, aeronautics, energy, food and retail, connected home and healthcare. But maximum growth will come from pharmaceutical and textile sectors in the coming years.

Security challenges

The report however highlights that businesses will have to face considerable security challenges with the growth of IOT. Technical research organization, IEEE reveals in a new survey that nearly 50% of respondents believe that privacy and security are the biggest concerns in the adoption of IOT.

Andrew Rose, Principal Analyst at Forrester Research mentions that there is an increased risk of data to be stolen or compromised when deploying emerging technologies such as IOT. “Companies should have a security policy in place to identify targets, evolve key security control, add newer delivery mechanisms and review their security scenario frequently,” he mentions in a blog.

However, security challenges cannot act as a deterrent to this trend, which will continue to boom. The Forrester study also reveals that 53% of companies globally are planning to implement IOT-related technologies over the next 2 years, which analysts believe is indeed a huge leap!

 

(The article has been published in cxotoday.com. For more information, log on to:http://www.cxotoday.com/story/for-internet-of-things-2020-will-be-a-revolutionary-year/)

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