In the first 3 months of 2018, IoT technology has not made an advancement at the expected pace. There is a global slump in the adoption of IoT applications and IoT skill demand. International research firms have predicted the slump as a temporary slowdown. An interesting fact to be observed is that in-spite of global IoT slump, IoT Security Solutions demand has doubled in the last quarter.
The already implemented IoT applications have increased the need for CIOs and CTOs to explore new potential commercial apps. In the process of exploring new horizons, it is important to secure the comprehensive data of existing applications. As per one of the recent studies, security remains the prime concern for companies deploying IoT solutions within their organizations. The shift is now towards IoT Security Solutions. In the recent survey mentioned above, 55% of the respondents said IOT Security is their top priority.
It is evident that security is a concern that must be overcome. It is important to understand why it has been a concern for so many respondents in the survey. It is a saying that the nature of IoT deployments makes them partially tough to secure against cyber threats. IoT is all about connected devices and in industrial environments you have all of the equipment connected to the internet for data collection and analysis. This super connectivity also opens the door for the sophisticated world of security intrusions.
These concerns are also keeping some business leaders away from IoT implementations as they believe the risks are too high against return on investment. On the top of the list of security concerns is poor authentication of IoT endpoints such as sensors and network modules, unsecured IoT applications and vulnerabilities related to how end-user access their IoT devices and applications. We have addressed one trend of Security Concerns so far.
With the surge in IoT development and deployment to provide goods and services more efficiently, connecting things and allowing dissemination of data will disrupt traditional technologies and create new technology domains and markets. It is not easy to predict the course of technology that is still being evaluated for user acceptance and mass adoption. Over here, we try to state the other top trends in IoT.
The upsurge in connected devices:
With IoT expanding to new domains, the number networks and devices will increase exponentially. The IoT devices will help improve customer service, create new markets and provide the excellent user experience. There will be growth in innovative products and devices, as IHS estimates the number of connected devices to grow to $30.7 billion in 2020 and $75.4 billion by 2025.
Mobile and IoT device connectivity:
Mobile phones will be used as the directing and controlling method to manage the IoT devices. This will expand customer engagement and streamline communication.
Disintegration in communication standards:
Though many industry leaders are working towards providing an open standard through the Open Connectivity Foundation (OCF) to ensure secure interoperability for consumers, businesses and industries by delivering a standard communications platform, a bridging specification, an open source implementation and a certification program allowing devices to communicate regardless of its form, operating system, service provider, transport technology or ecosystem. They believe that secure and reliable device discovery and connectivity is a foundational component to enable IoT. Still devising the unified consistent communication protocol is not that easy, as more companies with diversified protocols will develop their own IoT networks.
Many chip manufacturers have entered the hardware development ecosystem and disrupting monopoly of large industry players. Also, many companies will penetrate the software market to manage their devices via platform and application layers.
So where is the opportunity for IoT providers? All the disasters of IoT recorded so far has already raised awareness of where things can go wrong. It has also provided the bar for suppliers also. There is still a need for trusted vendors like austere technologies where we have been bringing IoT security together holistically for our customers.
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