The global IoT market is expected to reach $457 billion by 2020, attaining a CAGR of 28.5% with potential to impact almost all industries. And, that is why, it has become an important area of focus for IT products companies, businesses and government organisations.
Different reports indicate that the number of global IoT connections could increase more than threefold by 2025, reflecting the magnitude at which these devices will be exposed to the Internet and the data that these devices can access and store.
Technology heads are of the views that one thing that can open up a plethora of opportunities is the ability to convert data generated by IoT ecosystem into actionable intelligence. “With fast changing data streaming in large volumes, one who leverages to understand and monetize data would bring immense value to business. Plugging in gaps of data discovery to create smarter insights and visualizations would be an investment worth taking a bet on,” said Hari Nallan, founder and CEO of Think Design.
The companies also expect that IoT will create different networks of collaborative intelligent, in which multiple devices will work together, delivering full potential of IoT. “Connected to the global web and combined via wireless communication channels, things will turn into a one big integrated system driving a major shift in the human-machine interaction,” said Kunal Nagarkatti, COO, Clover Infotech.
This opportunity also brings a huge challenge of cybersecurity. With large number of devices being exposed to the internet and the data that these devices can access and store may lead to a substantial trust gap when it comes to data consumption.
“Now, companies are adopting a more practical and systematic strategy to deploy a robust security infrastructure. Many enterprise technologies organizations are incubating multi-vertical IoT security solutions to close this trust gap and establish digital trust,” said Subex CEO Vinod Kumar.
He added “This is strongly being reinforced by deploying learning-based anomaly detection, which makes it simpler to detect anomalies in the massive volume of data everybody is going to have access to. It is safe for us to correlate the growing focus on IoT Security, Digital Trust and deep learning-based anomaly detection with the rapidly increasing consumption of data.”
As far as vertical penetration is concern, the incremental use cases of IoT in the Insurance space is picking up. Telematics, wearables, voice assistants and home control devices are also maturing and will be increasingly adopted. “The convergence of IoT and AI will create new opportunities for insurers and better and more customised premiums for the insured. It will enhance process transparency and service delivery,” said Padmanabhan Iyer, Managing Director & Global CEO, 3i Infotech.
Overall, IoT capabilities are starting to shift from digitally empowering physical assets to automating and expanding how people experience the connected world. By participating audible, visual, environmental, and contextual inputs, the technology could potentially help companies further multiply the probable for innovating unimaginable business models and processes.
“It is early days for the application of IoT strategy but it is clear that opportunities will exist for those with the technical knowledge to connect platforms as well as those with the data analytics skills to utilise the rich stream of information generated by IoT applications,” said Chandrahas Panigrahi, CMO & Consumer Business Head, Acer India.