The Internet of Things – What it is & Where It´s Going

IVC´s very own Director of Business Development, Bernardo Martinez, recently partook in an interview with publishing company, Cinco Dias, where he discussed his opinions on what is in store for IoT systems in the future.

What is IoT?

The increased usage of big data analytics and real-time interaction systems comes with no surprise that the Internet of Things (IoT) is a hot topic of discussion within the tech industry. IoT systems are the interconnections via the internet of computing devices embedded in everyday objects, enabling them to send and receive data. This is increasingly important for corporations looking to interact with customers on a quicker, more honest platform. Being able to collect real – time data allows companies the ability to reduce errors, boost productivity, and creates a better customer experience that will positively impact future business operations.

IoT´s Possibilities in the Future

The industries that have currently benefitted the greatest from IoT systems have been the transportation and automotive sectors. During Martinez´s interview with Cinco Dias, he recalled a report conducted by IVC stating that current systems invested in Spain fitting under the category of the Internet of Things have reached 25%. The same report predicts that 85% of organizations will be prepared to promote this technological advance in 2019. He also declared that the retail, public and educational, and energy sectors will be the new areas of interest exploiting IoT systems and their capabilities. The report concluded with the belief that these three sectors will continue growing by 40% until 2020.

With the strong belief in the future of the IoT industry, Martinez believes that the cheapening of costs to create the IoT systems and the increasing accessibility for consumers to use will be the incentive for companies to adopt IoT infrastructures. We live in a world where customers demand their needs to be met and satisfied faster and IoT systems are going to help meet those requirements. The data capabilities of IoT are opening communication between companies and their consumers, resulting in increased sales, a better usage of analytical input, and more satisfied customers. Data such as traffic to websites, location and availability of products, customer behavior and trends are just a few examples of the data being collected by IoT systems. Real – time allows for businesses to have access to this information always, giving them an upper hand against competition. It sounds almost too good to be true, and some say it might be with its current existing problems.

Existing IoT Problems

Although IoT systems are creating amazing opportunities for company´s looking to better tap into their unused data, a few challenges stand in the way of IoT´s future. The security surrounding cloud-based data centers, communication protocols, and the rules and regulations set forth to enforce the proper use of the data are just a few of the issues that need to have solutions in the next formidable years for IoT to continue working. According to the State of IoT Security Research Report, 54% of consumers own an average of four IoT devices, but only 14% of those consumers believe that they are knowledgeable on their own IoT device security. Security has always been one of the most important factors surrounding data conservation. Businesses and consumers alike fear hackers and the risk of losing important data that can hurt both parties involved. The need for better regulations to be enforced that limits the level of ¨spying¨ done by the software system is also another area needing addressed. Consumers are fearing that IoT systems are becoming too intrusive with their algorithms and people fear that their information is constantly being watched. Although IoT is still a relatively green concept, it has far too much potential to benefit businesses for security issues to be hindering its success.

Solutions for IoT´s Security Problems

One solution to the security problems being discussed is the creation of malware software that automatically detects vulnerabilities through machine written routes. By being able to detect weaknesses in the cloud automatically and without human consultation can save time, money, and precious data for consumers. Aside from the security risks in general, consumers who use IoT services also agree that there should be far more regulations for controlling security. With 96% of businesses and 90% of consumers believing there should be more IoT security regulations, we can expect to see an increase in IoT insurance companies if IoT wants to survive. Creating authentication systems will also allow businesses and consumers alike help to crack down on fraud and breaches in security.

It appears to be that the general lack of confidence between IoT providers and their customers are interrupting the growth of IoT´s capabilities and it´s evident that the near future needs to introduce solutions that protect consumers, IoT systems, and the virtue of their data.

Believing that the Internet of Things is the ¨great vehicle that will allow the digitalization of society and the economy¨, Martinez concurred his interview by saying that finding solutions to these issues are ¨necessary conditions to guarantee an open and safe internet that truly offers value to the whole society¨. Until solutions for the security risks are created, IoT systems will not be adopted into mainstream life.

Where Does the Internet of Things Go from Here?

The Internet of Things has a bright future ahead of itself if solutions to its problems can be found. Translating IoT data into valuable insights that increase financial value, customer interactions, and decrease equipment costs and maintenance will create new business opportunities that had previously been too costly for some. But with solutions being created to answer the problems facing IoT already, the answers necesary for success seem to be right around the corner. IVC continues to be at the forefront of support for this growing industry and has strong convictions for the successful future of the IoT sector.

If you want to know more about IoT solutions and how we can help you, contact us.

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