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The future of IoT: Patience is a virtue

2015 was a big year for the Internet of Things, it was the first year that we really saw this technology come into play in both businesses and the home, writes Tim Herbert, the senior vice president, research and market intelligence at CompTIA. IoT has been talked about for a few years now but it’s only recently that implementation has started to take effect, and soon we will be seeing that everything that can be connected, will be connected.

At CompTIA, we conduct annual research into IoT, titled Sizing up the Internet of Things, which analyses the trends, attitudes and adoption rates of internet connected devices. In 2015, we saw that new advances in technology had led to a strong interested in IoT, and this will continue to increase. Our research showed that in 2016, there will be 22.9 billion devices connected through IoT, and by 2020, this is forecast to more than double to over 50 billion devices – equating to roughly 6.3 connected devices per person.

This demonstrates how the connection between our devices is only going to increase as technologies develop. We’re going to move on from connections through phones and computers to even simple household appliances having digital capabilities.

Organisations are also taking notice of the impact IoT can have for their business. Eight in ten IT industry executives have taken some action to understand IoT opportunities, while one in three executives believe these emerging opportunities will improve their bottom line over the next one to two years. Businesses no longer simply see IoT as a long term solution, but believe that the benefits will be seen quickly after implementation.

However, despite the optimism in the market, industry is still moving cautiously. More than half of the survey respondents believe the hype surrounding the market is ahead of itself, a similar number to that found in 2014. While people and businesses believe this technology will prove beneficial, they feel that time is needed to ensure that IoT can be used effectively and securely. This most likely stems from security concerns around devices being deployed before they are completely secure and safe from hacking. Savvy adopters will be aware of this, so those designing IoT devices need to ensure they can provide the peace of mind customers need. As well as this, ROI could play a part in business’ concerns around IoT, the likely recurring monthly cost that many IoT products charge, will raise questions as to whether there a definitive positive impact to the bottom line? Businesses and consumers will want to ensure they are getting their money’s worth.

It is also important that organisations and end-users take the time to understand that IoT is not a series of individual devices and components, but a combination of a range of pieces, including security. We have to consider all aspects of the technology and the true value of the systems, it is much more complicated than just a series of interconnected devices, so ensuring that we have as much understanding as possible is key to keeping it secure and working to its full potential.

Nevertheless, the future is looking bright for the Internet of Things, what started off as a small ideais now becoming the huge industry that it is expected to be and creates an interesting opportunity for providers, the public, and businesses alike. However, it is important that we don’t get ahead of ourselves, this is technology that is still in its infant stages and needs to learn to walk before it can run. Patients and diligence needs to be the priority to ensure that IoT can work in a safe, secure and controlled manner.